CIFL trading high on debut

Friday, 19 August 2011 06:13 - - {{hitsCtrl.values.hits}}

Officially challenging the trend of the recently traded IPO’s, Central Investments & Finance Limited (CIFL) yesterday marked a successful debut on the Colombo Stock Exchange.

CIFL Chief Executive Officer Jayanth Wickremeratne (second from left) at commencement of the first day trading of Company shares at the CSE yesterday. Others from left are Chief Operating Officer M Thillekeratne, Director Lakshman Rupasinghe, Head of Micro Finance S B Kondadeniya, Deputy Chairman Shirley Perera, the Representatives of the Kenanga Investment Corporation Nilupa Perera and Manosh Kulasena

Starting at Rs. 10.20 and reaching a high of Rs. 12.60 and closing at Rs.12.10 at the end of the day, CIFL share price gained 21 percent finishing in the top 5 gainers list for the day. Slightly over 15.7 million shares changed hands yesterday.

CIFL, after ensuring a marginally oversubscribed IPO midst tough market conditions in July reached yet another milestone in the history of the company starting the first trading day to the satisfaction of investors being the first IPO to trade on a positive in the recent past.

“CIFL in its 45 years is approaching a land mark achievement and our greater concentration will be on the Micro, Small and Medium Enterprises sector providing excellent service in the most caring and responsive manner. We are very confident in our strategic objectives in our core business areas of Micro Finance, Leasing and Hire purchase and Real Estate to take the company in to greater heights,” CIFL Chief Executive Officer Jayanth Wickremeratne said.

He further stated that plans are under way to expand the micro-sector portfolios to Rs.630 million in the next two years. CIFL has diversified its conventional products to facilitate needs of the sectors it envisages to harness in.

“I believe our performance revalidates the investor confidence that is being placed upon us and we wish to thank our partners, employees and the managers to the Issue-Kenanga Corporation for being with us throughout the IPO,” Wickremeratne added.