Orient Finance re-enters CSE; Closes marginally higher than offer price

Orient Finance PLC Chairman Dr. D. C. Jayasuriya ringing the trading bell, while (from left), Orient Finance Non-Executive Director Ramesh Schaffter, CSE CEO Rajeeva Bandaranaike,O rient Finance Non-Executive Director Prakash Schaffter, Orient F inance Director Sarath Wikramanayake, CSE Chairman Vajira Kulatilaka,O rient Finance L. K. Gunatilake, Orient Finance Director Indrajith Fernando and Orient Finance CEO Suresh Amerasekera look on PIC BY PRADEEP PATHIRANA

Re-entering the Colombo Stock Exchange (CSE), Orient Finance PLC yesterday saw its shares close at Rs. 15.10, a marginal increase from the offer price of Rs. 15 having reached an all-time high price of Rs. 22.9 during the early hours of trading. Reaching a turnover of Rs. 70,572.40, the opening day saw 4, 381 shares traded.

The entity, a subsidiary of the Janashakthi Group, delisted from the CSE last year and made its way back with a Rs. 1.07 billion Initial Public Offering (IPO). Oversubscribed on the same day of opening, the IPO drew 292 applications requesting for Rs. 996.7 million shares. The company delisted after it was merged with Bartleet Finance under the bank and non-banking finance company amalgamation policy of the previous regime.

At the customary visit by the company to the CSE trading floor on the opening day of trading Orient Finance PLC Chairman Dr. D. C. Jayasuriya said the company hopes to be a vibrant and dynamic trading at the CSE. “Stock markets around the world are structured around responsible investment, due compliance and good governance.

These are values which will be upheld by Orient Finance PLC,” he said addressing the opening ceremony that was graced by top officials of the company and the CSE. Acknowledging the funds were raised to fulfil the capital adequacy requirement, Orient Finance PLC CEO Suresh M Amerasekera said the IPO is a way of getting back the original share capital that was disbursed to the shareholders during the merger. He shared that the capital will be used to expand the branch network. (SAA)