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AFL Gets Malaysian Investor

Nov 13, 2010 2:25:25 PM - thesundayleader.lk

By Ashwin Hemmathagama

Malaysian investor Representative Anthony Wong (left), Asian Finance Ltd. Chief Executive Officer Sanathana Dalugoda, Merchant Bank of Sri Lanka Chairman M.R. Shah, and Central Bank of Sri Lanka Assistant Governor Ananda Silva at the signing ceremoney.

Asian Finance Ltd. (AFL), an affected finance company that operated under the Ceylinco umbrella, turned over a new leaf recently with a Rs.200 million cash infusion from a Malaysian investor who identified its potential.

With this investment, the company ownership changed hands, creating that much needed trust and security among all stakeholders, including customers, depositors, staff and regulators.
AFL Chief Executive OfficerSanathana Dalugoda told The Sunday Leader that there will be a further capital infusion of Rs.300 million in March 2011 fulfilling the prerequisites set by the Central Bank of Sri Lanka. With these investments, AFL will go for a “listing in the Colombo Stock Exchange, expected next year.”
“We have learnt some valuable lessons in the past,” said Dalugoda who invented a scheme to refund all depositors and take charge over the mayhem made by angry depositors who feared the loss of their investment.
“With the introduction of the repayment scheme, we have regained customer confidence, where we have proven beyond doubt that we had the capacity to overcome the crisis which we were in. Actually AFL has proven to be a safe place for the public to invest with.  With this new investment, we envisage to provide enhanced benefits in the investments of our depositors, and we will be offering them an opportunity to convert their deposits (maximum of 25%) into shares in the company,” he said.
Dalugoda also said that having won customer confidence, AFL is receiving a steady inflow of fixed deposits.  Appreciating the untiring efforts of AFL staff and the management, Dalugoda said Central Bank officials and the appointed managing agents was the key behind the company’s revival.