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Successful UB Finance IPO signals promising shift towards economic recovery

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Chairman Atul Malik and Director/CEO, Ransith Karunaratne

UB Finance Co Ltd. (UBF) Initial Public Offering (IPO) took place on July 20, 2023 and received an overwhelming response from the retail investor segment.

Within minutes of opening the 55 million share offering was fully subscribed underscoring renewed confidence in financial markets.

Director/Chief Executive Officer, Ransith Karunaratne, expressed satisfaction with the IPO’s outcome, particularly in the post DDO scenario.

He highlighted the significance of this success not only for UBF but also as a testament to the unwavering buoyancy in the entire financial sector.

While acknowledging the challenges ahead for the economy he expressed confidence in the resilient spirit of the Sri Lankan people.

UB Finance Co Ltd. (UBF) takes pride in being the first company to successfully launch an IPO as Sri Lanka’s economy shows signs of recovery. This IPO follows the announcement of the Domestic Debt Optimization plan set out by the Central Bank of Sri Lanka. Notably, UBF holds the distinction of being the first Licensed Finance Company owned by a Licensed Private Commercial Bank, the Union Bank of Colombo PLC.

UBF has firmly established itself as a premier player in the financial services sector and is committed to supporting the envisioned economic development of Sri Lanka.

The company is especially focused on uplifting the Unbanked Retail and SME sectors, recognizing their vital role in spurring economic recovery and sustainable growth.

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