Recognized as the Emerging Finance Company of the year in 2019 and the fastest growing non-banking finance firm of 2021 by the Global Economic Awards UK, Lanka Credit & Business Ltd (LCB Finance) announced its plans to host an Initial Public Offering in the Colombo Stock Exchange on the 25th of October, 2021.
LCB plans to offer 125 million of its shares for LKR 4 per share and to raise LKR 500 million via the IPO. The firm stated that the funds ascertained will strengthen its balance sheet and fund its future expansions. The company is also committed to supporting low-income earners with a range of microfinance products.
According to the CEO/Executive Director K.G. Leelananda, as of the 31st of March 2021, LCB Finance’s core capital is around LKR 2.16 billion. Its Profit Before Tax (PBT) was around LKR 100 million while the operating profit was LKR 122 million. The firm’s total assets were valued at LKR 3.672 billion, while its credit portfolio was valued at LKR 2.65 billion. The company’s Capital Adequacy Ratio was at 58%.
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