Carson group to sell its 50% stake in fund management JV with Acuity to CT CLSA

Ceylon Guardian Investment Trust PLC (GUAR), a unit of Carson Cumerbatch PLC, yesterday said it has decided to sell its entire 50 percent stake in Guardian Acuity Asset Management Limited (GAAM) to CT CLSA Holdings Limited. 

GAAM is a leading fund management firm in Sri Lanka, formed as a joint venture between Ceylon Guardian Investment Trust PLC and Acuity Partners.

GAAM is registered as an investment manager and is a licence holder for three unit trusts with the Securities and Exchange Commission (SEC).

A stock market filing by GUAR said the sale of shares will be “based on the net asset value and the assets under management of GAAM at the time of share transfer”.

It also said the SEC approved the proposed share sale by a letter dated December 15, 2022.
“The share transfer form GUAR to CT CLSA Holding Limited would take place subject to satisfaction of certain conditions precedent specified in the share sale and purchase agreement entered into by the above parties together with the holder of balance shares,” the stock market filing said.  

CT CLSA Holdings Limited is a leading service provider in Sri Lanka’s capital market. CT CLSA offers investment banking, stockbroking and asset management services in Sri Lanka through its fully-owned subsidiaries CT CLSA Capital (Pvt.) Ltd, CT CLSA Securities (Pvt.) Ltd and Comtrust Asset Management (Pvt.) Ltd. 

CT CLSA operates the capital market cluster of the Colombo Stock Exchange-listed conglomerate CT Holdings PLC. CT CLSA is the only capital market service provider in Sri Lanka to have a global equity house – CLSA (Hong Kong), as a strategic equity partner. CLSA is Asia’s leading capital markets and investment group and owns a 25 percent equity stake in CT CLSA.