Shares of Capital Alliance Finance will be listed for trading on the Colombo Stock Exchange from tomorrow.
The company has been classified under the Banks, Finance and Insurance sector and shares amounting to 33.9 million will be listed on the Diri Savi Board. The listing was by way of an introduction.
Capital Alliance Finance Ltd., (CALF) is a Central Bank registered finance company with operations limited to its Head Office in Kandy and branch office in Colombo.
CALF, originally Silvereen Finance Company Limited, was incorporated on 25 November 1981, by a well-reputed family in Kandy. Silvereen Finance (as it was initially known) was very popular amongst the Kandyans who benefited through the flexibility of the Directors towards lending.
On 6 March 2009, a 44% stake of the company was acquired by People’s Merchant Bank PLC along with PMB Credit Card Company. Subsequently, People’s Merchant Bank PLC acquired up to 99.9% of the company during the quarter ended 30 June 2009.
Upon obtaining approval from the Central Bank of Sri Lanka, the name of the entity was changed from Silvereen Finance Company Limited to People’s Merchant Finance Company Limited, on 13 September 2009.
The 99.9% stake owned by People’s Merchant Bank, which accounts for 6,167,025 shares of the company, was acquired by Capital Alliance Holdings Limited on 12 May 2011, at a consideration of Rs. 430 million. Subsequent to the acquisition the name of the entity was changed from People’s Merchant Finance Company Limited to Capital Alliance Finance Limited on 16 September 2011.
The company is primarily involved in the business of accepting deposits – both fixed and savings. CALF is also engaged in the provision of finance lease, hire purchase facilities and personal loans to its customers. CALF offers attractive rates to its customers in order to effectively compete with larger and better established players in the market.
Despite the three-decade history, the operations of CALF have been limited to accepting deposits and providing loans to known parties. The leasing and hire purchase portfolio of the company is also very modest, totalling approximately Rs. 222 million as at 30 June 2011. The current management of the company intends to further enhance operations through aggressive marketing campaigns and initiating new avenues of lending.
The new management intends to revive the company using the synergies of the group, backed by the strength of the ‘Capital Alliance’ brand and its established presence in the financial sector.
CALF is a subsidiary of Capital Alliance Holdings Limited, which owns 88.04% of the shares of the Company as at 15 September 2011. CALF does not have any subsidiaries of its own.
Capital Alliance Holdings Limited (CAHL) is the group holding company and strategic investment arm of the Capital Alliance group – one of the few financial institutions in the country offering fully-fledged investment banking solutions including corporate advisory, stock broking, bond trading and asset management.
The Board of Directors of Capital Alliance Finance comprises Chrisantha Perera (Chairman), Ajith Fernando, Shiromal Cooray, Raju Arasaratnam, Gihan Hemachandra and Sanjeewa Anthony.
source - www.ft.lk
No comments:
Post a Comment