Refinanced

Asia Capital strengthened its position in the financial sector, finalised a deal to pick up a controlling equity stake in Finance and Land Sales Limited (FLSL) on Thursday.

Asia Capital strengthened its position in the financial sector, finalised a deal to pick up a controlling equity stake in Finance and Land Sales Limited (FLSL) on Thursday. Asia Capital Chief Executive Asanga Seneviratne told Lanka Business Online that the acquisition was well over 50% of FLSL, but refrained from disclosing the value of the deal.

Seneviratne says Asia Capital will leverage FLSL’s deposit mobilisation ability to offer its customers a wider range of investment avenues in addition to equity and fixed income securities.

FLSL had a deposit base of over Rs. 300 million and one branch.

Seneviratne says FLSL’s business will also be expanded leveraging its interest in supermarket giant Sathosa, also adding new products from its insurance and stock brokering subsidiaries.

Asia Capital shares closed at Rs. 15.50 at the end of Thursday trading with a market capitalisation of Rs.

1.7 billion, 0.5 per cent of the Colombo bourse.

Asia Capital’s net profits hit Rs. 229.6 mil