Shareholders of Ceylinco Finance PLC unanimously voted at the Extraordinary General Meeting held on Tuesday in Colombo in favour of the merger of Ceylinco Finance and its own subsidiary Asian Finance Ltd, according to a company statement.
It said this clears the path for Ceylinco Finance, the name of the new merged company, to obtain the required licence from the Central Bank of Sri Lanka as a registered finance company. Earlier Ceylinco Finance was a leasing company while Asian Finance is already a registered finance company.
Ceylinco Finance with total shareholder strength in excess of 14,000 has a net asset worth exceeding Rs. 1 billion and assets under its management of over Rs. 10 billion. Currently it has a lending portfolio exceeding Rs 3,850 million including leases, loans and hire purchases, which is generating over Rs 200 million on a monthly basis, the statement said.