July 01, 2014 (LBO) – Sri Lanka’s TKS Finance Limited said it was acquiring Asian Finance Limited under a financial sector consolidation initiated by the regulator. The company said its shareholder planned to inject more capital to the merged entity. It would have a branches in Colombo, Ratnapura, Matara, Negombo, Nugegoda, Kandy, Kiribathgoda, Kurunegala, Galle, Ambalangoda and Trincomalee.
The board of TKS F is Tiong King Sing (chairman), Abdul AzimZabidi (Deputy Chairman), Ling Chui Zhen (Executive Director), Lee Chong Pa (Executive Director), T Dharmarajah (Director), S H A M Abeyratne (Director) and I.D. Weerasena (Director). The merged entity would operate under the TKS Finance Limited brand.
Rasika Kaluarachchi, Chief Executive Officer of TKS Finance will head the firm.
Commenting on the move, DatoSeri Abdul AzimZabidi, Deputy Chairman of TKSF said,
“The consolidation of the finance business into a single merged company will help the TKS Group better leverage the strengths of both entities and deliver greater value to our customers,” TKS Deputy Chairman Abdul Azim Zabidi said in a statement.