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Lankan Alliance Finance Asked to Resubmit IPO Application

Industry: Financial, NBFI
Company: Lankan Alliance Finance Limited
Company Intelligence Tag: Regulatory Insights

The securities regulator has requested Lankan Alliance Finance Limited to resubmit its application for an initial public offering (IPO) due to an increase in the number of shares issued as stock dividends after the initial application. The non-bank financial institution (NBFI) had initially applied for a Tk30 crore IPO in April 2023 to meet regulatory requirements. The Bangladesh Securities and Exchange Commission (BSEC) stated that IPO regulations prohibit an increase in paid-up capital during the IPO application process.

Lankan Alliance Finance Limited, a joint venture financial institution with multinational collaboration in Bangladesh, is licensed by the Bangladesh Bank. The majority stakeholder is People’s Leasing Company (PLC), a subsidiary of Sri Lanka’s largest state-owned bank. The company’s loans and advances grew to over Tk314 crore by the end of 2022, with a low level of non-performing loans (NPL) at 0.24%. Net profit after taxes also increased from Tk2.97 crore to Tk5.18 crore during end of 2022.

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