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Friday Dec 13, 2024
Friday, 7 January 2011 00:29 - - {{hitsCtrl.values.hits}}
By Gayani Perera
Asian Finance Limited has been successful in obtaining a capital infusion which includes an initial foreign investment of Rs. 200 million from a Malaysian business tycoon. This will be followed by yet another Rs. 300 million investment which will take place in March 2011.
Due to the prudent steps taken by the management and the undisputed support and guidance provided by the organisation’s managing agent the Merchant Bank of Sri Lanka the company has triumphantly weathered the storm and has now further clenched its position in the industry by becoming the very first finance company to receive a foreign capital infusion from a high net wealth businessman in Malaysia.
With the future looking very positive for the company the Daily FT spoke to Sanathana Dalugoda, Chief Executive Officer of Asian Finance to find out their plans for the New Year.
“With the financial crisis drawing to a close the future looks very promising for Asian Finance which is at present back again experiencing very promising business operations. Currently our operations include leasing, hire purchase, trade and other loans etc. Also we have moved into providing pawning services which has enabled us to be in par with other banking and finance institutions in the country. The company commenced its very first pawning service centre in Malay Street recently and during this year we hope to open a total of 15 such centres throughout the country,” says Dalugoda.
With the intention of further enhancing and adding value to their customer services Asian Finance will be introducing a new software solution system, which is scheduled to be implemented during the first half of the year. In addition to this the company will also be introducing savings products to the market which will be backed with ATM facilities for the convenience of customers.
Asian Finance is also looking into the possibility of expanding their branch network during the year where the Eastern areas of the country will be a major area of focus. In addition to this the organisation will also be offering micro credit facilities whilst also offering its depositors the opportunity to become shareholders of the company by offering them up to 25% of the organisation’s deposit liability to be converted into shares. In April 2011 the company is looking forward to be listed with the Colombo Stock Exchange, this will also give rise to depositors to be eligible for capital gains.
“We are positive that our share price will increase with the second capital investment taking place in March this year. All the monies generated in this regard will be utilised towards new businesses.
Also with the new investments taking place we hope to further strengthen our position in the market and play a much more dominant role in the country’s financial services sector in time to come,” Dalugoda said.
Due to the very far-sighted manner in which Asian Finance has been operating the Central Bank of Sri Lanka will be ceasing its managing agent’s services and allow the company to function on its own.
With its deposits increasing at a rapid pace and recoveries being done successfully Asian Finance has won over the trust of its customers in every manner possible and backed with its new investment is gearing up with enthusiasm and confidence to make its mark in the industry for the year 2011.
