The Commercial Leasing Company Ltd (CLC) has got Central Bank approval to operate as a finance company, and also plans to list its shares in the Colombo Stock exchange in line with the rules.
Accordingly its holding company Lanka ORIX Leasing Company (LOLC) will divest 10% of its shareholding in compliance with the mandatory listing rules for finance companies. The company name is also expected to be changed to Commercial Leasing & Finance Ltd in the near future while retaining the brand as ‘CLC’, according to a company press release.
Kapila Jayawardena, Group Managing Director/CEO, LOLC Group said, “…we are confident that the shareholders of CLC will immensely benefit from LOLC Group’s commitment to steer CLC towards rapid expansion with volume growth with a strong foundation to build a deposit base through the well positioned and established branch network.”
A wholly-owned subsidiary of the LOLC Group since 2008, CLC was delisted in 2009 by the parent company, which took over the entire shareholding at the time. The company possesses a strong foundation of 24 years, backed by the might of its founders – Commercial Bank, Singer Sri Lanka and Chemanex, before its takeover by the LOLC Group.
Looking to the future, Mr Jayawardena said they have given special attention to developing both the micro and SME sectors of the country through innovative financial solutions. “The company is well positioned to take advantage of the exponential growth prospects of these sectors which we believe will contribute immensely to the country’s overall economic growth.
We have made notable progress in the agriculture sector, and we have implemented region-specific micro loans schemes with a view of uplifting the living conditions of the rual community by way of promoting income generating activitiesm,” he said. |
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