World’s largest wealth fund increases equity investments in Sri Lanka in 2018
The world’s largest sovereign wealth fund, Norges Fund, has reportedly increased its equity investments in Sri Lanka by 15.3 percent to US$ 98.3 million in 2018.
The Norwegian Central Bank has been quoted as saying it has increased Norges Fund’s investment in diversified conglomerate John Keells Holdings shares by 720.3 percent to US$ 18.3 million in 2018, from a year earlier.
The fund favoured banks.
Investments in Commercial Bank voting and non-voting stock more than tripled to US$ 16.7 million, while the exposure to Hatton National Bank had fallen 20 percent to US$ 14.7 million, local media reports stated.
Reports further stated that the fund had increased its investment in Sampath Bank 59.2 percent to US$ 10.7 million.
It had reportedly entered into the shareholder list of Nations Trust Bank with an investment of US$ 1 million.
The fund had fully sold its shares in Melstacorp worth US$ 5.8 million, and Tokyo Cement worth US$ 1.4 million in 2018.
Investments in Access Engineering had fallen 71.9 percent to US$ 1.3 million.
It had bought into Cargills Ceylon with an investment of US$ 4.5 million, and the Distilleries Company with US$ 1.3 million.
OSL take:
The news that the world’s largest sovereign wealth fund, Norges Fund has increased its equity investments in Sri Lanka in 2018 is indicative of the development and growth of the Sri Lankan economy. This should add to the confidence of foreign businesses/investors to explore business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/14032019/Z_3 |