Asia Asset enlivens killinochchi

Asia Asset Finance Limited [AAF] opened its 10thbranch in Killinochchi recently. The Company commenced trading in the Colombo Stock Exchange on January 10, 2012 and was listed in the Diri Savi Board of the SEC as per the regulatory requirements. The share priced at LKR 2.50 at the IPO reached an unprecedented LKR 8.60 in the first week of trading in a declining stock market, proving that AAF is an unconventional Finance Company true to its promise.

As presented in the Business Plan of t he IPO prospectus, Killinochchi is the first branch opened in 2012 along with other proposed branches in Kalmunai, Ampara, and Mullaitivu to commence operation in due course. AAF currently operates in Jaffna, Kurunegala, Negombo, Wennappuwa, Gampaha, Moratuwa, Kalutara, Galle, and Batticaloa. With its expansion, the Company plans to cover the entire North and East region.

With the new branch, the Company hopes to enrich lives of people who suf- fered from a brutal 30-year war. The Company also hopes to support the Government's initiative of rapid development in the area to revive the livelihoods of people who are in dire need of, financing for development.

The branch was declared open by Deshbandu Dayananda Muthukumarana, former Chairman - AAF and Director - Asia Capital PLC (Holding Company of AAF] and Rajiv Gunawardena – Director/ CEO - AAF.

The new branch will offer Fixed Deposits, Agro Finance, Leasing, Hire Purchase, Group Personal Loans, Micro Finance and Mortgage Loans and is centrally located at Kandy Road [A9], Killinochchi. True to its promise of providing unconventional finance solutions, the Company has arranged to approve Credit Applications within a day and solutions offered will be tailor-made to suit individual requirements and cash flow.

AAF has recorded a net profit of LKR 80 million in the Financial Year 2010/11 and well on track for the current years goals.