Lolitha exchanges purchase agreement for Corporate Capital Market takeover of controlling stake in SMB Money Brokers
Daily FT: Corporate Capital Market Ltd. (CAPM) has entered into a share purchase agreement to acquire 50.99% shares of SMB Money Brokers (MBR) from SMB Finance PLC, which will further consolidate its market presence.
This strategic move has resulted in SMB Money Brokers Ltd., becoming a fully owned subsidiary of CAPM.
The agreement was exchanged between Lolitha Abeysinghe on behalf of SMB Finance and Corporate Capital Market (Ltd).
MBR incorporated in 1995, is one out of the nine money broking institutions licensed by the Monetary Board of the Central Bank of Sri Lanka and has been a key player in the industry. MBR, which specializes in brokering activities related to money, foreign exchange, and Government securities, has established itself as a trusted entity in the market, a statement from the company said.
OSL take:
The ongoing economic activities in Sri Lanka have resulted in the overall expansion of the economy while expanding the business/investment opportunities in the key economic sectors as well. The growing opportunities have in turn resulted in the launching of corporate development and expansion programmes in Sri Lanka’s private sector. The takeover of SMB Money Brokers by Corporate Capital Market is indicative of the expanding economy and the growing business potential in Sri Lanka. With the country on the path to becoming a regional hub supported by its strategic positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed with other countries, Sri Lanka is bound to see a further increase in its business potential and expansion in business/investment opportunities. Foreign businesses/investors could therefore confidently explore the growing opportunities in Sri Lanka while looking at forming collaborations with local businesses with the aim of further expansion.