Phillip Securities looking for strategic investments
Phillip Securities Pte Ltd, a Singapore securities firm has been eyeing strategic stakes in Sri Lankan stocks aggressively during the past two years and is looking to buy more, a source close to the company said.
“They own some 5 per cent in Kahawatte Plantations, one of the largest listed regional plantation companies owned by MJF Holdings, which they collected during the past two years,” a source close to the company told the Business Times.
The company, which is a subsidiary of Phillip Capital (with headquarters in Singapore) and has a considerable stake in Asha Phillip Securities (Sri Lanka), has made this investment as a strategic one, he said.
He said that Phillip Capital Chairman Lim Hua Min and Singapore based IFS Capital’s CEO, Lee Soon Kie were in Colombo last month to evaluate more opportunities and explore partnerships, strategic stakes and extend funding lines to local firms. Phillip Capital has 41 per cent in IFS Capital. As at 2011 annual report Phillip Securities Pte Ltd has 4.72 per cent Kahawatte Plantations, which amounts to 3.7 million shares. Phillip Securities Pte Ltd is also the third largest shareholder in LAUGFS Gas non voting shares with 4.18 per cent.
The source said they met with managements and shareholders of about 12 companies recently and that discussions to explore investment and foreign funding for these firms were held. “They may come again next month for further discussions if things fall in line.”
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.
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