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LCB Finance IPO seeks Rs. 500 mn zero cost cash 

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Lanka Credit & Business Finance Limited (LCB Finance) has announced plans for a public offering of its shares  on the Colombo Stock Exchange through an Initial Public Offering (IPO). The company plans an October 25 listing to raise Rs 500 million, company sources said.

“LCB Finance, which initially began as a grassroot level financial institution, witnessed exponential growth and expansion across the country over the years,” it Chairman Prof. Abeyratne Bandara said.

Under this IPO the company will issue 1.25 million shares at four rupees each to raise Rs 500 million to strengthen its balance sheet and fund future expansion, he said.

Bandara said that as a financial institution committed to support low income earners with a range of micro finance products, LCB was recognized as the Emerging Finance Company of the Year 2019 and awarded “Fastest Growing Non-Banking Financial Firm in Sri Lanka 2021” at the Global Economics Awards 2021 in UK.

The company’s customer base comprise farmers, fishermen, vendors, labourers and small business owners among others, making it a truly people’s development financial institution, Prof Bandara said.

As at end of the March 31, 2021 Financial Year, LCB’s Core Capital was Rs. 2.16 billion, Profit before tax (PBT) Rs. 100 million, Operational Profit Rs. 122 million, Total Assets Rs. 3,672 million, Capital Adequacy ratio 58%, Credit Portfolio Rs. 2.56 billion, the company’s CEO/Executive Director K.G. Leelananda said.

Over the past three years we have made of collective effort and focused on overall betterment of communities. The signature of that trust is deeply ingrained in the business culture of the firm, he said.

“We cater to the needs of individuals across all categories of the economy, the overall logic of operations is strongly inspired by and flavoured with the idea that challenges are best met collectively and that such an approach adds value to individual effort,” he said.

ICRA had rated LCB at [SL] B+ Stable. Following due consideration of the rapid development of the company, this was revised to [SL]+ Stable.



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Integrated solid waste management initiative coupled with tree plantation launched at Hambantota Port

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The ceremony to mark the programme was held at the port premises under strict health and safety protocols, with a limited number of staff attending.

 Hambantota International Port launched its first integrated solid waste management initiative on Monday 11th on the Company Day of China Merchants Group (CMG), the parent company of CM Port. The initiative is a strategic approach to sustainably manage biodegradable solid waste. The process covers the source, generation, segregation, transfer, sorting, treatment, recovery and disposal of waste in an integrated manner.

 “The idea is to collect all biodegradable material including garbage from vessels calling at the port that can be converted into compost, and process it.  The processed product will be used as manure for trees that will be planted within the Port and Industrial zone,” says Jeevan M. Premasara, Senior General Manager HR & Admin at HIP.

Members of staff at Hambantota Port planting trees.

The launch of the sustainability drive under the theme ‘Healing the Environment’ coinciding with CMG’s company day, was done under the leadership of CEO Johnson Liu. The program also includes the planting of 500 trees of different varieties, recommended by the Hambantota dry zone Botanical gardens. Twenty-five trees were planted as part of phase 1 of the project, and the port plans to grow and nurture endemic trees that will enrich the biodiversity of the industrial zone and port premises.

“As we launch the first phase of this tree planting and waste management/recycling projects, we will take into consideration planting different types of endemic plants that will thrive in the sandy soil of the Hambantota area in the next phases of the project.  Apart from that, we understand the importance of proper waste management systems and hope to partner with the district’s main waste recycling projects in the future.  As we expand into various industries in the zone, we hope to make our surroundings greener and environmentally friendly, bringing us closer to our goal of becoming an entirely green port,” added the Senior General Manager HR & Admin.

 HIP’s global partner CMPort’s parent company, CMG’s company day commemorated 149 years of sustainable operations this year.  CMG, which is involved in numerous projects to protect and sustain the environment, spreads its sustainability mission across all its members, partners and associate organisations. The ‘Healing the Environment’ project undertaken by HIP is an extension of their international partner’s sustainability drive.

