Peoples Leasing Company is scouting for a strategic partner as its parent company is keen to reduce its holding in the company.
Formed as a fully owned subsidiary of Peoples Bank in 1995, PLC was initially intended to help the banks customers.
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rnIn 2001, Peoples Bank infused a further Rs. 40 mn into the company to boost its share capital to Rs.
100 mn.rn
rnldblquote We need to raise around Rs. 40 mn to Rs. 60 mn to expand the business, so we are also looking at going public,
dblquote PLC CEO D P Kumarage told Lanka Business Online.
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rnA prospective initial public offering is likely to offer 25 percent to 30 percent to the public and 10 percent to its employees. The Peoples Banks stake would depend on how much a strategic partner is willing to infuse into the business.
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rnldblquote We have had a 37 percent growth so far this year, and there is a big appetite for vehicle leases, dblquote Kumaraga said.rn
rnPeoples Leasing has become one of the top five players in the local leasing industr