Jan 21, 2014 (LBO) – Malaysia’s RAM Holdings said it has sold its Sri Lanka subsidiary RAM Ratings (Lanka) Ltd to the management. “RAM has successfully nurtured a local team to continue building the company’s considerable market share in the rated bond marketâ€¦,” K Govindan, group chief executive of RAM Holdings said in a statement.
“We therefore are of the view that it is timely for us to give RAM Ratings (Lanka) Ltd back to the local professionals to manage.”
The acquisition was led by Preethiraj Jayawardena and Adrian Perera.
Earlier in the week RAM Lanka said director Jayawardena had been appointed chairman and Perera a director.
The Colombo credit rating agency will be rebranded within the next two months with a new name and logo to reflect its new identity, RAM Holdings said.
Financial sector sources said international and local shareholders are expected to come on board as the ownership is re-structured.