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Abans Finance strengthens presence in Central Province - Relocates at the Kandy City Centre

Sep 18, 2011 2:30:51 PM - www.ft.lk

Relocates at the Kandy City Centre

Abans Finance PLC, one of the most recently listed Registered Finance Companies (RFCs), will relocate its Kandy Branch operations at Kandy City Centre, L1-17, No. 5, Dalada Vidiya, Kandy from 22 September 2011.
The branch will be kept open on all seven days of the week from 9 a.m. to 5 p.m. The present branch which is housed at No. 123, D.S. Senanayaka Vidiya, Kandy will continue to serve its customers as a service centre.  The company intends building businesses in the Central Province making use of both these facilities.  

Abans Finance that commenced business operations as a RFC with effect from 27 August 2007 is one of the new entrants to the RFC sector with a short history of five years approx.  Abans Finance was listed with the ‘Dirisavi Board’ of the Colombo Stock Exchange on 29 June 2011.  The company has 37 m Ordinary Voting Shares in issue. The Market Price of the share registered Rs. 65.20 and the market capitalisation of the company was Rs. 2,412.4 million as at 30 June 2011.The Kandy City Centre, with ultra modern facilities owned by Entrepreneur Thusitha Wijesena, provides Sri Lankan corporates, opportunities to offer their products and services from this prestigious location.  
Abans Finance Branch will be located at Level 1, where majority of Sri Lankan commercial banks operate fully fledged branches for the convenience of their customers in and around Kandy.  The availability of ample parking space will be of an immense value to prospective customers of Abans Finance.
Abans Finance currently operates nine fully fledged branches in Anuradhapura, Badulla, Chunnakam, Dambulla, Galle, Gampaha, Kandy, Kurunegala and Ratnapura with its Head Office at No. 400, Galle Road, Colombo 3. The company held total assets of Rs. 2,382.9 million and public deposits Rs. 1,664.5 million as at 30 June 2011.
Abans Finance is a member of the Abans Group of Companies that comprises of 23 subsidiary, associate and other affiliated companies. The company is backed by the strength of Abans Ltd., the holding company which is one of the largest retailers in consumer electronics and household products in Sri Lanka, with the exclusive agency franchise of LG Electronics Inc, its brand leadership in several product categories and a sizable distribution network.
Abans Ltd., which is rated A- (lka) with a stable outlook by Fitch Ratings (Lanka) Limited, now operates with an annual turnover of Rs. 18 billion approx., well over 350 showrooms located island-wide and a workforce in excess of 6,000.  The total assets and the equity base of the group as at end of FY 10/11 was Rs. 15 b and Rs. 5 b approximately.  Abans Ltd. holds 84.3% of the equity of Abans Finance which has a stated capital of Rs. 370 million.
Abans Finance recently signed an agreement with MTI Consulting, a Consulting Firm based in Bahrain to prepare a three year Strategic Plan and a Brand Building Program.  The two institutions are in the process of deliberating issues connected with the proposed plan which is expected to be launched in early 2012 with the objective of enhancing Abans Finance’s market share in the RFC industry.  The programme considers the optimum utilisation of the branch network of Abans Ltd., in building businesses.
The Directors of the company are Aban Pestonjee (Chairperson), Rusi Pestonjee, Mano Alles, Kithsiri Wanigasekara, Saroshi Dubash, S. Sothivadivel, Channa Pathirana, V.K Choksy and T.Someswaran.