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Long-standing Japanese investors exit Asia Capital in Rs.160mn deal

12 January 2021 09:05 am - 0     - {{hitsCtrl.values.hits}}

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  • Fast Gain, a party connected to major shareholder Vijay Eswaran, emerges as buyer

The long-standing Japanese investors of Asia Capital PLC, Y. Watanabe and E. Watanabe, yesterday exited the company by completely divesting their shareholdings to Fast Gain International Limited, a company connected to Asia Capital majority shareholder Vijay Eswaran.


Fast Gain already had a 5.17 percent stake in Asia Capital and yesterday’s purchase will increase its stake in the company to 21.14 percent.


The shares, which amounted to a 15 percent stake, were sold at Rs.7.50 each and the total value of the transaction was Rs.160 million. As at September 30, 2020, Asia Capital’s net asset value per share stood at Rs.5.50, down from Rs.7.22 six months ago. Recent newspaper reports said the Japanese investors were not happy about the way the once high-flying investment bank, which later diversified into leisure business, was run by the current management and demanded an exit, given the lack of return on their investment.

The Japanese investors made their first investments in Asia Capital in 2012. 


As at September 30, 2020, Asia Capital had accumulated losses of Rs.2.1 billion.    


Malaysia-based QI Group Chairman Vijay Eswaran owns 72 percent of Asia Capital.


Asia Capital share closed at Rs.7.00 yesterday, up 40 cents.

 

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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


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