Swarnamahal Financial Services opens for business in Vavuniya

Thursday, 20 January 2011 00:01 - - {{hitsCtrl.values.hits}}

The newest branch of Swarnamahal Financial Services Limited was ceremonially declared open last week at No. 141, Kandy Road, Vavuniya by Directress Deepa Edirisinghe and Director of EAP Group of Companies Nalaka Edirisinghe.

At the opening, Nalaka Edirisinghe declared that Swarnamahal Financial Services aimed to sustain the development of this area by identifying the much-needed financial solutions of the native community.

“We offer utmost financial solutions for both individual and corporate customers by taking into account, how best they can be served, as a finance company and offer a full range of financial services namely, fixed deposits, saving accounts, pawning services, leasing and hire purchase. The key aspects of our services are friendliness, flexibility, trust and personalised services.”

The company is powered by one of the industry’s best IT systems. All the branches and pawning centers are electronically linked with each other, enabling to do real time transactions during 365 days of the year. All the pawing centres including pawning divisions of branches are open 365 days of the year from 8:30 a.m. to 6 p.m.

Presently, SFS boasts 15 branches and is rapidly expanding the branch network to strategically identified cities in order to reward the native community. It has already opened two branches in Northern and Eastern Provinces, namely Jaffna and Trincomalee respectively, and plans are underway to open a Branch in Batticaloa in March 2011.

He further added that the gross income which was Rs.295 m up to the month of December 2009 has been drastically increased by 58% reaching Rs. 466 m up to the month of December 2010 and the company has recorded a before tax net profit of Rs. 82.6 m up to 31 December 2010 in the current financial year as against Rs. 8.5 m which was for the same period in the last financial year.

He further declared that SFS planned to raise 55.6 m from a Private Placement of the company’s Ordinary Shares in February 2011.The number of shares to be issued is 2,780,000 at an issue price of Rs.20 each.

“Accordingly, we have decided to offer an opportunity to our valuable customers for the subscription of the Ordinary Shares of the company. This issue will enable the company to maintain the required public float of 10% from the stated capital in order to list the company on the Colombo Stock Exchange as per regulations stipulated by the Central Bank of Sri Lanka.”

Swarnamahal Financial Services Limited is managed and led by Dr. Soma Edirisinghe, the Chairman, together with the Board of Directors: Jeewaka Edirisinghe, the Deputy Chairman; Nalaka Edirisinghe, Director; Deepa Edirisinghe, Director; Asanka Edirisinghe, Director; Sunil Abayaratna, Director; Mahendra De Silva, Director; and Sameera Ganegoda, Director/CEO.

Swarnamahal Financial Services Limited is an EAP Edisiringhe company, incorporated in 2004 and registered by the Monetary Board of the Central Bank of Sri Lanka in August 2006. The company’s main business functions are pawing, leasing, and hire purchase, factoring cum cheque discounting, medium term loans, fixed deposits and savings accounts.