Malaysia’s SME Factors conducts due diligence on Sri Lanka

A delegation from the SME Factors SdnBhd of Malaysia, a firm which is in the business of financing SMEs was in town to carry out a due diligence process to set up operations here.

The firm which is planning to initially bring in a sum of Rs.400 million, in the form of capital infusion and loan funding, met with the representatives of public and private sector officials to explain their Sri Lankan plan. SME Factors is planning to launch in Sri Lanka in January 2015 in collaboration with a local party. During the meeting at the Chamber, they met with the private sector representatives, who are also the members of the Sri Lanka – Malaysia Business Council of the Ceylon Chamber of Commerce.SME Factors says, it will work with local agencies to find potential SME operators to provide non-collateral loans, which will also adopt a much speedier loan approval process. The firm will not accept deposits from the public.During the meeting held at the Ceylon Chamber of Commerce, delegation from the SME factors met with the President of the Sri Lanka – Malaysia Business Council, Nilrukshi De Silva, Aashiq Lafir, Executive Director- Finance of United Motors Lanka PLC Fairoze Burah, Head of the Administration of the Amana Bank, Khalid M. Farouk, Director of Ilham,. Dushy Jayaweera, Director/ General Manager, Hemas Air Services (Pvt) Ltd, Dr. M. Rohitha Silva, Managing Director, Idac Pvt Ltd and several other members of the SL – Malaysia Business Council.