TIFL to debut on CSE today

Thursday, 27 October 2011 03:42 - - {{hitsCtrl.values.hits}}

Shares of Trade Finance and Investments (TIFL), a finance company, will debut on the Colombo Stock Exchange today.

The Company’s 56.8 million ordinary shares in issue will be listed on the Diri Savi Board of the CSE and classified under the Banks Finance and Insurance sector.

Trading follows the successful conclusion of the TIFL’s Rs. 120 million Initial Public Offering (IPO) which saw near two times over subscription. The company issued six million shares at Rs. 20 each and the IPO drew 823 applications requesting for 17.73 million shares worth Rs. 221 million. IPO proceeds will be used to expand the branch network enabling the company generate more customers and expand its deposit base.

Debut of TIFL bring the number of companies listed on the CSE to 269, and it is the 29th new listing year to date in 2011.

Trade Finance and Investment was incorporated in 1978 under the umbrella of the J.L. Morrison and Sons Ltd. group and was there after converting to an unquoted public company in 1990. N.G.H Cooray, the former Chairman of the Jetwing Group acquired a 93 % stake of the company in 1990. The company has been in operation for 33 years and has a staff strength of 25. Among its key directors are Hiran Cooray, Shiromal Cooary, L.A.J F. Morais, Ajith Frenando, M.I Furkan and H.R Peiris.