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21 April, 2014 07:43 AM Source: Financial Times - Sri Lanka
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Asia Capital PLC has announced the infusion of Rs. 400 million into the group by two Japanese investors, brothers Yoshimichi Watanabe and Eiji Watanabe, through a private placement.
The Group has issued 21.33 million fresh shares to both individuals giving them a 16.3% stake in the company. This makes the Watanabe brothers the second and third largest shareholders of Asia Capital PLC.
This fresh capital infusion strengthens the Group’s balance sheet as it is now able to clear out a significant portion of its debt. The move also changes the shareholding of the group to be in line with Colombo Stock Exchange (CSE) regulations.
Speaking on behalf of both brothers about the investment into Asia Capital, Y. Watanabe said: “Sri Lanka is a beautiful country with a large pool of natural resources and furthermore the people are friendly and trustworthy. These are very important traits for us and we have worked closely with Asia Capital for the past two years so we are convinced we have found the right partner for our investment plans. Sri Lanka is one of the few countries in Asia which still has a huge growth potential and we look forward to bring in more Japanese investors to Sri Lanka.”
Expressing his enthusiasm at the new investment Asia Capital Plc Group CEO/Director Stefan Abeyesinhe said: “We are very excited to have the Watanabe brothers joining us to become shareholders in our company. This is a testament to the faith foreign investors have in Sri Lanka and Asia Capital and the obvious potential for growth that they see. Sri Lanka has shown exceptional growth figures during the past four years and the CSE has seen strong growth in net foreign inflow over the past two years. This capital infusion will enhance our ability to capitalise on that growth.”

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