Rok Millennium buys Industrial Finance for $5 million

Industrial Finance Limited (IFL), one of the oldest finance companies in the country owned by Aspic Corporation was bought by Rok Millennium (Pvt) Ltd.

The chairman of the company Upul de Zoysa said that they invested US$ 5 mln initially to purchase 91 percent of the shares held by Aspic Corporation.

Upul de Zoysa

He said that they plan to enter into a partnership with one of the leading banks in the UK to develop the company and explore new avenues for investment. Discussions are under way.

Outlining the future plans, De Zoysa said that the company is looking at expanding the product portfolio, open more branches specially in the North and East and conduct comprehensive staff training. The company will open at least three branches in the North and East and at present a team is looking for suitable locations. In addition we will have a mobile unit too.

He said that in a few months IFL will have the most up-to-date MIS management system which will enable the management team to access key performance indicators which will help the board to make decisions quickly.

The activities of the company will be transparent and they will make every effort to deliver customer’s requirements promptly as it will be a customer-oriented company.

He said that they are very keen to expand the micro financing sector of the company to include agriculture as well as dairy farming.

De Zoysa said that no name change is on the cards as the company has a good reputation and is one of the oldest companies in Sri Lanka. Rok Millennium (Pvt) Ltd which is registered in Sri Lanka has invested in a 9.6 megawatts hydro power project in Nuwara Eliya. He said that their aim is to attract investments into Sri Lanka in the areas of finance and development.

In addition we would also like to participate in infrastructure projects and are already holding talks with the Government.

We are also holding talks with large scale investors and institutions to attract investments to the country.

He said that though Sri Lanka got adverse publicity, the message that it is the right time to invest in Sri Lanka has been conveyed to investors in the UK.