The ordinary voting shares will be listed by way of an IPO via an Offer for Sale of 10mn shares at a price of Rs. 5.70 per share while the ordinary non-voting shares will be listed simultaneously via an introduction of a reference price of Rs. 4.20 per share. Thereby, the Company will start trading at a total market capitalization of Rs. 9.35 bn immediately after listing of ordinary voting shares and ordinary non-voting shares.
HNB Finance Limited, is a subsidiary of Hatton National Bank PLC, which owns 51% of the ordinary shares whilst 39.57% of the ordinary shares is owned by Prime Lands (Pvt) Limited. Being the pioneer in microfinance in Sri Lanka, HNB Finance Limited is acclaimed for its contribution to the microfinance industry. The efforts of HNB Finance are validated through prestigious recognitions such as Asia’s Best Workplaces in 2019 and the Runner up at National Business Excellence Award under Non-Banking and Financial Services Sector are few of the many accolades added to the company in the year 2019.
The preamble to the present share ownership structure is as follows.
In 2011, Prime Lands acquired the major shareholding of the ailing finance company through a restructuring plan put forth by Prime Lands (Pvt) Limited which was approved by the Central Bank of Sri Lanka. The company was rebranded as Prime Grameen. Despite the distressed nature of the Company at the time of acquisition an impressive turn around was achieved within two years through the prudent management of the company by a team of senior professionals and guided by the business acumen of Prime Lands. The senior management displayed their commitment to the task by making the company profitable within a few years post the acquisition.
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