Multi Finance in expansion drive

Multi Finance PLC (MFPLC)will invest on expanding its branch network and products soon, said MFPLC Group Executive Director and CEO A.H.M. Riyaz.

He said that the company recorded a steady growth over the years and is looking at enhancing its presence in all parts of the country with innovative products.

“We believe in stable and sustainable growth”, Riyaz said.

MFPLC currently operates seven service centres in strategic locations across the country. The company is headquartered in Kandy. MFPLC is a registered finance company and listed on the Colombo Stock Exchange.

MFPLC, set up in 1974 has been in business for the past 38 years. The company was taken over by Entrust Group in 2008. MFPLC provides leasing and hire purchase financing for it’s customers together with other financial accommodations.

The company further extended its product portfolio with the inclusion of business loans and mortgage facilities on a selective basis together with pawn broking.

Riyaz said that the company mobilises funds by way of fixed deposits and savings accounts. MFPLC mobilises funds from investors and reinvests it in hire purchase and leasing.

“Our Non Performing Loan ratio is less than one percent which is well below the industry average. All investments are safe,” he said.

The company has installed a new IT system and we hope to launch a range of savings products for children and adults.

“Plans are afoot to set up branches in the North and the East depending on the viability,” Riyaz said.

He said business growth is slow at present but we believe every challenge is an opportunity.

The company will hold an art competition to mark World's Children's Day on October 1.

LF