- To re-enter stockbroking business soon
Investment banking house Asia Capital PLC (ACAP) yesterday announced to Colombo Stock Exchange (CSE) that the company has entered into a share purchase agreement to acquire 70 percent stake of Navara Capital Partners Ltd. (NCPL).
Speaking on the developments ACAP Chief Executive Officer Stefan Abeyesinhe said that upon acquisition of NCPL, ACPA will re-enter stockbroking business at a time when capital markets in the country are performing well due to policy certainty prevailing in the current economic landscape of the country.
“Navara Capital Partners is currently carrying out business as an investment holding company, and the company is having 95 percent stake of Navara Securities. So, we hope to recommence our stock broking business shortly, which is part of our expansion plan,” Abeyesinhe added.
The disclosure to CSE highlighted that ACAP will acquire 3,536,400 ordinary voting shares representing 70 percent of NCPL held by Navara Capital Ltd as per the agreement entered by the parties.
The company recently announced that the management is on the process of relooking and focusing on Asia Capital’s astute investors in order to financially re-engineer the asset base.
According to Abeysinhe the company has now undergone the initial restructuring phase since the appointment of Nishan Sumanadeera of lead Frontier Capital Partners as the Legal and Financial Consultant to ACAP group in September this year by key shareholders.
“The management will focus on expanding into new business avenues to broad base the group’s revenue streams,” Abeyesinhe said adding that the new acquisition has been facilitated by the expertise and consultancy of Frontier Capital Partners Ltd, as the consultant to ACAP group.