Finco Holdings acquires 10.12% in Asia Asset

Weerasooria family-controlled Finco Holdings has acquired a 10.12 percent stake in Asia Asset Finance PLC, for Rs.228.52 million and thus, becomes the second largest shareholder, according to a stock filing on the Colombo Stock Exchange yesterday. 

High-net-worth investor Dr. T. Senthilverl on December 9, 2024, disposed of a 9.8 percent stake held through Senthilverl Holdings (Pvt.) Ltd in Asia Asset Finance, for Rs.223.32 million, to Finco Holdings, at Rs.18.20 per share. As of September 30, this year, Senthilverl Holdings (Pvt.) Ltd was the second largest shareholder in Asia Asset, with a 10.01 percent stake.

In addition, Finco Holdings purchased 297,011 shares from the market, at 17.50 per share, on December 5, 2024.

Asia Asset Finance PLC Director/Chief Executive Officer Rajiv Gunawardena noted that the disclosure was delayed due to the information confirmation process.  

Kerala-based Muthoot Finance, the world’s largest gold financing company, held a 72.92 percent stake in Asia Asset as of September 30, this year.

During a recent visit, top officials of Muthoot Finance reaffirmed support for Asia Asset as part of Muthoot Finance.

During the first six months of the 2024/2025 fiscal year, Asia Asset’s asset base expanded by nearly 25 percent year-on-year to Rs.32.28 billion, while its loan portfolio recorded an unprecedented growth of Rs.5.5 billion, reaching Rs.26.1 billion. The company successfully maintained its non-performing asset ratio at approximately 15 percent during this period. (NF)