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Description of the Business Carried Out
Recognizing the need for expansion, and to retain its position as the leading total financial solutions provider, Lanka ORIX Leasing Company PLC (LOLC) acquired 66.55% of CLC (initially listed on 16/09/1992) in May 2008 at a cost of Rs.1,102,793,101/-. Subsequently LOLC made a mandatory offer to purchase the remaining shares of CLC (a further 31.26% was acquired in June 2009 at Rs 523,330,826/-) and CLC was
delisted on 01/07/2009. The remaining shares were subsequently acquired under the provisions of the Companies Act Np. 7 of 2007.
The company was not in the default board during the period it was listed.
The volume weighted average price of the Company’s share on the day prior to the delisting was Rs. 80/-.
The Company is seeking a listing now in order to comply with the requirements of the CBSL that all registered finance companies must be listed.
The main product lines CLC offers are leasing, factoring, hire purchase and loans. With the licences to operate as a finance company, savings and deposit products would further enhance CLC’s product proposition, thereby better serving the needs of its customers.
CLC operates primarily in the SME Sector and the Micro Sectors. Funds mobilized are given out on credit through financial instruments such as loans, hire purchase, finance leases and factoring.
Recognizing the need for expansion, and to retain its position as the leading total financial solutions provider, Lanka ORIX Leasing Company PLC (LOLC) acquired 66.55% of CLC (initially listed on 16/09/1992) in May 2008 at a cost of Rs.1,102,793,101/-. Subsequently LOLC made a mandatory offer to purchase the remaining shares of CLC (a further 31.26% was acquired in June 2009 at Rs 523,330,826/-) and CLC was
delisted on 01/07/2009. The remaining shares were subsequently acquired under the provisions of the Companies Act Np. 7 of 2007.
The company was not in the default board during the period it was listed.
The volume weighted average price of the Company’s share on the day prior to the delisting was Rs. 80/-.
The Company is seeking a listing now in order to comply with the requirements of the CBSL that all registered finance companies must be listed.
The main product lines CLC offers are leasing, factoring, hire purchase and loans. With the licences to operate as a finance company, savings and deposit products would further enhance CLC’s product proposition, thereby better serving the needs of its customers.
CLC operates primarily in the SME Sector and the Micro Sectors. Funds mobilized are given out on credit through financial instruments such as loans, hire purchase, finance leases and factoring.
