Wednesday, August 17, 2011

CIFL advances with IPO success

Central Investments & Finance, soon to be traded in the Colombo stock exchange ensured a successful oversubscribed IPO during the recent stock market downturn in July. With their current investor confidence, the Chief Executive Officer of the company Jayanth Wickremeratne stated that the Rs 400 million raised will be utilized to focus mainly on their core businesses including Micro Finance, Leasing, Hire Purchase and Real Estate.

He also disclosed that CIFL’s vision to enhance the Micro Finance base presently stands over Rs. 100 million which improves the lives of the majority of poor that does not have strong credit standing.

“We have a strong Micro finance base in the outstation areas through the branch network of the company, namely Thalawakelle, Mahiyangana, Polonnaruwa, Anuradhapura, Kurunegela, Jaffna, Kandy, Galle and Gampaha, and we have our presence  in more than 13 districts through the utilization of  District Development Officers where these officers are placed to prepare the groundwork for Micro Finance projects at village level,” added Wickremeratne.According to the CEO, CIFL is targeting a business plan worth Rs. 1 billion next year, that include the core products specifically through its strong arm in micro financing in respect of community development, benefiting small-scaled entrepreneurs and villagers with varied skills including agro based products. CIFL funding arm would cater to the real needs in line with the Micro Finance concept, so that the entire community skills and wealth would enhance.

The objective for CIFL is to maintain loyalty among the base, to provide excellent service in the most caring and responsive manner whilst ensuring values of good governance that would accrue long term benefits to improve the CIFL bottom line. Whilst focusing mainly on core business, CIFL also has a strong real estate portfolio spread out in various parts of the country, specifically targeting the leisure industry. Our locations in Beragala, Arugambay, and Bolgoda are some of the few finest locations that would attract investment opportunities this year, Wickremeratne said.   

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