UB Finance debuts trading on CSE

NDB Investment Bank Director/CEO Darshan Perera, CSE CEO Rajeeva Bandaranaike, UB Finance Company Ltd Director/CEO Ransith Karunartne, UBF Company Ltd Senior Director Sabry Ghouse, Union Bank PLC Director/CEO Indrajit Wickramasinghe, CSE CRO Renuke Wijewardhane and NDB Investment Bank Senior VP Saminda Weerasinghe 

The shares of UB Finance Company Limited (CODE: UBF-N-0000) commenced trading on the Colombo Stock Exchange (CSE) on August 14, 2023. 
The shares have been listed on the Diri Savi Board of the CSE, under the ‘Consumer Finance Services’ sector. The occasion was marked with a special Bell Ringing Ceremony.
A total of 38.2 million shares from 1628 transactions were recorded on the opening day, at a price range between Rs.1.10 and Rs.1.40 and closed at Rs.1.20. The issue price of the share was Rs.1.00.

The event was attended by UB Finance Company Ltd Senior Director Sabry Ghouse, Directors Raj Moahan Balendra and Jayendra Arulraj Setukavalar, Union Bank PLC Director/CEO Indrajit Wickramasinghe, UB Finance Company Ltd  Director/CEO Ransith Karunartne, Deputy General Manager Credit Himali Perera, Deputy General Manager Finance Asanka Udugama, Assistant General Manager Recoveries Chaminda Weerasinghe, Chief Manager Operations Samanthi Senevirathna and the manager to the issue, NDB Investment Bank Director/CEO Darshan Perera, Senior Vice President Saminda Weerasinghe and senior representatives of NDB Investment Bank.

The CSE was represented at the event by its CEO Rajeeva Bandaranaike, CRO Renuke Wijayawardhane, CSE senior management and the staff.
Delivering opening remarks, Bandaranaike congratulated UB Finance Company Ltd on its initiative to go public. “Today is a special day for UB Finance Company Ltd and for the CSE, as we list the 290th company. We are pleased to welcome UB Finance Company Ltd. The IPO was oversubscribed on the initial day itself. 

Thanking the CSE and Securities and Exchange Commission of Sri Lanka for advising and guiding through the listing process, Karunarathne stated, “In November 2011, the Union Bank of Colombo PLC, in collaboration with its strategic investment partner ShoreCap II, invested Rs.1.15 billion to acquire UB Finance, taking its place in history by becoming the first finance company to be owned by a private commercial bank.”
“Today, guided by principles of integrity and customer empowerment, UB Finance leverages the corporate governance practices and financial strength of its major shareholder to emerge as a notable contender in the financial services sector. With an islandwide network of 17 branches and a committed and versatile team of 320 employees, we cater to a customer base exceeding 25,000.”