Fund Change

Jan 25, 2007 (LBO) – Ceylon Theatres Group which has bagged 70 percent of Commercial Fund Management says it is looking to increase the group’s interests in financial services, by acquiring a fund managing firm.

CT Capital now has to acquire the balance 30 percent of the shares which are held by Austalind, an overseas party to gain 100 percent control.

Commercial Fund Management manages the Comtrust Equity Fund and has 680 million rupees under management.

We are increasing [business] in selected areas and in financial services,” Executive Director of CT Capital, Sheyantha Abeykoon told LBO.

“We can add some value to fund management.

After buying a 50 percent stake in Commercial Fund Management from Commercial Bank of Ceylon, CT Capital also bought another 20 percent stake from Singer Sri Lanka for 9.75 million rupees.

Singer said it was 1.3 million rupees above book value. Commercial Fund has an issued capital of 25 million rupees.

We have now bought 70 percent of the company,” says Abeykoon. “We have obtained control.