Major Singapore investment to come to Sri Lanka
Two major Singapore securities firms have visited Sri Lanka twice in the past month in a bid to explore partnerships, strategic stakes and extend funding lines to local firms, officials said.
“Lim Hua Min, Chairman Phillip Capital (with headquarters in Singapore), shareholders of Asha Phillip Securities (Sri Lanka) and Singapore based IFS Capital’s CEO, Lee Soon Kie were here last month,” an Asha Phillip Securities official told the Business Times. Phillip Securities Pte Ltd, a subsidiary of Phillip Capital has 41 per cent in IFS Capital.
The official said they met with managements and shareholders of about 12 companies and that discussions to explore investment and foreign funding for these firms were held.
He added that they are interested in getting into the financial services industry in Sri Lanka and that they are discussing with some firms in this sector. “They also held discussions with some finance companies,” he said, adding that the Singaporeans are looking at funding lines for local manufacturing firms.
“They may eye funding or strategic investments in the tourism sector,” he said, noting that now there are some ongoing feasibility studies pertaining to some firms.
Phillip Capital is into fund management, managed accounts, unit trusts, insurance planning, regular savings, contracts for difference, exchange traded funds, investment research, equity financing, property; and broking in bonds, securities, futures, foreign exchange, precious metals and commodities. Institutions also benefit from its corporate finance and advisory services as well as information technology solutions. It operates in the financial hubs of 16 countries, with offices in Singapore, Malaysia, Cambodia, Indonesia, Thailand, Hong Kong, China, Japan, India, Sri Lanka, UAE, UK, France, Turkey, Australia and USA.
IFS is a regional financial group involved in commercial finance, Alternative finance, structured finance and principal investments. The group also provides credit insurance, bonds and guarantees via its wholly-owned insurance subsidiary ECICS Ltd
IFS has a track record of producing capital and credit solutions to growing businesses in Singapore.
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