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DateLine Wednesday, 17 October 2007

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Asian Finance raises Rs. 168 m on hire purchase receivables

Asian Finance Li- mited (AFL) recently successfully concluded the private placement of Hire Purchase Receivables backed by Trust Certificates, of Rs. 168 million for a period spanning 2 years, the investors being a leading financial institution and individuals.

This is the third placement done by the company of its Hire Purchase receivables, the previous placements totalling to Rs. 205 million done in March 2005 and August 2006. The issue was structured and placed by Investec Capital (Pvt) Ltd. Deutsche Bank AG Colombo branch has appointed Trustee to manage the AFL fund.

The main objective of this transaction was to enable the originator, AFL to raise additional funds to augment its fund based core operations in Credit and Real Estate and to pursue its growth strategy by converting its HP receivables into Liquid and Negotiable Instruments.

This allows AFL to diversify its funding sources, lower its cost funding, and improve its asset/liability matching.

AFL has raised further Rs. 150 million on Lease Receivables securitization in the past years.

 

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