The finance company of telecom giant Dialog Axiata PLC has been launched as Dialog Finance PLC.
The change of name has been incorporated and approved by the Registrar General of Companies recently.
The entity was previously known as Colombo Trust Finance PLC.
In September 2017, Dialog bought 80.34% stake in Colombo Trust Finance for Rs. 1.07 billion, paying Rs. 28.70 per share from Cargills Bank Ltd. Following the mandatory offer ended in October 2017, Dialog acquired 98.87% stake.
The Company’s core business includes leasing and hire purchases, treasury/investments, margin trading, lending.
As at 30 June, the Company assets were worth Rs. 1.97 billion, up from Rs. 1.26 billion as at 31 March. For the quarter ended 30 June, pre-tax profit was Rs. 5.4 million, up by 36% from a year earlier.
Via a Rights Issue in the proportion of 309 shares for 559 held, the Company in July raised Rs. 599 million and increased the StatedCapital from Rs.309.88 million to Rs. 909 million.
In the Company’s 2017/18 Annual Report the Chairman Dr. Wijayasuriya said Dialog envisages that the acquisition will facilitate the expansion of the scope of operations of the Dialog Group into the sphere of mainstream Digital Financial Services and bring together the realms of advanced digital connectivity and cutting edge Financial Technology (FinTech) to deliver a revolutionary suite of products and services which will expand the vistas of financial inclusion in Sri Lanka.
“We are certain that the execution of the Company’s vision to deliver innovative and inclusive FinTech solutions will be leveraged by focusing on operational efficiencies between your Company and Dialog in future,” he added.
The Board of Directors of Dialog Finance PLC comprises of Dr. Hans Wijayasuriya (Chairman), Supun Weerasinghe, Sheyantha Abeykoon, Roshaan Hettiaratchi, Priyan Edirisinghe and Asanga Priyadarshana (Executive Director/CEO).