Asia Asset Finance to raise Rs 425 m

Sanjeevi JAYASURIYA

The initial public offering of Asia Asset Finance Limited, (AAFL) subsidiary of Asia Capital PLC will begin on November 28 to raise Rs 425 million issuing 120 million shares at Rs 2.50 each.

The move is in compliance with Central Bank regulations that all registered finance companies be listed with the Colombo Stock Exchange.

"The condusive environment has created much optimism and striking buoyancy to further accelerate the growth in the country. The ever expanding financial industry is hopeful that the growth momentum will continue.

The Asia Asset Finance Limited (AAFL) strives to improve on its current upward trend with its dynamic team, Asia Asset Finance Chairman, Dayananda Muthukumarana said. The company is well adopted to meet industry dynamism and the restructuring process has enabled to achieve 200 percent growth in profitability for the current financial year. The confidence of stakeholders coupled with best management practices and high financial discipline have given the company the edge over the industrialists, he said.

"We are an unconventional finance company and have embarked on branch expansion drive to increase the current network with more emphasis on the North and the East region. There will be 19 branches countrywide by the end of this year," he said. The AFFL plays a catalysts role and with its good management practices and public relationship focus has emerged as a trend setter. It has a 360 degree approach where more value is been created for better market opportunities.

The main focus of the company in terms of generating business will be the growth sectors including tourism and trade oriented enterprises. The IPO is a unique opportunity to widen the investor community and building customer loyalty, Muthukumarana said.