Be the First to Know

lanka matrimony

UB Finance debuts trading on CSE

0 8

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, Director/CEO Union Bank PLC Indrajit Wickramasinghe, CSE CRO Renuke Wijewardhane, NDB Investment Bank Senior VP Saminda Weerasinghe at the bell ringing ceremony.

The shares of UB Finance Company Limited (CODE: UBF-N-0000) commenced trading on the Colombo Stock Exchange (CSE) on August 14, 2023 and the occasion was marked with a special bell ringing ceremony. The shares have been listed on the Diri Savi Board of the CSE, under the “Consumer Finance Services” sector.

A total of 38.2 million shares from 1,628 transactions were recorded on the opening day ata 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

CSE CEO Rajeeva Bandaranaike congratulated UB Finance Company Ltd and said, “Today is a special day for UB Finance Company Ltd and for the CSE, as we list the 290th Company. Their IPO was oversubscribed on the initial day itself. By listing on the CSE, apart from raising capital your company can discover a price for your shares and also has the opportunity of elevating your status as a good corporate citizen.’

‘’Being a regulated entity, compliance is nothing new to a company like yours. But a listing would further enhance your value in terms of corporate governance practices and public disclosure of company information thereby contributing to an elevated standing as a listed company among your stakeholders, customers, depositors etc.”

Director/Chief Executive Officer of UB Finance Company Ltd, Ransith Karunarathne, stated, “In November 2011, the Union Bank of Colombo, in collaboration with its strategic investment partner ShoreCap II, invested LKR 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.”

“An important landmark in our journey was the triumphant launch of our Initial Public Offering, which was the first IPO to be launched post the announcement of the Domestic Debt Optimization Plan of the CBSL. This IPO, featuring 55 million ordinary shares opened and closed on the 20th of July 2023 being oversubscribed by almost two times within minutes of opening capturing an overwhelming response from retail investors demonstrating confidence not only in UB Finance but also in the entire Financial Services Sector.”

The post UB Finance debuts trading on CSE appeared first on DailyNews.

Leave A Reply

Your email address will not be published.