PLC’s Bangladeshi PLFS to raise Taka 1 billion in IPO
People’s Leasing Company PLC’s Bangladeshi subsidiary, People’s Leasing and Financial Services Ltd (PLFS) is eyeing a public listing in the Bangladeshi Dhaka Stock Exchange.
“In Bangladesh, we are applying to raise Taka 1 billion,” Pradeep Amirthanayagam, Chairman PLC told Business Times. He also said locally the company is eyeing many inorganic and organic growth opportunities.
With the vehicle import ban, PLC with the rest of the leasing industry suffered. In a bid to retain the business and overcome the economic crisis, PLC got into gold loans and margin trading. Mr. Amirthanayagam said that the gold loan portfolio is standing at around Rs. 9 billion. “We are doing well in this sector and we see steady growth.” He added that the portfolios of these two products have done well and managed to offset the poor leasing performance.
The company is also cottoning on two new products. “We want to empower farmers and allow them to come into the mechanised league. We aim to provide leasing facilities for them to mechanise equipment and give them the impetus to play in the big league. We are also looking at giving an opportunity to people to obtain a solar connection.”
Amongst the persisting challenges of the leasing industry, he identified good credit as one of them. “The persisting challenge is to go after good credit. There is a requirement for credit from small and medium enterprises.”
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