Company filings and market news from across Sri Lanka's stock market.
Finco Holdings bought a 10% stake (12.27m shares) in Asia Asset Finance PLC from Dr. T. Senthilverl for Rs.223m (Rs.18.20/share). Asia Asset Finance shares rose 23.53% to Rs.21 on the trade; total 12.89m shares traded (Rs.347.8m).
Asia Asset Finance PLC marks a 10-year partnership with Muthoot Finance; as of 30 Sep 2024 its assets reached LKR 32.28bn (24.74% YoY), loan book LKR 26.1bn (up LKR 5.5bn) and ROE 16.38% (up 102% YoY). The company operates a 100-branch network and holds a Fitch A+ rating.
Colombo Stock Exchange extended gains for a 10th day, led by heavy turnover and price rises in Asia Asset Finance (up Rs.4 to Rs.21), Hayleys (up Rs.6.25 to Rs.115.25) and Ambeon Capital (up Rs.3.40 to Rs.22.90).
Colombo Stock Exchange ASPI rose 0.77% (105.38 pts) to 13,718 as turnover reached Rs4.4bn. Major contributors were diversified financials, capital goods and food/beverage/tobacco, with heavy volumes and gains in Asia Asset Finance, Ambeon Capital, Hayleys, Central Finance, Lanka IOC and others; Sampath Bank fell and net foreign inflow was Rs47mn.
Asia Asset Finance plans to raise up to Rs2 billion by issuing 20 million debentures at Rs100 each, initially issuing 10 million to raise Rs1 billion with an option for a further 10 million on oversubscription. The CSE has approved listing in principle; subscription opens Dec 11 and Capital Alliance Partners are managers.
Asia Asset Finance PLC (AAF) reported H1 2024 net profit of LKR 301.06 million, up 136.49% y/y, with total assets of LKR 32.28 billion and a loan book of LKR 26.1 billion. CAR 23.34%, ROE 16.38%, NIM 9.16% and Fitch A+ (stable); the company added six branches and automated HR/internal audit.
Asia Asset Finance PLC reported H1 2024 net profit of Rs. 301.06 million, up 136.5%, with assets up 24.74% to Rs. 32.28 billion and loans at Rs. 26.1 billion. CAR is 23.34%, ROE 16.38% and NIM improved to 9.16%; the company retains a Fitch A+ stable rating.
Asia Asset Finance PLC held a breast cancer awareness event in Hatton for over 500 tea estate workers in partnership with Hatton Tea Plantations. Local healthcare professionals led sessions on detection, symptoms and prevention as part of the company’s CSR focus on women’s health and empowerment.
Asia Asset Finance PLC opened three new branches (Jaffna, Kuruwita, Deraniyagala) in September 2024, taking its branch network to 91 nationwide. The branches will offer services including gold loans, leasing, business financing and microfinance, and openings were marked by local CSR donations for schools.
Asia Asset Finance PLC's outstanding LKR 565.25 million secured (asset-backed) debentures maturing in 2026 were rated 'A+(lka)' (Stable) by Fitch. Fitch said recovery prospects are assessed as average, provided no uplift for the asset-backed status, and that the rating reflects expected support from parent Muthoot Finance.
Asia Asset Finance PLC opened three new branches in September 2024, bringing its network to 91 across Sri Lanka. The new outlets in Jaffna (relocated), Kuruwita and Deraniyagala will offer services including gold loans, leasing and business financing, and openings were marked by CSR donations to local schools.
Asia Asset Finance PLC (AAF) reported Q1 earnings of Rs.115.7Mn, up 109.75% from Rs.55.2Mn a year earlier. Loans rose to Rs.21.8Bn and deposits to Rs.17.5Bn, NIM was 8.53%, and provisions were Rs.120.1Mn for the quarter.
Asia Asset Finance has made its HR department 100% paperless with a new recruitment and onboarding platform, cutting about 40% of non-value-adding HR work.