KUALA LUMPUR, Aug 8 (Bernama) -- Non-bank lender focused in the used-car segment, ELK-Desa Resources Bhd is set to maintain between 15 and 20 per cent annual growth momentum in its hire purchase financing portfolio in the next five years.
To facilitate the expansion, it had established a Medium-Term Notes (MTN) programme of up to RM1.0 billion in nominal value via Premier Auto Assets Bhd, the company said in a statement here.
“The stable operating landscape supported by manageable inflation and low unemployment are compelling factors to expand our hire purchase financing business, the main income contributor to our group,” executive director and chief financial officer Teoh Seng Hee said.
Moreover, he said the used-car financing market continued to be under-served, and this provided the impetus to grow its hire purchase financing portfolio sustainably without compromising on asset quality.
Meanwhile, ELK-Desa’s annual general meeting today approved a final single-tier dividend of 3.50 sen per share for the financial year ended March 31, 2019.
-- BERNAMA
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