Aspic to launch Micro Finance

Invests Rs 200 million:

Shirajiv SIRIMANE

Aspic Corporation will be launching their Micro Finance arm and also hope to float a Wealth management company.

According to Managing Director of the Company, Deepthi Perera they would use their experience in both UK and Australia for these two ventures.

Aspic group hopes to invest Rs. 200 million in the Micro Finance company, end of this year “We would be formulating two new companies for this purpose,” Perera told ‘Daily News Business’.

Founder and investor of many ventures including Aspic Corporation Australia, Thailand and UK he said Micro Finance arm would be mainly targeting the agricultural sector and the SME sector.

“We would be providing credit from Rs. 10,000 to Rs. 200, 000 and their interest would be the lowest in the sector,” he said.

“We have noted that the local agricultural sector is very traditional and they are not in a position to add new technology due to lack of financing,” he said.

Aspic group will launch this company as one of their CSR projects.

“We are not looking at making high profits from this venture,” he said. The local agricultural sector with additional financing could look at new machinery, better transport system to minimise post harvest loss and look at high yielding varieties.

“Farmers are used to look at unconventional methods when it comes to borrowings which involve high interest rates.

One of the prime objectives of Aspic Micro Finance arm is to assist the farmer to avoid this informal sector which forces the farmer to sell their product to them at a low price,” he said.

“We are currently following this system successfully in Australia,” he said. An entrepreneur, innovator and investor with 15 years of experience holding senior roles in the UK, USA, Australia and Thailand, building businesses, management teams and private equity firms, Perera said they have also observed that the pay back of the farmer is very satisfactory as they fear for their dignity.

Aspic Corporation has grown into a Rs.3 billion company within a short period of time while capitalising on remarkable business opportunities available in the Sri Lankan market.

Commenting on the proposed Wealth management company Perera said this would be set up targeting the pensioners.

“We have two similar companies in UK and Australia and hope to introduce this model to senior citizens where they would get better returns from their pensions,” he said.