HNB Finance commences trading as the latest listing at CSE | Daily News


 

HNB Finance commences trading as the latest listing at CSE

HNB Finance Limited willcommence trading on the Colombo Stock Exchange (CSE)tomorrow (20th May) after anInitial public offering (IPO) and an introduction by the company. Ordinary voting shares of the company have been listed via an offer for sale through which 10,000,000 shares were issued at Rs. 5.70 per share, while 298,200,000 ordinary non-voting shares have been listed through an introduction at a reference price of Rs. 4.20 per share.

Commenting on the development CSE CEO Mr. Rajeeva Bandaranaike stated that the Stock Exchange is pleased to welcome HNB Finance as the latest listing in the market and congratulated the company on a successful listing which was well-received by investors. He continued to add that the stock market offers a viable option for corporates around the country to access equity-based capital, and an effective means through which companies could achieve the financial flexibility required, especially in the context of the post COVID-19 environment. He went on to note that he welcomes Sri Lankan corporates to engage the CSE in this regard to address capital requirements in the future.

Commenting on the listing, Jonathan Alles, Chairman of HNB Finance, said, “The successful listing of HNB Finance on the CSE is the culmination of several years of focused effort to bolster our internal capacity while driving innovation in our product portfolio, and supported by resilient and trusting relationships with a large and growing customer base.

While globally and nationally, we must now grapple with the emerging challenges of a post-COVID landscape, we remain confident in our ability to reach out to customers and provide them with essential financial services that will play a vital role in reinvigorating our economy from the grassroots upwards.

The highly positive reaction that we have received from investors through HNBF’s timely listing on the CSE is ample testament to these achievements in driving a transformational, technology-driven business model. As ever, we remain determined to further consolidate on this success and continue generating value for all stakeholders.”

ChamindaPrabhath, Managing Director/CEO of HNB Finance Limited, commented, “We are delighted to initiate trading on the Colombo Stock Exchange, especially after our initial public offering was oversubscribed on its opening day.

As we welcome our new stakeholders, our confidence in HNBF’s strong positioning has also grown and we anticipate significant and sustainable growth despite a uniquely challenging operating environment. As a pioneer in microfinance in Sri Lanka, we are currently investing heavily in solutions that will enhance our service standards and create value in the current global climate through digitisation, development of alternate channels and process re-engineering.”

 


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