CIFL, IPO to develop micro finance, leisure and real estate

By Lalin FERNANDOPULLE

Central Investments and Finance Limited (CIFL) has emerged as one of the leading financial institutions with a wide range of products in the leasing and hire purchase sectors, said Director/CEO, CIFL, Jayanth Wickremeratne.

He said that the company withstood all obstacles and is geared to meet fresh challenges on its journey towards achieving success.

"CIFL has a vibrant team and their commitment has helped the company to reach great heights in business. CIFL will be a household name providing the best service in the industry", Wickremeratne said.

With nearly a half century presence in the financial sector, CIFL is about to take a giant leap with the launch of an Initial Public Offering this week.

The company hopes to raise Rs. 400,000,000 offering 40,000,000 ordinary shares priced at Rs. 10 per share.

The offer will open on July 21 and close on the day the issue is oversubscribed on August 9, which ever day is earlier.

Wickremeratne said that in its 45-year history CIFL is approaching a landmark achievement with the listing in the Colombo Stock Exchange.

"We have diversified into a range of novel products and adopted new approaches to meet customer satisfaction.

The company is contemplating further expansion after the IPO", he said.

CIFL has achieved steady progress in leasing and hire purchase business mobilising Fixed Deposits with unswerving customer confidence that has stood with it, even during difficult times.

Leasing, hire purchase, pawning and micro finance are the core businesses of CIFL which has a strong customer and deposit base. The company has over 3000 microfinance recipients in the country.

"Our focus is in the SME and microfinance sectors which make a vital contribution to the economy. We hope to cluster all banking and financial services for these sectors", Wickremeratne said.

Microfinance - a major concern of the company has launched with two branded products, Danavaruna and Shathaka that are designed to support microfinance customers to graduate to social entrepreneurship with Mudraa, a product that provides hands on training at collective project management.

CIFL hopes to utilise funds of the IPO to develop the micro finance, leisure and real estate sectors.