LOLC Finance Co. Ltd has got statutory and government approval and is expected to commence business shortly, the company said in a statement today.
With assets at Rs. 5.8 bn as at Dec 2000, LOLC is the largest specialised leasing company in the country.
Last March, Fitch Ratings Lanka has assigned a SL F-1 rating for Lanka Orix Leasing Company
quote s short-term debt.
LOLC was established in 1981 and listed in 1982, with Orix Corporation, Japan (30%), the International Finance Corporation (15%), and Bank of Ceylon (10%) being the key shareholders.
Orix Corporation, Japan is involved in the management of LOLC through monthly monitoring and has nominated two out of the ten Directors.
Present shareholders include Orix Corporation, Japan (30%), Asia Capital (23%), and Bank of Ceylon (8%).rn