Singer Finance launches IPO

Sanjeevi Jayasuriya

Capital formation is a healthy sign for a growing economy and the investing community adds value to the capital market. Market capitalization of the Colombo Stock Exchange crossed the Rs 2 trillion mark this year, Singer Sri Lanka PLC Chairman Hemaka Amarasuriya said at the launch of Singer Finance (Lanka) Limited Initial Public Offering held on Wednesday.

"The Singer Finance has two key areas to manage namely to run the company efficiently and to provide an adequate return for the shareholders.

The small time share investors need to come forward and become major investors in time to come. This would contribute for a vibrant capital market," he said.

Singer Finance its seven years of operation has out-performed other finance companies in its reach and distribution, systems of management and credit discipline maintaining rare consistency in performance.

"We expect this company to become the top rung among other finance companies in a short term. It is a certain thing that Singer Finance will add value to Singer Group's national results in the years to come," he said.

With the new Finance Act to be implemented next year, the industry is poised to benefit.

There are 36 registered finance companies in the country and retaining customer confidence is important, Singer Finance (Lanka) Limited Director and CEO Shantha Wijeweera said.

Singer Finance falls into the medium category and has a triple B rating from Fitch Ratings. Its branch network is scattered islandwide providing easy accessibility and quality service to the customers.

All these activities are generating revenue and recording upward trend, he said.