Rupee Finance re-brands as Vallibel Finance under new owners

The Rupee Finance Company, under the direction of one of Sri Lanka’s biggest investors Dhammika Perera, has become Vallibel Finance

Perera’s diversified business interests include hydro power generation, shipping, manufacturing, entertainment, leisure, banking and finance, the Vallibel group said.

Rupee Finance Co., incorporated in 1958 was a registered finance company with the Central Bank of Sri Lanka which has been carefully managed along conservative lines. Deciding to remain small in order to cater to a small almost intra familial and familiar clientele it boasted of a solid asset base at the time of acquisition by Vallibel Investments in which Perera is the Chairman and main shareholder. Rupee Finance became Vallibel Finance shifting in the process from a niche market focus to a mass market focus.

“The inevitable infusion of fresh capital in to the company by the new share holders will catapult it in to a larger scale and league while the profitability and balance sheet will benefit from the resultant multiplier effect.

Wherever necessary the existing staff has been complemented with carefully selected professionals in order to achieve compatibility with the newly enhanced prospects and scope of the company,” the statement said.

The new management has chosen as its first task the establishment of a healthy and unencumbered platform from which business can be commenced with a positive outlook. Accordingly the asset quality issue has already been successfully addressed and steps have been taken to reduce the inherited non performing loans to a great extent.

Currently the main lines of business of Vallibel Finance are mobilising of deposits and leasing/hire purchase of motor vehicles. The near future will see them diversifying into other fund based activities. The top officials that constitutes the board of directors are Dhammika Perera, Sumith Adhihetty, Nimal Perera, Harendra Perera, Suranimala Senaratne and Saddamangala Gunatilake.