LOLC Finance to repurchase 2.3 b shares in Rs. 16.1 b buyback

Friday, 24 July 2026 00:22 - - {{hitsCtrl.values.hits}}

LOLC Finance PLC yesterday said it plans to repurchase up to 2.3 billion ordinary voting shares for a maximum consideration of Rs. 16.09 billion under a share buyback approved by its Board of Directors.

The company said the Board had resolved on 22 July to repurchase up to 2,299,122,556 ordinary voting shares at Rs. 7 per share. The share ended unchanged at Rs. 4.90 yesterday.

The company reported a 3.69% public float of over 5.7 million shares held by 18,475 shareholders as of end-March 2026. LOLC Ceylon Holdings was the top shareholder with a 96.29% stake, followed by Phantom Investments Ltd., with 0.37%.

The proposed buyback represents seven shares for every 90 shares held by shareholders as of the relevant record date, which is yet to be announced.

The company said the purchase price was considered a fair value based on the opinion of its auditors.

LOLC Finance has 29,560,147,161 ordinary voting shares in issue.

The company said the repurchase is being undertaken in accordance with Article 20 of its Articles of Association, read together with Section 64 of the Companies Act, No. 7 of 2007 and Colombo Stock Exchange Listing Rule 7.10.1.

The opening and closing dates of the repurchase will be announced in due course.

LOLC Finance also said approval from the Central Bank of Sri Lanka is not required for the transaction, although the buyback remains subject to compliance with all other applicable regulatory requirements.