 The ceremony to mark the programme was held at the port premises under strict health and safety protocols, with a limited number of staff attending.

Members of staff at Hambantota Port planting trees.

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Douglas & Sons Great Place to Work® Certified

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Douglas & Sons (Pvt) Ltd (DSL) announced that it is certified as a Great Place to Work® by the independent analysts at Great Place to Work® in Sri Lanka. DSL earned this distinction based on extensive ratings received by its employees in an anonymous survey that was conducted by Great Place to Work®.

Commenting on the certification Saroj Perera, Chairman/Managing Director of Douglas & Sons (Pvt) Ltd said, “We are extremely proud to receive this certification, as it comes amidst a challenging time for businesses in general, when there is a considerable amount of pressure put on both employees and employers to perform at very high levels. We believe that our employees are our strongest asset, and this certification further reconfirms that we are certainly an employer of choice, enabling our employees to reach their full potential, whilst contribution to the growth of the company.”

“We applaud DSL for seeking employees’ feedback and the opportunity to certify itself,” said Kshanika Ratnayake, CEO of Great Place to Work® in Sri Lanka. “These ratings measure its capacity to earn its own employees’ trust and create a great workplace – critical metrics that anyone considering working for or doing business with DSL should take into account as an indicator of high performance.”

“According to the Great Place to Work® study, 92% percent of (total number of employees 372) employees say we are a great workplace,” said, Rohan Ariyawansa, Senior General Manager – Human Resources. “345 of our employees completed surveys, resulting in a 95 percent confidence level and a margin of error of ± 5.”

Douglas & Sons (Pvt) Ltd was established in 1986 with a vision to deliver excellence across the board and has today grown into a strong, diversified conglomerate with a passion for innovation that cares for the environment in the markets in which it operates. Its diversity and close ties with stakeholders in all key aspects of the economy forms the bedrock of its success in the country. Its access to key global players enables it to display and market Internationally reputed auto parts, tires, batteries and agricultural implements funnelled through its island-wide network of dealers.

Great Place to Work® is the global authority on high-trust, high-performance workplace cultures. Through proprietary assessment tools, advisory services, and certification programs, including Best Workplaces lists and workplace reviews, Great Place to Work® provides the benchmarks, framework, and expertise needed to create, sustain, and recognize outstanding workplace cultures.

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“DFCC Bank’s new ‘Auto Loan’ scheme provides affordable avenues for purchasing your dream vehicle”

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In its latest step to drive economic and social value creation, DFCC Bank, the pioneer in commercial banking, announced the launch of the ‘DFCC Auto Loan’ facility, an innovative vehicle loan scheme that enables greater affordability for consumers interested in purchasing automobiles.

The new DFCC Auto loan initiative introduces loan facilities of up to LKR 10 Mn, with an extended payment period. The facility provides the borrower with leverage to afford a vehicle of their choice, through a structured repayment plan, inclusive of a residual value. It also includes an embedded rollover option that enables the client to continue the loan for an extra few years without settling the residual at the end of the loan period subject to a maximum overall tenure of 8 years. The borrower thereby receives the option of settling the residual by disposing the current vehicle and obtaining a fresh loan for a new vehicle, instead. The prime goal of the loan scheme is to enable customers to buy their dream vehicle, through an affordable monthly instalment plan with reduced risk and an increased loan period.

The loan facility will be applicable only for all cars, vans, SUVs and double cabs that customers choose to purchase.

DFCC Bank firmly believes that it is of paramount importance to enhance the affordability of vehicles as a path towards uplifting the standard of living, while securing economic growth and the financial stability of its customers. The lack of access to affordable customer-centric loan facilities, and severely restricted cash flows due to stagnant economic conditions in light of the pandemic, have proved to be a significant hurdle in the path of economic development. Having noted the existing economic issues faced by customers, DFCC Bank’s ‘Auto Loan’ scheme, which extends to a significant portion of society, stands to have notable positive outcomes for all stakeholders involved.

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