Ceylon Finance Today: Sri Lanka's listed investment bank, Asia Capital PLC has recently facilitated the lease of Maldivian island named 'Miriandhoo' to their Japanese partner, the Tokyo Stock Exchange listed Belluna Co. Ltd; a senior company official exclusively revealed to Ceylon FT.
"The Japanese Belluna's newest Maldivian investment is around US$ 40-50 million, Asia Capital also have a minor stake and Belluna will be hoping to build some tourism properties", the official, said. Miriandhoo is located between Maaddoo and Kudadhoo, and is also nearby to Hulhudhoo and Eydhafushi.
Asia Capital PLC has recently signed a partnership agreement with Belluna Co. Ltd of Japan who will be making several strategic investments into Sri Lanka's booming leisure and property sectors as well. The agreement in this regard was officially signed by Mr. Kiyoshi Yasuno, President, Belluna Co., Ltd and Stefan Abeyesinhe, Group Chief Executive Officer, Asia Capital PLC.
Belluna Co. Ltd will be partnering with Asia Capital for the development of three properties in Sri Lanka; an iconic resort hotel in Galle, a business hotel in Colombo 3 and a mixed development project in Colombo 2, and will in total invest over US$ 100 million for these three properties.
Asia Capital also announced that the company is working very closely with the Urban Development Authority, the Board of Investment and all other relevant parties to commence work on these projects as soon as possible and agreements with these bodies have already been signed.
Established in 1968, Belluna Co., Ltd. operates in the mail order industry in seven segments: General Mail Order, Specialty Mail Order, Retail Store Sales, Solution, Finance, Property, and Other and is headquartered in Ageo, Japan. The driving force of Belluna's success is its portfolio approach, which achieves a balance between growth and profitability. The company possesses a comprehensive database and other management resources that have been cultivated through its mail order business, and has expanded into related fields to realize steady and continuous growth.
Asia Capital PLC is one of the investment banks in Sri Lanka to be listed on the Colombo Stock Exchange. As a group, Asia Capital has identified potential in the property, leisure and real estate sectors and is focused on these avenues of growth. However, while focusing on the leisure sector Asia Capital will continue to maintain its strong footing in investment banking operations.
Courtesy: Ceylon Financial Times 05 June 2015