Bimputh changes name after CBSL directive

Monday, 20 May 2024 02:52 - - {{hitsCtrl.values.hits}}

Bimputh Finance PLC has changed its name to “Bimputh Lanka Investments PLC” following a directive from the Central Bank.

The monetary regulator had required Bimputh to exclude the use of the word “Finance” hence the new name with effect from 20 May.

The CBSL cancelled the licence issued to Bimputh Finance PLC under the Finance Business Act No.42 of 2011 to carry on Finance Business’ with effect from 1 September 2023.

This was after CBSL issued a freezing order against accepting of New Deposits with effect from 15 October 2021 and on lending with effect from 26 May 2022. The Trading of shares was suspended by CSE on 7 January 2022.

Daya Group and related parties are major shareholders of Bimputh. The public holding is 16.67% held by 1,205 shareholders.

As at 31 December 2023, Bimputh assets amounted to Rs. 2.48 billion, down from Rs. 3 billion as at 31 March 2023. This included loans and advances of Rs. 620 million, down from Rs. 995 million as at end FY23. Liabilities amounted to Rs. 4.5 billion, up from Rs. 4.4 billion. Retained losses amounted to Rs. 28 billion as at 31 December 2023 up from Rs. 1.4 billion as at end FY23.