Sri Lanka’s Senkadagala Finance acquires Candor Asset Management
Sri Lanka’s Senkadagala Finance Plc has reportedly acquired Candor Asset Management, which is a Sri Lankan unit trust and private portfolio management firm.The announcement was made through a filing at the Colombo Stock Exchange.
In the announcement to Candor Opportunities Fund unit holders, the firm has reportedly said there will be no changes to the investment strategies.
Officials have said the deal was worth Rs. 26.7 million.
According to reports, Candor Asset Management was previously owned by Eagle Proprietary Investment Limited, a part of Dubai-based Eagle Investments.
Eagle Investments had acquired Candor, previously known as Heraymila Capital (Pvt) Limited, in 2013, along with its sister firm Candor Equities Limited.
Senkadagala Finance is a non-bank financial institution founded in Kandy 52 years ago.
Sri Lanka’s progressive economic policies, the business conducive environment and the ease of doing business environment in the country have helped the growth and expansion of local businesses. The above mentioned acquisition of a local business entity by another local enterprise is indicative of this fact as well as the growing business/investment opportunities in Sri Lanka. Given Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made it an attractive business destination in the South, foreign businesses/investors could confidently explore business/investment opportunities in Sri Lanka’s private sector.
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