News Column

Sri Lanka : MUTHOOT FINANCE acquires existing equity shares of Asia Asset Finance PLC

August 28, 2014

Muthoot Finance Ltd declared that it has purchased 167,785,600 existing equity shares of Asia Asset Finance PLC, Colombo (AAF).

Sri Lanka-based AAF is a Registered Financial Company and listed in DirisaviBoard of Colombo Stock Exchange. Since 1970, AAF is in lending business. AAF is currently involved in Rerail Finance, Hire Purchase & Business Loans and has 11 branches across Sri Lanka.

The acquisition represents 29.98% of total capital of AAF. Muthoot Finance Ltd is looking for synergies by helping the AAF to operation loan against Gold Ornaments in Sri Lanka drawing on the expertise of Muthoot Finance Ltd in this field.

Through this investment, Muthoot Finance Ltd hopes AAF, to bolster its lending operations and profitability in coming years and which may improve value of its present investment in AAF in coming years.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters