Asia Capital to undergo restructuring to bring value to Malaysian, Japanese investors
Appoints Frontier Capital lead Nishan Sumanadeera as legal and financial consultant
Amidst ongoing negotiations between key Japanese and Malaysian investors of Asia Capital PLC (ACAP), the company has recently stepped into appoint a legal and financial consultant to restore confidence among the investors to undergo a restructuring process of the group’s assets in order to create more value for investors.
Further the move is anticipated to position Asia Capital group’s future direction.
Accordingly, in an official letter Asia Capital PLC has appointed Frontier Capital Partners, a firm headed by Investment Banker Nishan Sumanadeera as the legal and financial consultant to head restructuring and to restore confidence among foreign investors of ACAP.
“We have appointed Nishan Sumanadeera to relook at our assets portfolio and we are confident that he will guide the future direction of the Asia Capital group to add value and to drive innovation to the original investments made by the foreign investors in the company,” ACAP Executive Stefan Abeyesinhe said.
“We will also look at further diversification going forward as a group into new sectors. Financial services would be a main focus along with shipping, logistics and import substitution related industries,”
Abeyesinhe added.
Speaking on the appointment of Frontier Capital Partners, Sumanadeera said he will relook at Asia Capital’s best assets and financially re-engineer them to be the key revenue generating assets to sustain the balance sheet and will make sure foreign investor confidence will remain strong, robust and certain in Sri Lanka and especially in Asia Capital PLC.
Sumanadeera had already previously worked for ACAP prior to his retirement in 2009 before the current senior management was appointed.
“The investors of this company have entrusted their confidence in me and Frontier Capital team’s financial and legal guidance to make sure Asia Capital will be positioned back to the place it had during the golden days of Investment Banking in Sri Lanka, when Asia Capital was the House that raised the financial whiz-kids of this country,” Sumanadeera assured.
Meanwhile in an official filing to the Colombo Stock Exchange (CSE) Abeyesinhe had earlier clarified the contents of a media report published recently.