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Stockbroking arm sale leaves Asia Capital with Rs.98mn capital gain

22 September 2015 03:26 am - 0     - {{hitsCtrl.values.hits}}

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The Asia Capital PLC annual report reveals that the group had gained a profit of Rs.98.12 million through the sale of its stockbroking subsidiary Asia Securities (Pvt.) Ltd last year.

The entity was sold in October 2014 to a consortium of investors led by Dumith Fernando for a consideration of Rs.413.6 million. The cost of investment for the Asia Capital group had been Rs.315.48 million.

The past financial year also saw the group divesting Asia Asset Finance PLC for Rs.266.81 million and gaining a profit of Rs.33.97 million.

Asia Capital CEO Stefan Abeysinghe said that the moves were taken in order to consolidate the group’s activities to focus on the leisure and property management sectors.

He said that all functions of Asia Wealth Management (Pvt.) Ltd were absorbed into the core business of the group according to this view as well.“We will nevertheless continue to be keen observers of the stock market and may even consider re-entering the business, should the opportunity present itself at the right time,” he added. (CW)
 
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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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