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New Innings

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.

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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.

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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%).

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