New opportunities in tourism in NE to be explored:

Rok Millennium acquires major shares of Industrial Finance

Harshini PERERA

Rok Millennium(Pvt) Ltd acquired 92 percent controlling shares of Industrial Finance Ltd. from July 6.

The new management of Industrial Finance Ltd. will explore new opportunities in tourism in the North and East and venture in to many other projects in micro-finance.

“We focused on the stable background of the company before acquiring it. Since 1962, Industrial Finance Ltd has been engaged in the business and it has an asset base of Rs. 2 billion. We felt that acquiring an old company might have a penetrative effect than a new company. Hence, we wanted to capitalize on Industrial Finance Ltd,” Chairman of Industrial Finance Ltd, Upul De Zoysa told Daily News Business.

During a recession, the confidence of customers on finance companies erodes but Industrial Finance Ltd. will work with the Central Bank and create an awareness among the public to invest in regulated bodies. The confidence on finance companies should be ensured by the Central Bank. As a finance company we will advise the public to invest only in registered finance companies, he said.

Industrial Finance Ltd. looks forward to investments in micro-finance, tourism and the pawning sector.

Tourism is the newest sector since we have substantial lands in Arugam Bay in the North-East and Bolgoda in the Western Province.

Therefore, we are working on a foreign collaboration to invest in these projects. A self-contained village in Arugam Bay will be set up in collaboration with a foreign leisure company, said De Zoysa.

Under the micro-finance programs we are working with the Central Bank to provide services to paddy farmers and other agricultural bodies such as tea smallholders, rubber planters and gem miners. We are targeting Government servants including the security forces through these micro-finance programs.

“We will tie up with the Royal Bank of Scotland after initial discussions with the Central Bank. We wish to provide a professional service to our customers within the next three months. Mobile units will come into operation and we will set up ten branches including the Northern and Eastern provinces.

Thus we want to be a part of the development program the Government is implementing in the North and East. We wish to enter the Colombo Stock Market in another two years,” he said.

He said that Industrial Finance Ltd will be re-structured and training will be provided to the staff and new auditors and secretaries will be appointed under the new management.