Charumini de Silva in Trincomalee
Mercantile Investments Limited will enter the Colombo Stock Exchange (CSE) early next year as directed by the Central Bank.
Mercantile Investments Limited Deputy Chairman Gerard Ondaatjie told Daily News Business the company is well diversified in leasing and trade. It will soon enter into shipping industry.
“As India is a big market there is much scope and within the next few years Sri Lanka will also be a huge port hub,” he said.
The company opened their sixth branch in Trincomalee yesterday.
“There are many opportunities in the Trincomalee area especially in fishing, transport, construction and leisure.
In terms of percentage the growth from the Eastern and the Northern province will be more”, Ondaatjie said.
During the past three months the company has lent Rs 1,500 million.
The lending of the company has increased rapidly from 25 percent and the non performing loans are less than the market average, which is remarkable.
Mercantile Investments Limited is targeting a profit growth of over 20 percent during 2010 to 2011. The deposit base has grown substantially with over Rs 3.5 billion and will further grow.
“At present the company has no difficulties in finding funds as it is a very lucrative and accessible industry. The company will go for a foreign collaboration if it will benefit the company, but not immediately,” he said.
“We have located our branches very strategically. Currently there are six branches and in early next year the company will be setting up a city office in Colombo,” he said.
source - www.island.lk
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