Janashakthi Powers OFSCL
Orient Financial Services Corporation Ltd.’s (OFSCL’s) ordinary shares started trading on Colombo Stock Exchange’s Diri Savi Board on Thursday.
The company listed 115,625,000 ordinary voting shares.
OFSCL is licensed by Central Bank of Sri Lanka under the Finance Leasing Act No.56 of 2000 as a leasing establishment. Last year the Company posted its best performance since its inception, achieving Rs. 82.8 million profit after tax for the year ended 31.03.2011 compared to the previous year’s Rs. 40.7 million profit.
The Director Board comprises Dr. Dayanath Jayasuriya (PC)-Chairman, Prakash and Ramesh Schaffter, Travis Waas, Ananda Atukorala, Mrs. Lakshmi Gunetilleke, Anil Tittawela (PC) and Sarath Wickramanayake. The Company expects to expand customer reach points through service points and branches to provide access to potential and existing customers. OFSCL also intends to expand the Company’s portfolio to mid size corporate customers, enabling the company to further increase its market share in the low risk category, thus maintaining the credit portfolio’s quality. OFSCL will focus on enhancing its lending portfolio under prudential norms in the coming years, mainly through geographical penetration and catering to niche markets. The Company has proven its ability to remain steady throughout and perform well even during challenging macro conditions. As a part of its expansion programme OFSCL opened window offices in Vavuniya, Kegalle and Anuradhapura this year. Taking into consideration the Company’s future plans, its business development strategies and its existing strong presence in the market backed by an experienced board to give direction and a dynamic management team with a wealth of experience, OFSCL is poised for a paradigm shift in its business and is confident of sustained growth in revenue and profits.