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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.

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Nations Lanka Finance now had 89 percent of Asian Finance, which was a registered finance company.

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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.