clock December 24,2023
“United States supports free flow of capital to help grow Lanka’s economy”

“United States supports free flow of capital to help grow Lanka’s economy”

Over the past six years, listed entities have raised over Rs. 480 billion via the stock market. It is evident that listed entities are utilizing the capital markets for the growth of their businesses.This was opined by Senior Vice PresidentMarketing for Colombo Stock Exchange, Niroshan Wijesundere at the CSE organized a forum titled “Redefining the Trajectory of Your Business” held in collaboration with the U.S. Agency for International Development (USAID) CATALYZE Sri Lanka Private Sector Development (PSD) Activity in Jaffna. The event aimed to provide small and medium enterprises (SMEs) with crucial insights into capital-raising opportunities available at the CSE, specifically through listing on the Empower and Diri Savi Boards.“We see potential in the Northern Region for businesses to thrive. We are conducting this forum with the aim of creating awareness and are glad to be able to provide this opportunity to MSMEs to further support them in their objectives to raise capital.Micro- small & medium sector enterprises in Northern Sri Lanka could be seen as a driving force for inclusive economic growth, employment generation and poverty reduction, and overall development of the North.”

“Given its proximity to India and looking at export markets, there is immense potential for SMEs to expand their businesses and capitalise on numerous opportunities of listing on the CSE, as an alternative means of raising capital to unlock these prospects.The United States supports the free flow of capital to help grow Sri Lanka’s economy,” USAID Director of Economic Growth Christopher Powers said in a statement.“Through CATALYZE PSD, USAID has supported companies in the food, agricultural, and ICT sectors in the Northern Region. We also encourage other companies to explore funding options, whether through the Colombo Stock Exchange or by engaging with USAID PSD for alternative opportunities”.

Assistant Vice President, Acuity Stockbrokers (Pvt) Limited Vasantha Kumar, stated, “SMEs in Sri Lanka usually maintain an annual turnover not exceeding Rs 750 million.”“These enterprises need further funding for expansion, sustainability, or to bring new products to market. The CSE offers a platform for SMEs to raise capital by listing their shares.In addition to capital raising, a listing will offer a plethora of benefits for companies, such as enhanced image, attracting and retaining quality talent, improvement in corporate governance as well as access to strategic investors. Several successful SME IPOs have taken place recently, highlighting the diversity and potential that can be realized, and opportunities for growth available within the Sri Lankan market through the CSE.”

( Source : Daily News)

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