Friday, August 19, 2011

CIFL marks successful day in IPO

Officially challenging the trend of the recently traded IPOs, Central Investments & Finance Limited marked a successful first day in trading starting at Rs 10.20 and reaching a high of Rs 12.60 and closing at Rs 12.10 yesterday.

CIFL CEO Jayanth Wickremeratne commenced the first day trading at the Colombo Stock Exchange.

At the end of the day, CIFL share price gained 21 percent finishing in the top five gainers list for the day.

CIFL, after ensuring a marginally oversubscribed IPO midst tough market conditions in July reached yet another milestone in the history of the company starting the first trading day to the satisfaction of investors being the first IPO to trade on a positive in the recent past.

"CIFL in its 45 years is approaching a landmark achievement and our greater concentration will be on the Micro, Small and Medium Enterprises sector providing excellent service in the most caring and responsive manner.

We are very confident in our strategic objectives in our core business areas of Micro Finance, Leasing and Hire purchase and Real Estate to take the company into greater heights" CEO Jayanth Wickremeratne said.

He said plans are under way to expand the micro-sector portfolios to Rs 630 million in the next two years.

CIFL has diversified its conventional products to facilitate needs of the sectors it envisages to harness in. "I believe our performance revalidates the investor confidence that is being placed upon us and we wish to thank our partners, employees and the managers to the Issue-Kenanga Corporation for being with us throughout the IPO" the CEO stated.

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