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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Orient Financial Services Corporation Shares Debut at the CSE

Orient Financial Services Corporation Shares Debut at the CSE

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CSE.SAS

CSE.SAS
Global Moderator
The ordinary shares of Orient Financial Services Corporation Limited (OFSCL) will start trading on the Diri Savi Board of the Colombo Stock Exchange. The company will list 115,625,000 Ordinary Voting Shares.

OFSCL is licensed by the Central Bank of Sri Lanka under the Finance Leasing Act No. 56 of 2000 as a Leasing establishment. In 2011 the Company posted its best performance since its inception, achieving Rs. 82.8 million profit after tax for the year ended 31.03.2011 compared to the previous year’s profit of Rs. 40.7 million.

The Board of Directors comprise of Dr. Dayanath Jayasuriya P.C. (Chairman), Mr. Prakash Schaffter, Mr. Ramesh Schaffter, Mr. Travis Waas, Mr. Ananda Atukorala, Mrs. Lakshmi Gunetilleke, Mr. Anil Tittawela P.C. and Mr. Sarath Wickramanayake.

The Company expects to expand customer reach points through service points and fully fledged branches in order to provide convenient access for potential and existing customers. OFSCL also intends to expand the portfolio of the Company to mid size corporate customers enabling the company to further increase its market share in the low risk category, thus maintaining the quality of its credit portfolio. OFSCL will focus on enhancing its lending portfolio under prudential norms in the coming years, mainly through geographical penetration and catering to niche markets.

The Company has proven its ability to remain steady throughout and perform well even during challenging macro conditions. As a part of its expansion program OFSCL opened window offices in Vavuniya, Kegalle and Anuradhapura in 2012. Taking into consideration the, Company’s future plans, its business development strategies and its existing strong presence in the market backed by an experienced board to give direction and a dynamic management team with a wealth of experience, OFSCL is poised for a paradigm shift in its business and is confident of sustained growth in revenue and profits.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=53984

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