CDB moves to CSE's Main Board
Citizens Development Business Finance Ltd (CDB) which recently
entered the Colombo Stock Exchange on the Diri Savi Board, has been
upgraded to the Main Board of the Colombo Stock Exchange with effect
from last Friday.
CDB listed 39,685,048 shares of the Colombo Stock Exchange on October
6. The market capitalization of CDB stands at around Rs 2 billion at
present.
CDB's Director and CEO Mahesh Nanayakkara said, "Performance of the
Colombo Bourse is one of the key indicators to reflect the direction of
the Sri Lankan economy in the post-war era. The stock market provides
greater access to businesses to raise capital for expansion, which in
turn, will fuel economic growth and the creation of jobs."
"In this context, the Central Bank has made it a mandatory
requirement for all financial institutions registered under the Finance
Companies Act, to be listed on the Colombo Stock Exchange (CSE) by June
30, 2011. This move will help institutions in our industry to be more
transparent as public deposit taking institutions on one hand, while on
the other, will provide an opportunity to raise capital to support
business growth and to strengthen balance sheets," Nanayakkara said.
The CDB's unique business model that blends rural and urban sectors
in funding and lending further positions CDB as a net lender to the
rural economy enabling it to harness tremendous growth potential both in
rural and urban sectors. CDB is at present positioned at the seventh
place in terms of total assets among 36 regulated financial institutions
registered under the finance companies Act with the Central Bank of Sri
Lanka.
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