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Thursday, July 21, 2011

CIFL shares debut today

Central Investment & Finance Limited (CIFL) shares will debut today in the Colombo Stock Exchange in the backdrop of a bleak picture for Initial Public Offerings in the market.

The company is issuing 40 million shares, each at Rs.10 to raise Rs. 400 million.

The proceeds of the IPO will be utilized to fund CIFL’s business expansion activities, especially in the microfinance sector. Further, the company plans to expand its real estate portfolio as well.

CIFL also intends to complete the second phase of a housing project situated in Homagama with an investment of Rs.30mn. The first phase of this project was successfully completed with the sale of 74 detached houses.

This project is a joint venture between CIFL and Aspic Homes (Pvt) Ltd. Aspic Homes is held by Aspic Reality (Pvt) Ltd. while the Directors of CIFL hold subscriber shares in Aspic Reality (Pvt) Ltd.

source - www.dailymirror.lk