By Hiran H.Senewiratne
Central Investments & Finance Limited (CIFL) one of the subsidiaries of Aspic Corporation Limited in compliance to the Central Bank regulations opened its Initial Public Offering (IPO) yesterday and was oversubscribed before the closure of the day.
CIFL an investment company intends to raise Rs 400 million from the IPO to be utilised to strengthen its real estate, micro finance, hire purchase businesses. Further they will also be focused on brand building activities as well, sources said.
According to SMB Securities (Pvt) Financial Research Analyst Subhashi Jayasumana, the company has issued 40 million worth of shares to the public at Rs 10 a share to raise Rs 400 million.It was oversubscribed before closing the day.
The company has also performed well during the last financial year and its un audited net profit for 2010/11 was Rs 26 million, which was 90 percent growth compared to the corresponding period 2009/2010.
Further, net interest income for the year 2010/11 was Rs 230 million which was also a 116 percent increase in compared to the corresponding year (2009/10). With these developments the company’s total asset portfolio was Rs 27 billion to date. The company’s total deposit base which now stands at a sizeable Rs 2.3 billion in deposits making the company a billion rupee company.
The company’s brand ambassadors are cricketer cum politician Sanath Jayasuriya and well-known car racer Dinesh Deheragoda. The Chairman of the company is Prof Ranjith Amarasekera
Established in 1966 and registered with the Central Bank of Sri Lanka, CIFL has an history of 42 years and now functions independently as an investment Company with branches in Kandy and Galle adding on an expansion into service canters in Thalawakele and Mahiyangana.
source - www.island.lk
No comments:
Post a Comment