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Friday, 24 February 2012 00:01 - - {{hitsCtrl.values.hits}}
Asia Asset Finance Limited (AAF) opened its tenth branch in Killinochchi on 20 January.
The Company commenced trading in the Colombo Stock Exchange on 10 January and was listed in the Diri Savi Board of the SEC as per the regulatory requirements. The share priced at Rs. 2.50 at the IPO reached an unprecedented Rs. 8.60 in the first week of trading in a declining stock market, proving that AAF is an unconventional Finance Company true to its promise.
As presented in the business plan of the IPO Prospectus, Killinochchi is the first branch opened in 2012 along with other proposed branches in Kalmunai, Ampara, and Mullaitivu to commence operation in due course.
AAF currently operates in Jaffna, Kurunegala, Negombo, Wennappuwa, Gampaha, Moratuwa, Kalutara, Galle, and Batticaloa.
With its expansion, the Company plans to cover the entire North and East region.
With the new branch, the Company hopes to enrich lives of people who suffered from a brutal 30-year war.
The Company also hopes to support the Government’s initiative of rapid development in the area to revive the livelihoods of people who are in dire need of, financing for development.
The branch was declared open by Deshbandu Dayananda Muthukumarana, former Chairman – AAF and Director – Asia Capital PLC (Holding Company of AAF) and Rajiv Gunawardena – Director/CEO – AAF.
The new branch will offer fixed deposits, agro finance, leasing, hire purchase, group personal loans, micro finance and mortgage loans and is centrally located at Kandy Road [A9], Killinochchi.
True to its promise of providing unconventional finance solutions, the Company has arranged to approve credit applications within a day and solutions offered will be tailor-made to suit individual requirements and cash flow.
“AAF boasts of 40 years of trust and stability. The success of AAF is the success of our customers.
The company’s uniqueness stems from its ability to innovate. Our products are not generic, they are tailor made and customised to cater to individual requirements of our clients.
Killinnochchi is a city with great potential and we believe that we would be able help harness the true potential of the people of Killinnochchi through our unique products and services,” said AAF Director/CEO Rajiv Gunawardena in his speech at the opening ceremony which was well attended by the prospective customers of the area.
The first day proved a soaring success well above set targets. “AAF has recorded a net profit of Rs. 80 million in the financial year 2010/11 and well on track for the current years goals. With its flexibility, product range and fast delivery, AAF will be a force to recon with for competitors and a pillar of strength and stability for the people of Killinochchi,” emphasised Muthukumarana in his address.
