Business

Lanka Credit and Business Finance rings the bell to debut trading at CSE

Published

5 years ago

2021/11/20

(L-R) Chief Corporate Advisory Officer of the NDB Investment Bank Limited Nilendra Weerasinghe, CEO of the CSERajeeva Bandaranaike, Chairman/Director of LCB Finance Limited Professor W.M. Abeyrathne Bandara, CEO / Executive Director of LCB Finance Limited K.G. Leelananda, Chief Executive Officer of the NDB Investment Bank Limited Darshan Perera, Chief Regulatory Officer of the CSE Renuke Wijeyawardhane

The shares of Lanka Credit and Business Finance Limited (CODE: LCBF-N-0000) commenced trading on the Colombo Stock Exchange (CSE). The shares have been listed on the Diri Savi Board of the CSE under the ‘Diversified Financial Services – 4020’ sector. The occasion was marked with a special Bell Ringing Ceremony hosted by the CSE.

The listing follows a successful Initial Public Offering (IPO) by the company, through which it raised over Rs. 500 Mn. The issue set a robust cornerstone with an oversubscription on the initial day of its offer itself.

Chairman/Director Professor W.M. Abeyrathne Bandara and CEO / Executive Director . K.G. Leelananda represented Lanka Credit and Business Finance Limited. The CSE was represented by Chief Executive Officer Rajeeva Bandaranaike and Chief Regulatory Officer Renuke Wijeyawardhane. Director / Chief Executive Officer Darshan Perera and Chief Corporate Advisory Officer Nilendra Weerasinghe represented NDB Investment Bank Limited

CEO of the CSE, Rajeeva Bandaranaike, speaking at the ceremony, welcomed the company as the 287th listed company on the CSE. “We are happy to welcome today an established company in the financial services sector, with a history touching almost 60 years next year, to our Diri Savi Board of the Stock Exchange. LCB Finance is the 7th equity listing on the CSE and becomes the 35th Issue to be listed during the course of 2021. It is with a sense of pride and satisfaction that we note that the CSE is playing its role as a facilitator of capital and we are making a meaningful contribution to the economic activity in the country. For this year we have facilitated over Rs. 105 Bn worth of equity and debt capital to be raised through the market.”

Speaking at the event, Professor W.M. Abeyrathne Bandara, Chairman/Director of Lanka Credit and Business Finance Limited, remarked, “As we all know listing process is not a simple one, it is a complex process which requires lot of support and contribution from different parties, at different stages. No company can successfully complete their listing without receiving all the, support from different parties. We, as LCB Finance was fortunate to receive all this different support and contribution from different parties on a time even with a lot of restrictions and problems encountered by them, due to factors beyond their control, especially due to this COVID situation prevailed in Sri Lanka.”

Professor Bandara expressed his thanks and gratitude to the Chairman and the members of the board and the entire staff of the Securities and Exchange Commission of Sri Lanka (SEC), Chairman and the members of the board and the staff of the CSE, registrar companies and their staff, the advisors to the listing, CEO and the corporate staff members of the NDB Investment Bank, Corporate Services Pvt Ltd, Bankers to the listing Sampath Bank, brokering firms, print and electronic media and the team at LCB Finance for their support, dedication and commitment from the beginning to the end of the listing process.

Thanking the investors, he added “I must thank our valuable investors who kept confidence for the LCB Finance and made their investment in our shares. Their prompt and positive responses received was able to close the IPO within few hours of opening to the public on 26th October 2021.”

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Business

ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

Published

17 hours ago

2026/10/2

Thilina Walpola

The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

Business

USD 40.84m pipeline to secure aviation fuel supplies to BIA

Published

17 hours ago

2026/10/2

Thilina Walpola

By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

Business

CSE activity up, turnover weak at Rs. 1.4 billion

Published

17 hours ago

2026/10/2

Thilina Walpola

By Hiran H Senewiratne

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.