Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka's Asia Capital sells 30% stake of Asia Asset Finance to India's Muthoot Finance
Mon, Aug 25, 2014, 09:31 pm SL Time, ColomboPage News Desk, Sri Lanka.

Aug 25, Colombo: Sri Lanka's investment company, Asia Capital today sold 30% stake of Asia Asset Finance to India's leading pure-play gold financier Muthoot Finance for US$2.1 million.

In a disclosure to Colombo Stock Exchange, the Asia Capital, the major shareholder of Asia Asset Finance, announced that it sold 167,785,600 shares in the financial service firm at Rs. 1.60 per share to Kochi-based Muthoot Finance.

The south-India based Muthoot Finance, with headquarters in Kochi in Kerala, has approximately 4,400 branches and is known as the largest gold financing company in the world.

In addition, the Indian financial service company offers Foreign exchange services, money transfers, and financing of small businesses, vendors, farmers, traders, SME business owners and salaried individuals.

Asia Asset Finance, which has been in the lending business since the 1970s, is involved in retail finance and business loans, and operates from 11 branches in the island nation.

In a statement Muthoot said that through the investment it will help the Lankan firm operationalize loans against gold ornaments business in the island nation.

ColomboPage - Recent 10 Stories
Chinese national working on highway plunges to death in Sri Lanka
-- [7 hours ago]
Employees of Sri Lanka power sector to strike indefinitely if demands not met
-- [7 hours ago]
Accepting nominations for remaining 248 local government bodies begin today
-- [8 hours ago]
Moody's publishes FAQ on Sri Lanka's fiscal reforms, exposure to liquidity and external vulnerability risks
-- [8 hours ago]
Special island wide police operation nabs over 1800 persons, seizes illegal liquor, drugs
Health Ministry considers using private hospital facilities to minimize waiting period for heart and eye surgeries
Sri Pada pilgrims urged to refrain from bathing in Castlereagh and Maussakele reservoirs
Sri Lanka holds mass wedding ceremony for 100 Chinese couples
Sri Lankan President to request Russian President to consider removing temporary ban on tea exports
Indian theater chain PVR to open first screen in Sri Lanka in 2 years

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.