Bimputh to list on CSE

Saturday, 15 January 2011 00:02 - - {{hitsCtrl.values.hits}}

Bimputh Lanka Investments Limited (BLIL), a company specialising in microfinance in the Eastern Province and a subsidiary of the Day Group of Companies, announced plans to list on the Colombo Stock Exchange (CSE).

BLIL Director/CEO Kingsley Bernard told Daily FT that the company’s intention was to offer equity ownership to the employees of the Daya Group.

By Deepal V. Perera

“We will soon be announcing our decision to go for an IPO, through which we intend to offer equity ownership to the Daya Group initially,” Bernard said.

The company’s main business concentration is in Ampara and Monaragala Districts, with its micro-financing projects providing positive feedback in relation to enabling people to emerge from poverty.

“We have been in the business for the last three years and during that period we have managed to increase the financial literacy of the people living in the two districts. Our holding company, the Daya Group, is the biggest employment providing institution in these areas, where we have been in operation since 1992 with five garments factories and the Sevenagala Sugarcane Factory, which offered immense opportunity for us to help these people,” he added.

In micro-financing, our main concentration is helping farmers obtain cultivation loans and we have stepped in to help these people,” he added.

The company operates seven branches in the two districts and plans are in the pipeline to install ATMs in order to provide a 24-hour financial service.

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