Citizens Development Business Finance Ltd (CDB) which recently entered the Colombo Stock Exchange on the Diri Savi Board, has been upgraded to the Main Board of the Colombo Stock Exchange with effect from last Friday, 3 December 2010.
39,685,048 shares of CDB were listed on the Colombo Stock Exchange on 6 October 2010.The market capitalisation of CDB stands at around Rs.2 bn at present.
Expressing his sentiments at the company becoming a listed entity, CDB’s Director/CEO Mahesh Nanayakkara said, “Performance of the Colombo Bourse is one of the key indicators to reflect the direction of the Sri Lankan economy in the post-war era. The stock market provides greater access to businesses to raise capital for expansion, which in turn, will fuel economic growth and the creation of jobs.”
“In this context, the Central Bank has made it a mandatory requirement for all financial institutions registered under the Finance Companies Act, to be listed on the Colombo Stock Exchange (CSE) by 30 June 2011. This move will help institutions in our industry to be more transparent as public deposit taking institutions on the one hand, while on the other, will provide an opportunity to raise capital to support business growth and to strengthen balance sheets,” Nanayakkara added.
The CDB’s unique business model that blends rural and urban sector in funding and lending further positions CDB as a net lender to the rural economy enabling it to harness tremendous growth potential both in rural and urban sectors. CDB is at present positioned at the 7th place in terms of total assets among 36 regulated financial institutions registered under the finance companies act with the Central Bank of Sri Lanka.