LCB Finance rings the bell to debut trading at CSE
Tue, Nov 16, 2021, 10:12 pm SL Time, ColomboPage News Desk, Sri Lanka.
Nov 16, Colombo: The shares of Lanka Credit and Business Finance Limited commenced trading on the Colombo Stock Exchange (CSE) today.
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 Mr. K.G. Leelananda represented Lanka Credit and Business Finance Limited. The CSE was represented by Chief Executive Officer Mr. Rajeeva Bandaranaike and Chief Regulatory Officer Mr. Renuke Wijeyawardhane. Director /Chief Executive Officer Mr. Darshan Perera and Chief Corporate Advisory Officer Mr. 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.”