Ceylinco invests in Malaysian property

SRI LANKAN conglomerate Ceylinco Consolidated plans to expand into Malaysia's property investment and financial services sector, despite a gloomy world economy.

The group, which has interests in banking, property, healthcare and insurance, is already buying some properties in Malaysia.



"In fact, we already started entering into property in terms of buying shop lots and others. We expect to go into construction by next year," deputy chairman Sanka Wijesinghe said.

The company also has Bank Negara Malaysia's approval to operate fast-cash outlets, especially for Sri Lankan immigrants to send cash home.

He was speaking to reporters after the launch of iHR Station in Kuala Lumpur yesterday.

iHR Station is a Web-based human resources information system. It comes with consultancy and advisory services and is jointly developed and offered by Ceylinco Consolidated, hSenid and iHR Consulting Sdn Bhd.

Ceylinco Consolidated first entered Malaysia in the insurance market in Johor Baru in 1989. Since then, the company has turned Cyberjaya into a hub for its global trading and services, said Wijesinghe.

The company set up its Malaysian subsidiary in Cyberjaya known as Ceylinco Consolidated (Malaysia) Sdn Bhd in 2000.

He said it expects to break even its investment in the iHR Station project within one year.

"We have spent a minimum of RM10 million for the development of the iHR Station project. We expect to secure sales of at least RM500,000 by next year," he said.

The company has already secured 60 customers since iHR Station was introduced in April this year.

"We hope to go regional by 2010," he said.

By Business Times (by Kamarul Yunus)