Vallibel Finance PLC is a

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 ...

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 ...

. Vallibel Finance was incorporated in 1974 as The Rupee Finance Company. Dhammika Perera acquired the company in 2005 and was renamed Vallibel Finance. After an initial public offering, the company was listed on the Colombo Stock Exchange in 2010. Vallibel Finance joined the LankaPay electronic fund transfer network in 2014. In 2020, the company signed an agreement with the Board of Investment of Sri Lanka to build a 16-storey office complex in Kollupitiya. Vallibel Finance is one of the ''LMD'' 100 companies in Sri Lanka. Vallibel Finance is also ranked amongst the 100 most valuable brands in Sri Lanka in 2022.

History

The company was incorporated as The Rupee Finance Company Limited, a small

family-owned business A family business is a commercial organization in which decision-making is influenced by multiple generations of a family, related by blood or marriage or adoption, who has both the ability to influence the vision of the business and the willin ...

in 1974. The company was converted into a public company in 1989.

Dhammika Perera Kulappu Arachchige Don Dhammika Perera, commonly known as Dhammika Perera (born December 28, 1967), is a Sri Lankan businessman, philanthropist, and politician. He is one of the wealthiest people in Sri Lanka. Perera is known as a specialist in c ...

acquired the company in 2005 and was renamed Vallibel Finance. On 31 March 2010, Vallibel Finance's

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

was

oversubscribed Overselling or overbooking is sale of a volatile good or service in excess of actual supply. Overselling is a common practice in the travel and hospitality sectors, in which it is expected that some people will cancel. The practice occurs as an in ...

on its opening day. Subsequently, 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 April 2010. In 2011, Vallibel Finance moved its headquarters to a new location in

Kollupitiya Kollupitiya, also known as Colpetty is a major neighbourhood of Colombo, Sri Lanka. The name Kollupitiya comes from the name of a chief from Kandy who had unsuccessfully attempted to dethrone the last king of Kandy. During the period of British a ...

, Colombo. Vallibel Finance replaced Fitch with RAM as the company's

rating agency A credit rating agency (CRA, also called a ratings service) is a company that assigns credit ratings, which rate a debtor's ability to pay back debt by making timely principal and interest payments and the likelihood of default. An agency may ra ...

in April 2013. RAM Ratings assigned a BB+ rating to Vallibel Finance. While withdrawing its rating, Fitch affirmed its long-term BB-(lka) rating. Vallibel Finance joined the

LankaPay LankaClear (formerly National Cheque Clearing House) is the largest payments infrastructure provider in Sri Lanka. Established in February 2002, the organization is owned by the Central Bank of Sri Lanka (CBSL) and all CBSL-licensed commercial b ...

electronic fund transfer network in 2014. In 2016, the company received the accolade for one of fifty Best Employer's Brands in Sri Lanka. At the time, Vallibel Finance employed nearly 700 employees. The company was named the most respected financial company in 2017 by '' LMD'' magazine. The company also ranked 22nd on the overall list. Vallibel Finance signed an agreement with the Board of Investment of Sri Lanka to build a 16-storey office complex in Kollupitiya in 2020. The project was valued at US$8.1 million and is expected to finish in 18 months.

Operations

Vallibel Finance is one of the ''LMD'' 100 companies in Sri Lanka. ''LMD'' 100 is an annual list of publicly traded companies in Sri Lanka by revenue. In 2022, Vallibel Finance was placed 78th on the list, a seven-position ranking slide from the previous year. Vallibel Finance is also one of the 100 most valuable brands in Sri Lanka. Brand Finance estimated the brand value of Vallibel Finance to be LKR1,283 million in 2022, ranking 56th on the list. During the COVID-19 pandemic, the company donated two ventilators to Kurunegala Teaching Hospital in 2010. The ventilators cost LKR10 million. Lanka Rating Agency assigned the rating of BBB+ to Vallibel Finance in February 2023. The credit outlook was adjudged as negative. The company's strong presence in the market and the prevailing economic condition in the country were cited as the rationale for the rating.

Finances

Source: Annual Report, 2022/23 (pp. 314–317)

References

External links

* {{All Share Price Index 1974 establishments in Sri Lanka Companies listed on the Colombo Stock Exchange Financial services companies of Sri Lanka Financial services companies established in 1974

History

Operations

Finances

See also

References

External links