WRITTEN BY BUSINESS EDITOR
June 26, 2013 (LBT) - Nearly 85 million shares crossed Nanda Investments and Finance PLC (NIFL) today between 10:44am to 11:02am, a source close to the deal said. A large foreign microfinance entity, BRAC USA picked up a major stake and LOLC also picked another quantity as the buyers and LOLC Securities executed the deal.
Several parcels were crossed at Rs. 9 per share in large blocks of 28,399,425 at 10:53:30, 17,006,500 at 10:57:08, 14,750,000 at 10:59:33 and small parcels in the blocks of 2.5 million, little over 5 million and 7.5 million changed hands.
A development organization founded in Bangladesh in 1972, BRAC is a development success story, spreading solutions born in the developing world to 10 other countries around the world. What started as a limited relief operation in 1972 in a remote village of Bangladesh has turned into the largest development organization in the world, a 21st century leader in creating opportunity for the world’s poor.
Organizing the poor using communities’ own human and material resources, BRAC (formerly Bangladesh Rural Advancement Committee) catalyzes lasting change, creating an ecosystem in which the poor have the chance to seize control of their own lives. They do this with a holistic development approach geared toward inclusion, using tools like microfinance, education, healthcare, legal services, community empowerment and more.
BRAC work now touches the lives of an estimated 126 million people. With staff and BRAC-trained entrepreneurs numbering in the hundreds of thousands, BRAC is a global movement bringing change to 11 countries in Asia, Africa and the Caribbean. With an office in New York, BRAC USA is its North American affiliate, an independent nonprofit created to advance its global mission.
Earlier this month stock market analysts were predicting that a stake in Nanda Investments and Finance Limited, owned by the Mallawarachchi family, is being negotiated to be divested.
Mallawarachchi family owned nearly 42% stake of the company to date. As per the latest financials of the company Lalith Mallawarachchi, also the managing director of the company, had 16.89 per cent in the company while his automobile company Nanda Motors has 14.6 per cent. Dinal Wijemanne had 28 per cent stake. Deposit mobilisation, leasing, hire purchase and loans to individuals and small to medium scale enterprises are the core businesses of Nanda Investments and Finance.
The history of the company goes back 50 years when its founding Chairman/ Managing Director the late Sirisena Mallawarachchi - 'Nanda Mudalali' established a finance company which was originally named Nanda Investments Ltd. It was listed on the Diri Savi Board of the Colombo Stock Exchange in July 2011. Sirisena Mallawarachchi, who was also known as 'Nanda Mudalal', was the owner of Nanda Motors (Pvt) Ltd, the agent for a spectrum of renowned passenger vehicle brands such as Opel, Ford, Holden and Austin Cambridge.
The pre tax profit of the Rs 88 million deposit-base company was at Rs 21.9 million for the year ended 31st March 2012 compared with Rs 22.2 million in the year before.
“Last year the comparative figure on Change in Fair Value of Investment Property has been restated to conform to a variation in valuation of the investment property. Hence the revised profit of last year after the amendment was Rs. 48.9 million. Change in Fair Value of Investment Property has contributed Rs 6.3 million during the year whereas the revised Change in Fair Value of Investment of last year has been Rs 28.6 million,” Dr S. P. Jayawardhana, Chairman of the company had said in his annual review.