People's Leasing & Finance PLC, sometimes called People's Leasing Company or commonly abbreviated PLC, is a licensed
non-banking financial company
A non-banking financial institution (NBFI) or non-bank financial company (NBFC) is a financial institution that does not have a full banking license or is not supervised by a national or international banking regulatory agency. NBFC facilitate ba ...
in
Sri Lanka
Sri Lanka (, ; si, ශ්රී ලංකා, Śrī Laṅkā, translit-std=ISO (); ta, இலங்கை, Ilaṅkai, translit-std=ISO ()), formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an ...
. The company is ranked 30th in ''
LMD 100'', an annual list of leading listed companies in Sri Lanka. Brand Finance placed the company 21st amongst the 100 most
valuable brands in Sri Lanka. The company was incorporated in 1995 and in 2010 listed on the Colombo Stock Exchange. 75% of the shares of the company is held by the
People's Bank, one of the two government-held banks of Sri Lanka.
History
The company was incorporated in 1995 as a
limited liability company
A limited liability company (LLC for short) is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a ...
. During 2008/09 the company diversified into new business areas by forming two subsidiaries. People's Insurance Ltd was incorporated as a wholly-owned subsidiary in 2009/10. The company was listed on the
Colombo Stock Exchange
The Colombo Stock Exchange (CSE) ( si, කොළඹ ව්යාපාර වස්තු හුවමාරුව, translit=Kolamba Vyapara Vasthu Huvamaruva; ta, கொழும்பு பங்கு பரிவர்த்தனை) i ...
in 2010. The company merged with its subsidiary People's Finance PLC in 2013/14.
The company appointed a new CEO, Shamindra Marcelline in November 2020.
Operations
Fitch Ratings
Fitch Ratings Inc. is an American credit rating agency and is one of the " Big Three credit rating agencies", the other two being Moody's and Standard & Poor's. It is one of the three nationally recognized statistical rating organizations (NRSRO) ...
affirmed the
A+ credit rating for People's Leasing in September 2021 and the outlook is adjudged as stable in September 2021. With a
market share
Market share is the percentage of the total revenue or sales in a market that a company's business makes up. For example, if there are 50,000 units sold per year in a given industry, a company whose sales were 5,000 of those units would have a ...
of 12% of the Finance and Leasing Company sector, the company is one of the largest finance and leasing companies in the country. People's Leasing ranked 27th in ''Business Todays Top 40 for the year 2020/21. The company recorded the highest profit in the history of the company for the year 2020/21. In 2021, the company issued LKR10 billion
debenture
In corporate finance, a debenture is a medium- to long-term debt instrument used by large companies to borrow money, at a fixed rate of interest. The legal term "debenture" originally referred to a document that either creates a debt or acknowl ...
s and received applications for over LKR14 billion by the closure. At the 56th Charted Accountants Awards, organised by the
Institute of Chartered Accountants of Sri Lanka
The Institute of Chartered Accountants of Sri Lanka (''CA Sri Lanka'') is a professional accountancy body in Sri Lanka. The Institute was established by Act of Parliament, No. 23 of 1959 as the sole organisation in Sri Lanka with the right to a ...
, the company received the silver award for the
annual report
An annual report is a comprehensive report on a company's activities throughout the preceding year. Annual reports are intended to give shareholders and other interested people information about the company's activities and financial performance. ...
2020/21 in finance and leasing companies sector. The company relocated its metropolitan branch to Vauxall Street in
Slave Island
Slave Island ( si, කොම්පඤ්ඤ වීදිය, ta, கொம்பனித்தெரு) also known as Kampong Kertel and Kompanna Veediya is a suburb in Colombo, Sri Lanka, located directly south of the Fort. The suburb contain ...
, Colombo after renovation in December 2021. The premises was inaugurated by the company's chairman, Sujeewa Rajapakse.
See also
*
References
External links
Official website
1995 establishments in Sri Lanka
Companies listed on the Colombo Stock Exchange
Financial services companies of Sri Lanka
Financial services companies established in 1995
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