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LOLC
looks for higher growth with Commercial Leasing acquisition
 Pioneer
and highly successful leasing company, LOLC is looking
for higher growth following its 67% stake acquisition
of Commercial Leasing Company (CLC) last week for Rs.
1.1 billion.
LOLC bought the stake from Commercial Bank (30%) and
Chemanex Ltd (36.68%) at a price of Rs. 93.50 per share.
The company will be making a mandatory offer shortly
to acquire the balance stake, of which 30% is held by
Singer (Sri Lanka). LOLC Group Managing Director and
CEO Kapila Jayawardena told The Bottom Line that the
acquisition was based on sound rationale and due to
strong synergies coupled with higher growth prospects.
CLC with an estimated asset base of Rs. 7 billion, will
be a perfect fit for LOLC, whose assets are over Rs.
27 billion. CLC has a strong business portfolio along
with an impressive customer base. CLC also has a good
factoring portfolio which will complement LOLC’s
Orix Factors Ltd. Full Story....
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