Illiquid Commercial Leasing dethrones Expo to be most valuable

• Baffling price gain since end-Sept. catapults CLC market cap to Rs. 453 b as against Rs. 387 b of Expo

 

The illiquid and, of late, highly speculative Commercial Leasing and Finance PLC yesterday emerged as the most valuable listed entity dislodging the most profitable Expolanka Holdings.

The CLC, which has seen a phenomenal and puzzling rise since the end of September, saw its share price gain for the second consecutive day with 20%, or Rs. 12, up to Rs. 70 yesterday. This catapulted CLC to a market capitalisation of Rs. 452.8 billion, far above Expolanka’s Rs. 397.3 billion. Since the end of September to yesterday, CLC’s market capitalisation has soared by Rs. 277 billion. 

It saw 11 million of its shares change hands via 7,810 trades for Rs. 754.4 million. CLC’s market capital dwarfed its parent LOLC Holdings value of Rs. 295 billion. 

Expolanka Holdings, which had occupied the number one slot for several months, has seen its share price decline despite posting the highest profit in FY1H and on course to set a new corporate benchmark.

Public float of CLC is an insignificant 0.45% held by 1,324 shareholders. Control is held by LOLC and related parties.