By Ishara Gamage
Ceylon Finance Today: Securities and Exchange Commission's (SEC's) move to increase the stock brokering sector's minimum capital adequacy ratio will encourage sector consolidation, CSE CEO Rajeeva Bandaranaike said.
He expected this to result in the number of existing stock broking companies to come down to 15, from the current number of 29.
"According to government sources it will happen within next few months", he remarked.
Meanwhile, Orient Finance PLC, rang the opening bell to start trading at the Colombo Stock Exchange (CSE) yesterday.
Speaking at the event, Orient Finance PLC, Chairman Dr. D. C. Jayasuriya (PC) said, "Stock markets worldwide are structured around responsible investment, due compliance and good governance. They were planning to add five more branches to its existing 25 branch network and expand its core business in leasing and hire purchase areas.
These are values which Orient Finance upholds." Commenting on the IPO he said, "I would like to thank individual and institutional investors for the trust they have placed in the company." Jayasuriya also expressed his appreciation to the CSE and Securities and Exchange Commission (SEC) for the assistance provided through the IPO process. CSE Chairman Vajira Kulatilaka speaking at the event said, "We welcome Orient Finance to the list of prestigious companies that are listed on the CSE. The listing is a proud moment for the management, directors and investment bankers who were involved in the process." He further said, "We are pleased to see an increasing number of companies showing an interest in listing on the CSE, especially considering the recent initiatives we have implemented to develop the stock exchange and give it world-class status."
Ceylon Finance Today: Securities and Exchange Commission's (SEC's) move to increase the stock brokering sector's minimum capital adequacy ratio will encourage sector consolidation, CSE CEO Rajeeva Bandaranaike said.
He expected this to result in the number of existing stock broking companies to come down to 15, from the current number of 29.
"Prevailing low turnover market conditions definitely dampen stock broker revenues, so we must always encourage sector consolidation", he said, on the sidelines of a market opening ceremony yesterday (18).
Bandaranaike said that the market is expecting some big deals like the selling of government stakes in Lanka Hospitals and Hilton Hotel.
Bandaranaike said that the market is expecting some big deals like the selling of government stakes in Lanka Hospitals and Hilton Hotel.
"According to government sources it will happen within next few months", he remarked.
Meanwhile, Orient Finance PLC, rang the opening bell to start trading at the Colombo Stock Exchange (CSE) yesterday.
Speaking at the event, Orient Finance PLC, Chairman Dr. D. C. Jayasuriya (PC) said, "Stock markets worldwide are structured around responsible investment, due compliance and good governance. They were planning to add five more branches to its existing 25 branch network and expand its core business in leasing and hire purchase areas.
These are values which Orient Finance upholds." Commenting on the IPO he said, "I would like to thank individual and institutional investors for the trust they have placed in the company." Jayasuriya also expressed his appreciation to the CSE and Securities and Exchange Commission (SEC) for the assistance provided through the IPO process. CSE Chairman Vajira Kulatilaka speaking at the event said, "We welcome Orient Finance to the list of prestigious companies that are listed on the CSE. The listing is a proud moment for the management, directors and investment bankers who were involved in the process." He further said, "We are pleased to see an increasing number of companies showing an interest in listing on the CSE, especially considering the recent initiatives we have implemented to develop the stock exchange and give it world-class status."
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