The Peoples Bank board has agreed to sell its 62 percent stake in its venture capital arm to the Janashakthi Group for Rs. 165 mn.
The deal to formalise Peoples Venture Investment Co. is due to be wrapped up in the next few weeks. rn
rnThe Janashakthi Group presently control the balance 38 percent, through its investments in National Insurance Corp. (NIC).rn
rnPVIC is currently managed by Nextventures. rn
rnPresently, PVICs 11 investments carry a Rs. 144.6 mn book value, but the managers estimate the projects are worth around Rs. 411.0 mn.rn
rnOf the eleven investments, PVIC has exited or in the process of disposing five projects (Temptation Technologies, Gemonics, SELCO Solar, Ceylon Tapes and Impressions), during the course of the financial year 2003/4.rn
rnThe balance investments in endash Emprise IT, Millennium Information Technologies, Compusoft, Interblocks, Textcentric Technologies and Vidullanka endash are due to be sold off by the time PVIC ends its fund in the financial year 2005/