Shares of LOLC General Insurance (CODE: LGIL-N-0000) have started trading on the Colombo Stock Exchange (CSE). The shares were listed on the board of directors of Diri Savi of the CSE under the sector âP&C Insuranceâ. The occasion was marked with a special bell ringing ceremony.
Representative LOLC General Insurance Limited (LGIL), Managing Director Mr. Kithsiri Gunawardena, Deputy Managing Director Mr. Imaz Iqbal, Head of Underwriting Mr. Karthigun Silva and Head of Corporate Sales Mr. Sanjaya Attanayake attended the ‘event. The financial advisers and co-managers of the issue, the director of PW Corporate Secretarial (Pvt) Ltd, Ms. Lasanthi Abeykoon, Capital Trust Securities (Pvt) Ltd, head of research, Mr. Hasitha Leanage and the head of finance company, Ms. Divya Casie Chetty Alles, represented the event. .
The CSE was represented at the event by the Director General, Mr. Rajeeva Bandaranaike and the Director of Regulation, Mr. Renuke Wijayawardhane.
Speaking at the ceremony, CSE CEO Mr. Rajeeva Bandaranaike congratulated LGIL for its initiative to go public. â2021 is a banner year for the CSE primary market, and over Rs. 118 billion of capital has been raised through equity, rights issues and private placements. We had 13 share issues this year, raising almost Rs. 12 billion. The CSE sees a healthy appetite among local investors for stock IPOs, and the demand for LGIL was no different. LGIF had a very successful IPO and was oversubscribed on the opening day. The CSE believes it is important to have companies in the insurance industry with a strong track record, with a commitment to excellence in our listed portfolios so that they can provide more diverse opportunities for the growing base of businesses. ‘investors.
Commenting on the 2021 listing history, Mr. Bandaranaike added: âAs we close the year, December has been a record month where we see seven IPOs of shares. This not only shows the confidence that investors place in our listed companies, but also, increasingly, we are seeing listed companies entering and using the capital market for their financing needs. We are pleased to welcome LGIF as the 296th listed company.
Speaking at the event, LOLC General Insurance Limited CEO Mr. Kithsiri Gunawardena said: Pandemic. The remarkable results of the past two years bear witness to the company’s determination to meet the challenges of yesterday, today and tomorrow. The insurance sector in Sri Lanka in 2020 saw negative growth of 2.24% while LGIL saw growth of 13%. This statement says a lot about the type of team we have, the type of culture we have instilled as a member of the LOLC group and the type of growth strategy we envision. This is not only in Sri Lanka, but also outside, as the LOLC Group is already present in 17 countries and plans to expand to three more countries in the near future, including Rwanda. From an insurance perspective, we believe there are great opportunities for global expansion. As a company, we already own 45% of Serendib insurance company in Cambodia and we aspire to grow further. The motto of general insurance has always been âIt’s not the price we compete with, it’s the serviceâ. There is absolutely no compromise when it comes to serving our customers. “
Commenting on the event, Mr. Gunawardena thanked the CSE, PW Corporate Secretarial (Pvt) Ltd, Capital Trust Securities (Pvt) Ltd and colleagues at LGIL for the support provided during the IPO.
LOLC General Insurance is a subsidiary of one of the largest diversified conglomerates in Sri Lanka, namely LOLC Holdings PLC.