LOLC retains ‘O’ in LOLC
Lanka ORIX Leasing Company PLC will retain the ‘LOLC’ logo, and possibly incorporate another suitable word to replace the word ‘Orix’, pursuant to the divestment by ORIX Corporation Japan of its shareholding in LOLC, officials say.
As mutually agreed, the LOLC board has decided to change its name, by removing the word ORIX, the company announced to the Colombo Stock Exchange (CSE) recently.
They said an EGM will be convened shortly with due notice, to obtain shareholder approval for the said name change.
Officials told the Business Times that as LOLC is a strong brand name and since LOLC logo is registered with the Registrar of Companies, this decision was taken to retain the company’s trademark logo and incorporate another word instead of Orix. Incorporating a new word is also subject to shareholder nod.
The Ishara Nanayakkara family-led LOLC Group last month increased its stake in the company, buying over the 30 per cent stake held by Japan’s Orix Corporation, the one-time owners of the company. In a transaction done on the CSE, the deal was worth nearly Rs. 13 billion or US$ million dollars. The Nanayakkara family has increased its stake to 85 per cent from 55 per cent earlier with this transaction while the balance 15 per cent is held by the public. The group is involved in various business sectors with focus on financial markets and micro finance.