Tuesday, August 26, 2014

#Muthoot Finance picks up 30% stake in AAF for $2.1 mn

Muthoot Finance acquired 167,785,600 existing equity shares of Asia Asset Finance PLC, Colombo (AAF). This represents 29.98% of total capital of AAF for $2.1 mn. Muthoot Finance has funded AAF acquisition through internal accruals.

AAI is a Registered Financial Company based in Sri Lanka and listed in DiriSaviBoard of Colombo Stock Exchange. AAF is in lending business since 1970. At present AAF is involved in Retail Finance, Hire Purchase & Business Loans and has 11 branches across Sri Lanka.