Ceylinco Finance PLC announced that under the guidance of the new management team the company has been strategically re-positioned.
Speaking at a press conference held recently, new chairman Ceylinco Finance PLC N. B. S. B. Balalle said My new position is challenging but before accepting this position I investigated the current position of this company and found that this is a well managed company and there was not much adversity for the company.
The challenge is rebuilding the confidence of the public and we have a strategic plan and have taken various initiatives. The company will be consolidated in financial service business and all non core businesses, subsidiaries and assets will be sold off to improve the liquidity position of the company, he said.
This will increase the liquidity of the company by over Rs.1 billion. We are also planning on getting a lot of credit lines from the financial sector to improve our liquidity, he said.
After the ending of the war, according to expert opinion there is optimism that the country will be developed, so we believe that under these circumstances this company can be taken forward. We have another plan to diversify into different financial sectors, and collect new capital from our existing and new share holders as well, Balalle said.
We get the support of the Central Bank and other financial companies to rebuild the confidence and improve our business activities. Our asset position is strong to build the confidence in the financial sector to attract credit, he said. N. B. S. B. Balalle is a fellow member of the Institute of Bankers Sri Lanka, former Assistant General Manager of the Bank of Ceylon, Sampath Bank and Commercial Bank, former CEO of the Union Bank and the former Chairman of the National Savings Bank.