LOLC Development Finance eclipses ComBank to become #4 market cap firm

• Company has a free float of just 0.11%

LOLC Development Finance PLC yesterday eclipsed the country’s largest private bank Commercial Bank (Ceylon) PLC, to become the listed entity with the fourth largest market capitalisation on the Colombo Stock Exchange (CSE).

As at yesterday, LOLC Development Finance’s market capitalisation stood at Rs.117.78 billion, compared to Commercial Bank’s market capitalisation of Rs.102.5 billion, inclusive of non-voting shares. 

Interestingly, LOLC Development Finance has a public shareholding of just 0.11 percent, comprising of 241 shareholders, as at March 31, 2021. LOLC Group owns 99.89 percent shares of the company. 

According to market analysts, LOLC Development Finance share has been rising over 25 percent for seven consecutive days and rose 23.7 percent yesterday, to close at Rs.495. However, the share rose 25 percent during intra-day trading to hit a high of Rs.500.25.