LCB Finance signs contract with OpenArc for eSecretary

Saturday, 29 March 2025 00:43 - - {{hitsCtrl.values.hits}}

CEOs exchanging contract documents after signing event From left: OpenArc Head of eSecretary Division Chathura Amarasooriya, General Manager – Software Prabhath Nedurana, Chairman/CEO Daya Hettiarachchi, LCB Finance Executive Director/CEO K.G. Leelananda and Company Secretary Tamarika Rodrigo

Lanka Credit and Business Finance PLC, a fast-growing Non-Banking Financial Institution (NBFI) in Sri Lanka popularly known as LCB Finance, signed a contract with OpenArc Systems Management Ltd. recently, for implementing OpenArc’s eSecretary company secretarial software system. The company established in 2016 merged with City Finance Corporation Ltd. in 2018, a licensed finance company, which was formally Industrial Finance Ltd., with the approval of the Monetary Board of the Central Bank of Sri Lanka. After the merger, the company took the name Lanka Credit and Business Finance Ltd. The company was listed on the Colombo Stock Exchange in 2021 and became Lanka Credit and Business Finance PLC.

As any company with a substantial number of shareholders would require, LBC Finance too being a company listed on the Colombo Stock Exchange with around 5,000 shareholders and a market capitalisation of around Rs. 2.3 billion requires a robust, highly reliable and secure company secretarial solution for managing the company’s share ledger and secretarial operations very effectively for providing a reliable and quality service to its shareholders and for meeting regulatory requirements of the Colombo Stock Exchange and other statutory bodies. Having realised this vital responsibility and business necessity, the management of LCB Finance selected time tested and extremely user-friendly eSecretary, which is a very well-known company secretarial solution in Sri Lanka, after a meticulous evaluation process.

eSecretary is a product of OpenArc Systems Management Ltd., which is renowned in Sri Lanka and the region for its highly reliable, feature-rich and robust banking and finance software solutions, has been an undisputed leader in the security market segment of Sri Lanka as well as an innovative solution provider for the last three decades.

eSecretary which primarily consists of modules for managing share ledgers, cash and scrip dividend processing, rights and bonus issues, share mergers and splits, repurchasing of shares and conducting of AGMs and EGMs etc, facilitates smooth data exchange between the share ledgers and the Central Depository System (CDS).

Many leading secretarial firms in the country have been using eSecretary for providing company secretarial services to their clientele, which include both listed and unlisted companies, for decades. Several major banks in Sri Lanka which are listed on the Colombo Stock Exchange and a prominent airline are running their company secretarial operations on eSecretary for many years.

When asked about the implementation timeline, a senior official of OpenArc stated, “With our professional approach to project management, extensive experience in system implementations and well-tested migration tools, we are fully confident that eSecretary will be fully implemented and ready for a smooth live run at LCB Finance PLC in less than a month.”

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