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Sri Lanka Equity Forum » Stock Market Talk » Softlogic IPO in March

Softlogic IPO in March

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1 Softlogic IPO in March on Tue Feb 01, 2011 6:16 am

madu1977


Equity Analytic
Equity Analytic
The banking sector in Sri Lanka needs to consolidate to support the rapid economic development in the country, Softlogic Holdings Chairman and Managing Director Ashok Pathirage told Daily News Business.

Ashok Pathirage
“The country has a high number of small banks and they are unable to provide massive development loans. The banks need to consolidate to support growth and the development process of the country,” he said.

“The corporate sector needs to undertake projects and support the country’s socio economic development. It is important that top banks merge to provide these funding facilities within the country,” Pathirage said.

“We could manage with three to four solid banks considering the country’s size and population. The banking industry has the necessary regulatory framework to move forward. However, merges within the industry will facilitate the huge capital requirement to carry out the development projects,” he said.

The Softlogic Finance company will focus on high performance in keeping with its brand name and reputation. It has a strategic plan in place to achieve Rs 500 million profitability within the next three years.

“This is the level that we are planning to reach in the next few years. We will expand our branch network to widen the reach and will also introduce more finance products to increase our customer base,” Pathirage said.

Softlogic Holdings will go for an IPO in March to raise funds to further build the company.
Sanjeevi Jayasuriya



Last edited by Quibit on Tue Feb 01, 2011 8:35 am; edited 2 times in total (Reason for editing : format condensed)

2 Re: Softlogic IPO in March on Tue Feb 01, 2011 8:58 am

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics
hmm, this is going to be right in the middle of the credit clearing.

3 Re: Softlogic IPO in March on Tue Feb 01, 2011 12:00 pm

cse.alpha


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Softlogic Holdings reported a FY Mar/2010 profit of Rs155 mn as per its draft accounts, and an audited FY Mar/2009 profit of Rs69 mn - this information was in last month's Asiri mandatory offer document submitted by Softlogic.

A lot has changed since then though, with Softlogic increasing its presence in health care and electronics retailing, and also entering financial services. The Panasonic and Samsung agencies will have benefited from recent duty cuts, although the Nokia phone business faces very intense competition now.

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