Fresh Lease

Oct 13, 2011 (LBO) - Accelerating post-war growth and surging vehicle imports owing to tax cuts and better incomes will drive Sri Lanka's leasing and hire purchase market, promoters of People's Leasing Company's share issue said.
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People's Leasing, Sri Lanka's largest leasing firm, plans to raise 70 million US dollars in an initial public offer of a 25 percent stake or 390 million shares at 18 rupees each, opening on November 03, 2011.



People's Leasing Company chief executive D P Kumarage told a news conference the firm will expand its branch network in the north and east regions which are recovering from the effects of war.

The IPO of People's Leasing Company, a fully owned subsidiary of People's Bank, the second-largest state-owned bank in the island, is jointly managed by NDB Investment Bank and Capital Alliance Holdings.

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The leasing and hire purchase market is expected to have a compounded annual growth rate of 25 percent up to 2018, according to a Capital Alliance Holdings report on the IPO.


Increasing levels of income, growth in vehicle ownership and re-financing are likely to accelerate growth in the leasing and hire purchase market, they said.

Leasing and hire purchase constitute over 80 percent of

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