Ceylinco Investments becomes Standard Credit Lanka

To go for an IPO next year:

Indunil Hewage

Ceylinco Investments and Realty Limited now known as Standard Credit Lanka Limited will go for an Initial Public Offering (IPO) next year under the directives issued by the Monetary Board.

Standard Credit Lanka Limited CEO Anurudda Wijekoon said the company will be going for leasing, hire purchasing, and vehicle loan activities in the next three to four months.

The company is also developing its system, procedure and integrated software solutions.

The company is in the process of paying arrears and interests for customers' deposits. It spends around Rs 30 million per month to pay arrears and interests of customers' deposits.

"At present we are not accepting any deposits but we will commence accepting deposits soon.

The company was able to retain customer confidence and currently we have 3800 depositors," he said. Merchant Bank of Sri Lanka Chairman, M.R. Shah said the company has a five-year master plan to continue the pawning business.

Negombo has been identified as the potential area to set-up a pawning centre and this pawing centre will be set-up this year to tap the potential market in the area.

There is an untapped market in the North and East and the company is training its employees to tap the market.Standard Credit Lanka Limited yesterday opened its first Pawning Centre at Union Place venturing into the pawning business.