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LOLC, the fast diversifying conglomerate, has taken a significant minority stake in Asia Siyaka, a leading tea broking firm, along with a private investor, Dinal Wijemanne, in his personal capacity, well informed business sources confirmed yesterday.
LOLC has taken 20 percent of the commodity broking firm while Wijemanne, CEO of Taprobane Securities, has taken 15% in his personal capacity. Taprobane had nothing to do with the deal, a source connected with that company said.
The price tag for the 35% was reported to have been Rs. 230 million and the seller Asia Capital who bought into Asia Siyaka some years ago.
The founders of Asia Siyaka, previously employed at Forbes and Walker, will continue to run the company as the controlling shareholders.
Asia Siyaka is mainly into tea broking and has a good market share in this business. LOLC which is rapidly diversifying considered an entry into the agricultural sphere as appropriate to its plans of having a presence in the main development fields.
In its last annual report, LOLC which called itself a ``conglomerate in the making,'' said that the post-war landscape in Sri Lanka has opened up exciting new vistas of tremendous opportunity to grow and prosper.
``Over the past year, LOLC has been re-shaping its business from one primarily steeped in the financial services sector, to a diversified conglomerate. Our main business ventures lie within financial services, agriculture and plantations, renewable energy, leisure, construction and manufacturing and trading sectors,'' the report said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=36386
LOLC has taken 20 percent of the commodity broking firm while Wijemanne, CEO of Taprobane Securities, has taken 15% in his personal capacity. Taprobane had nothing to do with the deal, a source connected with that company said.
The price tag for the 35% was reported to have been Rs. 230 million and the seller Asia Capital who bought into Asia Siyaka some years ago.
The founders of Asia Siyaka, previously employed at Forbes and Walker, will continue to run the company as the controlling shareholders.
Asia Siyaka is mainly into tea broking and has a good market share in this business. LOLC which is rapidly diversifying considered an entry into the agricultural sphere as appropriate to its plans of having a presence in the main development fields.
In its last annual report, LOLC which called itself a ``conglomerate in the making,'' said that the post-war landscape in Sri Lanka has opened up exciting new vistas of tremendous opportunity to grow and prosper.
``Over the past year, LOLC has been re-shaping its business from one primarily steeped in the financial services sector, to a diversified conglomerate. Our main business ventures lie within financial services, agriculture and plantations, renewable energy, leisure, construction and manufacturing and trading sectors,'' the report said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=36386
