Asia Capital denies claims of offer from MAC Holdings for majority stake

Asia Capital PLC, along with its majority owner Dato Vijay Eswaran, has categorically denied recent claims circulating on social media that MAC Holdings has made a formal offer to acquire a majority stake in the company.

In a statement issued, the company emphasized that no formal offer has been received, refuting what it called “unsubstantiated claims” that have misled the public.

“This assertion, supposedly based on ‘reliable sources,’ is inaccurate and potentially harmful to the reputation of both Asia Capital PLC and its stakeholders,” the statement read.

Contrary to rumors suggesting financial distress or plans for divestment, Eswaran reaffirmed his confidence in Sri Lanka’s economic prospects, particularly under the leadership of the current Government.

“This optimism is backed by tangible actions,” the statement continued. “Dato Vijay has demonstrated his unwavering confidence in Sri Lanka’s resilience and potential by personally investing US$3 million into the local economy following the challenges posed by the COVID-19 pandemic. Such investments are clear indicators of his long-term commitment to fostering economic growth and revitalization in Sri Lanka.”

Eswaran’s connection to Sri Lanka was further highlighted as going beyond business interests.

“Having deep familial ties to the island nation, he has consistently shown a strong affinity for its culture, people, and opportunities. These connections have not only fueled his continued investment in the country but also strengthened his resolve to contribute to Sri Lanka’s development over the years to come. Dato Vijay has emphasized that his engagement with Sri Lanka is a long-term endeavor, and he is fully committed to exploring further opportunities to enhance his footprint in the country’s growing economy,” the statement said.

Asia Capital PLC also underlined its position as a resilient and forward-thinking enterprise, particularly within the hospitality sector.

“The company remains steadfast in its operations, navigating challenges effectively while maintaining its commitment to delivering exceptional services. The allegations of financial difficulties and disputes cited in the article are exaggerated and fail to acknowledge Asia Capital PLC’s strategic initiatives to sustain and expand its business,” the statement added. Asia Capital PLC and its leadership reiterated their focus on contributing to Sri Lanka’s economy while firmly dismissing any claims of current negotiations with MAC Holdings.