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Government Gazette

Move to strengthen AFL and CIRL

To strengthen the stability of Asian Finance Ltd. (AFL) and Ceylinco Investment and Realty Ltd. (CIRL), the Central Bank of Sri Lanka has invited Merchant Bank of Sri Lanka PLC (MBSL) to function as the Managing Agent of those two companies.

Lankaputhra Development Bank Ltd. (LDB), which functioned as the Managing Agent, has performed its initial task in establishing stability and restoring public confidence in AFL and CIRL.

Having stabilised the situation, it is now considered necessary to strengthen AFL and CIRL and restore their normal business operations to strengthen the viability of the companies.

In that regard, MBSL has been invited to provide its expertise and to take AFL and CIRL forward. The Monetary Board, having considered the vital role to be played by LDB in the on-going development projects in the country, particularly, in the North and East, has decided that it is more appropriate to release LDB from the responsibilities as the Managing Agent and to appoint MBSL as the Managing Agent of AFL and CIRL from September 1. LDB will work closely with MBSL to ensure the smooth transition of the Managing Agents' functions and the strengthening of the business operations of AFL and CIRL.

An overall advisory body, consisting of the members of the expert group would also provide overall guidance on charting the future course of action of AFL and CIRL.

The Central Bank will closely monitor the affairs and the progress of the two companies.

The Central Bank is of the view that this procedure would enable Asian Finance Ltd. and Ceylinco Investment and Realty Ltd. to further strengthen the restored confidence, and return to their normal business operations, within a short period of time.

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