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| Tuesday, 2 March 2004 |
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LB Finance to improve on non-performing loans LB Finance Ltd (LBF) has around 15 per cent non-performing loans and the Chairman B. M. Amarasekera said that they hope to improve on this. LB Finance listed in the Colombo Stock Exchange shareholders funds at the end of the last financial year represented the following. Issued share capital Rs. 135 million and reserves Rs. 21.766 million. The Company made an Initial Public Offering (IPO) on October 29, 1997. LBF is registered as a Financial Company under the Finance Companies Act of 1988. LBF underwent a structural change when the ownership and the controlling interest passed to the young entrepreneur Dammika Perera with the divestiture of the interest of Vanik Incorporation Ltd and its Management by Vanik Incorporation Ltd. The Company is focused on creating shareholder value by maintaining a steady growth in assets and profitability, reducing controllable overheads and risks, improving the quality of its portfolios, providing affordable financial facilities within its means, creating opportunities to depositors for safe investments with reasonable returns and developing human resources committed to achieve the above goals. The principal goals of the Company are its commitment to customers, patrons, depositors and stakeholders to ensure that the operations of the Company do not impair the maintenance of social responsibility and Good Corporate Governance. With the divestiture of the interest and management of Vanik Incorporation and the acquisition of controlling interest of the Company by the young entrepreneur Perera, he has re-constituted the Board from the relevant disciplines to achieve the Mission, Vision, Goals and Values of the Company. The re-constituted Board comprises B. M. Amarasekera, Chairman, who is the former Precedent Partner of the Law Firm of Julius and Creasy, Dammika Perera, Deputy Chairman, a prominent investor whose diversified business interests include hydro power Generation, Shipping, Manufacturing, Entertainment, Hospitality and Banking and Finance, N. H. Perera, Director, a member of the Sri Lanka Institute of Marketing, Director of Connaissance de Ceylon Ltd and its subsidiaries, L. Wickremarachchi, Director, a qualified Engineer holding an MSc in Engineering and an MBA from the University of Sri Jayawardenapura and CEO of Private Sector Infrastructure Development Co., A. M. Weerasinghe, Director, who is a the Chairman of Royal Ceramics Ltd and its subsidiaries, Anuradha Perera, Director, who is also Director of Vallibel Holdings, and Sumith Adihetty, Managing Director, a veteran marketer who was formerly Deputy Managing Director of Mercantile Investments Ltd. The top management is strengthened further by the entry of Emmanuel Muttupulle as an Executive Director. He was the Managing Director of LOLC from 1992 to 1999. At the first Board meeting of the re-constituted Board emphasis was placed on Good Corporate Governance and its commitment to the adoption of the best Corporate practices outlined in the Code of Best Corporate Practices published by the Institute of Chartered Accountants. LBF has consolidated its position as the number three among Financial Companies in terms of its deposit base, and is the only Company engaged in Pawn Broking which is rapidly expanding. The Company has also expanded its branch network from 1 to 4 during the period 94 to 2003. the Company has had a slight setback in the recent past prior to the take over of the management by the re-constituted Board. |
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