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Monday, July 11, 2011

LOLC bullish over country’s capital market fortunes

By Jithendra Antonio

Leading player in the financial services industry LOLC is bullish about the country’s capital market fortunes.
LOLC Deputy Chairman Ishara Nanayakkara, in the latest annual report of the company stresses that the company’s extensive presence in the financial services sector does not end just as one financial entity.

Nanayakkara points out that LOLC has already stepped into the banking sector with a 20% stake in Seylan Bank (SEYB) and a 15% stake in HDFC, two crucial players in their respective segments. He further notes that LOLC has recently acquired a stock broking license, and LOLC Securities Ltd will commence operations in July this year.

“Over the years we have collaborated closely and been a conduit for bilateral, multilateral and private equity funds with commercial and developmental objectives.” Nanayakkara notes in his review adding it optimized to build a strong community network and a sustainable organization that can aspire to reach conglomerate status.

He further outlines that all LOLC’s mergers and acquisitions are done only after careful feasibility studies and risk assessment to ensure that they add genuine value to the existing business portfolio, and that it is a sustainable niche.

“We want LOLC and Sri Lanka to be known as high value addition and knowledge centres of excellence, and we maintain this motto across our business” he says.

Nanayakkara also goes on to explain that LOLC's next key focus area will be enhancing its agribusiness portfolio which includes tea, rubber, timber and forestry, and the company is always envisioned adding value to those crops before exporting.

In this regard, he highlights that Maturata, Pussellawa and Gal Oya plantations offer ample opportunities to maximize natural resources housed within their land extents and abundance of natural resources kindled in LOLC’s interest in renewable energy.

“Today this interest has developed into a key thrust area for the group with the setting up of mini hydro power plants through Hydro Power Free Lanka PLC” Nanayakkara highlights adding that led by a pioneering vision another subsidiary, United Dendro Energy is currently engaged in building a 6 Mega Watt wood fired plant (Gliricidia) in Sri Lanka along with several innovative agro forestry and agricultural initiatives.

He anticipates that it will be the first ever mega Dendro energy project in the country as an alternative fuel source,once commissioned by end 2012. He also goes on to explain that while the leaves of the Gliricidia tree can be used as a cattle feed or as a substitute for bio fertilizer, it further ensures minimal wastage, and LOLC’s investment in Agstar fertilizer through Sierra Holdings is another move to complete the value chain, making a strong conglomerate in the post war bullish Sri Lanka.

source - www.dailymirror.lk