The Mahapola Trust Fund has floated a fully owned subsidiary to manage its fee and fund based activities.
The new firm, National Wealth Corp. (NWC), will invest all funds in government securities. NWC is also seeking a primary dealer licence.rn
rnCommerce & Consumer Affairs Minister, Ravi Karunanayake says top private sector professionals will staff the new firm.rn
rnRanel T Wijesinghe takes over as Chairman, while debt specialist and former Standard Chartered Bank CEO, Mangala Boyagoda comes in as Chief Executive. NWCs board includes Dr. Wickrema Weerasuriya, Dharmasiri Fernando and Armugam Kathiravelupillai. rn
rnNWC will also offer treasury management and advisory services, asset management and debt structuring to other state corporations.rn
rnldblquote Over a time period we plan to list NWC to attract local and foreign investment,
dblquote Chairman, Ranel T Wijesinghe said.rn
rnThe Rs. 4 bn Mahapola Trust Fund (MTF) gives a monthly Rs. 1,650 scholarship to over 7,500 students. rn