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Laugfs to exit financial services with good capital gain
Citizens Development Business Finance PLC (CDB) is to buy 86.26% of leasing specialist Laugfs Capital Ltd. for Rs. 425 million under the Central Bank initiated financial consolidation program.
CDB said its Board of Directors has determined the move in principle by a duly passed resolution. The deal is subject to CDB and Laugfs Capital obtaining relevant statutory and regulatory approvals.
Laugfs Capital is a subsidiary of Laugfs Holdings Ltd. LCL is a specialised Finance Leasing Company, offering a range of products and services including leasing, hire purchase, business loans, personal loans, factoring, micro lending, and issuing of debt instruments.
CDB will also enter into a Memorandum of Understanding with Laugfs Holdings Ltd., to give effect to the proposed share acquisition.
Laugfs entered financial services industry in October 2012 when it acquired 67% stake in Softlogic Credit for Rs. 103.6 million. It bought the stake amounting to 5.1 million shares at Rs. 20.30 each.
Having developed into a household name, Laugfs Capital was aimed at leveraging on the trust and confidence placed in the Laugfs brand, along with its years of experience in catering to the uniquely Sri Lankan demands of its rapidly growing customer base in order to make in-roads into the country’s competitive financial services sector.
The Board of Directors of Laugfs Capital comprised W.K.H. Wegapitiya (Chairman), U.K. Thilak De Silva (MD), Mayura Fernando (CEO), Sudath Jayawardhana (GM), Prof. Sampath Amaratunge, Kamal Goonesinghe, Richard Ebell and Sarojini Mudalige.
CDB is ranked as the fifth among non-banking financial institutions. Its asset base is Rs. 33.7 billion (including Rs. 26 billion in loans and receivables) whilst it liabilities amounts to Rs. 30.1 billion (including Rs. 25 billion in deposits).
Its equity amounts to Rs. 3.5 billion including retained earnings of Rs. 970 million. Its net asset per share is Rs. 65.22. Last week CDB’s share price closed at Rs. 83.70.
In the 2013/14 financial year it posted a pre-tax profit of Rs. 561 million whilst revenue amounted to Rs. 6.1 billion, up from Rs. 489 million and Rs. 4.3 billion in FY2012/13. CDB was formerly Ceylinco Development Corporation.
Ceylinco Insurance PLC holds 31.6% stake in CDB whilst CDB ESOP Trust Fund Ltd., holds 27%.
Its Board of Directors comprises of D.H.J. Gunwardana (Chairman), C.M. Nanayakkara (Managing Director/CEO), T.M.D.P. Tennakoon, W.W.K.M. Weerasuriya, S.V. Munasinghe, R.H. Abeygoonewardena, D.A. De Silva, S.R. Abeynayake, A. Dharmasiri and R. Mohamed.
Citizens Development Business Finance PLC (CDB) is to buy 86.26% of leasing specialist Laugfs Capital Ltd. for Rs. 425 million under the Central Bank initiated financial consolidation program.
CDB said its Board of Directors has determined the move in principle by a duly passed resolution. The deal is subject to CDB and Laugfs Capital obtaining relevant statutory and regulatory approvals.
Laugfs Capital is a subsidiary of Laugfs Holdings Ltd. LCL is a specialised Finance Leasing Company, offering a range of products and services including leasing, hire purchase, business loans, personal loans, factoring, micro lending, and issuing of debt instruments.
CDB will also enter into a Memorandum of Understanding with Laugfs Holdings Ltd., to give effect to the proposed share acquisition.
Laugfs entered financial services industry in October 2012 when it acquired 67% stake in Softlogic Credit for Rs. 103.6 million. It bought the stake amounting to 5.1 million shares at Rs. 20.30 each.
Having developed into a household name, Laugfs Capital was aimed at leveraging on the trust and confidence placed in the Laugfs brand, along with its years of experience in catering to the uniquely Sri Lankan demands of its rapidly growing customer base in order to make in-roads into the country’s competitive financial services sector.
The Board of Directors of Laugfs Capital comprised W.K.H. Wegapitiya (Chairman), U.K. Thilak De Silva (MD), Mayura Fernando (CEO), Sudath Jayawardhana (GM), Prof. Sampath Amaratunge, Kamal Goonesinghe, Richard Ebell and Sarojini Mudalige.
CDB is ranked as the fifth among non-banking financial institutions. Its asset base is Rs. 33.7 billion (including Rs. 26 billion in loans and receivables) whilst it liabilities amounts to Rs. 30.1 billion (including Rs. 25 billion in deposits).
Its equity amounts to Rs. 3.5 billion including retained earnings of Rs. 970 million. Its net asset per share is Rs. 65.22. Last week CDB’s share price closed at Rs. 83.70.
In the 2013/14 financial year it posted a pre-tax profit of Rs. 561 million whilst revenue amounted to Rs. 6.1 billion, up from Rs. 489 million and Rs. 4.3 billion in FY2012/13. CDB was formerly Ceylinco Development Corporation.
Ceylinco Insurance PLC holds 31.6% stake in CDB whilst CDB ESOP Trust Fund Ltd., holds 27%.
Its Board of Directors comprises of D.H.J. Gunwardana (Chairman), C.M. Nanayakkara (Managing Director/CEO), T.M.D.P. Tennakoon, W.W.K.M. Weerasuriya, S.V. Munasinghe, R.H. Abeygoonewardena, D.A. De Silva, S.R. Abeynayake, A. Dharmasiri and R. Mohamed.
