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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » George Stuart Finance to go for share offer

George Stuart Finance to go for share offer

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Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Sept 05, 2012 (LBT) - George Stuart Finance Company Limited a subsidiary company of Divasa Equity Private Limited will go for 'share of introductory' on introduction to comply with the Central Bank regulations on financial company listing. This company a mid size finance company is planning to list 22.5 million shares as an ordinary share voting to comply with the Central Bank regulations, Research Analyst of Lanka Securities (Pvt) Limited Chatura Weerasooriya said.

“The company has made a net profit of Rs 37.6 million out of the total revenue of Rs 184.1 million. The company’s total asset value was Rs 1.2 billion based on the 2011 annul report, which was one of the up coming finance companies in the country,” he said. The Navara Capital will manage this introductory offer. Divasa Equity Private Limited owns 51 shares of George Stuart Finance and the earning for a share was Rs 1.67. Under this introductory share offer existing shareholders can sell their shares to new shareholders with reference price of Rs 20 per share.

Sri Lanka’s registered finance companies require to list on the Colombo Stock Exchange and unlisted finance companies required to be merged with other finance companies which required publishing accounts in public. Therefore, most of banks and finance companies are now going for introductory share offers instead of Initial Public Offering.
http://www.lbt.lk/news/market/2561-share-offer

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