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Wednesday, 2 March 2016 00:00 - - {{hitsCtrl.values.hits}}
From left: CSE CEO Rajeeva Bandaranaike, CSE Director Moksevi Prelis, LOLC Securities CEO Sriyan Gurusinghe, LOLC Group Managing Director/CEO Kapila Jayawardena, CSE Chairman Vajira Kulatilaka, LOLC Group Chief Operating/Legal Officer Kithsiri Gunawardena, LOLC Group Chief Financial Officer Sunjeevani Kotakadeniya and LOLC Group Chief Information Officer Conrad Dias - Pix by Upul Abayasekara
Lanka ORIX Leasing Company PLC (LOLC) rang the opening bell to commence trading at the Colombo Stock Exchange (CSE) yesterday.
CSE Chairman Vajira Kulatilaka speaking at the event stated: “We thank the LOLC Group for taking part in this market opening ceremony, which marks the first day of trading for the month of March. I’m proud to see how LOLC has excelled in many industries and cemented its position as a true conglomerate.”
Kulatilaka commended LOLC’s continued commitment to SME and regional development through the company’s micro lending facilities and invited the company to showcase its credentials at foreign roadshows organised by the CSE in future.
Speaking at the event, LOLC Group Managing Director and CEO Kapila Jayawardena stated: “We will be committed to support the CSE by investing and expanding our presence in the market. LOLC has a strong presence in the CSE through our 12 listed companies and that will only continue to grow as we expand our reach both locally and internationally.”
LOLC Chief Operating/Legal Officer Kithsiri Gunawardena, Chief Financial Officer Sunjeevani Kotakadeniya, Chief Information Officer Conrad Dias and LOLC Securities CEO Sriyan Gurusinghe represented the LOLC Group at the ceremony. CSE’s Director Moksevi Prelis and CEO Rajeeva Bandaranaike were also present at the event.
Market opening ceremonies are conducted by the CSE to serve as a platform to generate exposure for listed companies as they celebrate important milestones in the capital market.
By Shehana Dain
Leading financial conglomerate LOLC will be utilising its syndicated loan worth $ 247 million (Rs. 36 billion) to pay off its corporate debt initially before trickling the money down to the market, LOLC CEO Kapila Jayawardena said.
Addressing the customary bell ringing ceremony at the CSE trading floor yesterday Jayawardena said that the initial impact will be felt on the local banking sector as the money will be used to pay off the short term loans acquired by banks.
“We will first pay off our existing corporate debt of the group and gradually the money will be used to enrich the lives of SME and micro business owners, this will be the ultimate use of these funds.”
He also opined that the recent downgrade faced by the country would not balloon into a bigger dilemma as long as essential dialogue was continued and messages communicated across global bodies such as the IMF, World Bank and ADB.
Commenting on increased involvement by the Central Bank in financial institutions, Jayawardena said that he welcomed regulation.
“This is happening not only in Sri Lanka, the whole world is moving in that direction and there is more regulation. As long as all players in the market work in line with a framework, we will welcome regulation,” he added.
