Finance Purchase

Nov 02, 2010 (LBO) – Sri Lanka’s Asian Finance Ltd, a former Ceylinco group company will be sold to a Malaysian investor who is putting 200 million rupees in to the company, its parent, listed Nations Lanka Finance said. Tiong King Sing, a Malaysian national, had injected 200 million rupees to the firm and will get 98 percent of its stock, subject to Central Bank approval, Nations Lanka Finance said in a stock exchange filing.

Nations Lanka Finance now had 89 percent of Asian Finance, which was a registered finance company. Nations Lanka Finance was earlier known as Ceylinco Securities and Financial Services.

Several Ceylinco firms faced runs in 2009 following the collapse of an unregulated firm in the group.