Finance companies to be listed by next June

Harshini PERERA

The Finance Houses Association Chairman is confident that all the finance companies will be listed in the Colombo Stock Exchange by next June, the deadline.

Out of the total number of 37 finance companies in Sri Lanka, three companies have complied with the Central Bank request to list in the Colombo Stock Exchange.

"We are confident that all the finance companies will list in the Colombo Stock Exchange. The rest of the finance companies are in the process and they are expected to list in the Colombo Stock Exchange by June, 2011," the Finance Houses Association of Sri Lanka, Chairman Hafeez Rajudin told the Daily News Business.

The fallen finance companies are recovering fast as the confidence level of the customers is improving with the positive economic conditions.

The Central Bank is further monitoring these finance companies and some are well monitored. These finance companies are paying back the money to customers on a batch-by-batch basis while considering the priority base of the customers.

"The asset level of the finance companies has increased in the last year. The customers of these institutes are vigilant on investing in finance companies," he said.

The Government's decision to reduce import duty on vehicles has also given a positive sign in the leasing and finance industry.

Finance companies will maximise benefits to customers by adding value to their products.

"We have to encourage customers and provide easy access to finances by adhering to time management systems and looking at new approaches such as micro-finance facilities," Rajudin said.