10 September 2020 05:03 pm Views - 1572
Amid ongoing negotiations between key Japanese and Malaysian investors of Asia Capital PLC (ACAP), the company has recently stepped into appoint a legal and financial consultant to restore confidence among the investors to undergo a restructuring process of the group’s assets in order to create more value for investors.
Further the move is anticipated to position Asia Capital group’s future direction.
Accordingly, in an official letter Asia Capital PLC has appointed Frontier Capital Partners, a firm headed by Investment Banker Nishan Sumanadeera as the legal and financial consultant to head restructuring and to restore confidence among foreign investors of ACAP.
“We have appointed Nishan Sumanadeera to relook at our assets portfolio and we are confident that he will guide the future direction of the Asia Capital group to add value and to drive innovation to the original investments made by the foreign investors in the company” ACAP Executive Stefan Abeyesinhe said.
“We will also look at further diversification going forward as a group into new sectors. Financial services would be a main focus along with shipping, logistics and imported substitution related industries” Abeyesinhe added.
Speaking on the appointment of Frontier Capital Partners, Sumanadeera said he will relook at Asia Capital’s best assets and financially re-engineer them to be the key revenue generating assets to sustain the balance sheet and will make sure the foreign investor confidence will remain strong, robust and certain in Sri Lanka and especially in Asia Capital PLC.
Sumanadeera had already previously worked for ACAP prior to his retirement in 2009 before the current senior management was appointed.
“The investors of this company has entrusted their confidence in me and Frontier Capital team’s financial and legal guidance to make sure Asia Capital will be positioned back to the place it had during the golden days of Investment Banking in Sri Lanka, when Asia Capital was the House that raised the Financial Whiz-Kids of this country” Sumanadeera assured.
Meanwhile in an official filing to the Colombo Stock Exchange (CSE) earlier Abeyesinhe had clarified the contents of a media report published recently.
“While certain investors have expressed their concerns with respect to Asia Leisure Sector, no details or particulars of any 'malpractices by senior management (which are denied) were proved or substantiated,” Abeysinghe’s letter said.
He further noted that in fact two Japanese nationals representing the Japanese investors were and are in the boards of directors of ACAP and that currently there are discussions carried on an amicable manner with respect to some of the subsidiaries and associated companies of the company.