NASDAQ has faith in SL story
View(s):NASDAQ Vice Chairman Meyer “Sandy” Frucher says that the world’s second largest stock exchange by market capitalisation believes in the Sri Lanka story, a claim he backed by representing NASDAQ at the “Invest Sri Lanka Investor Forum” in New York recently.
“I have viewed and watched Sri Lanka for a long time and I think that the record and story is getting out there,” he said addressing this forum organised by the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC) in association with CSE member firms, listed companies and supported by Asia Securities and the Oxford Business Group.
One-on-one/group discussions between investors which included representatives of the largest frontier and emerging market funds and Sri Lankan listed companies, were well attended and featured John Keells Holdings PLC, Commercial Bank PLC, Sampath Bank PLC, Tokyo Cement (Lanka) PLC, Teejay Lanka PLC, Dialog Axiata PLC, People’s Leasing & Finance PLC, MTD Walkers PLC and Sunshine Holdings PLC, a CSE media release said.
Addressing the forum as the keynote speaker and in the backdrop of the IMF reaching a staff-level agreement on the third review of Sri Lanka’s Extended Fund Facility, the Governor of the Central Bank Dr. Indrajit Coomaraswamy stated that the macroeconomic stabilisation of the economy is broadly on track and that the structural reforms implemented over the past two years are showing signs of gaining traction. The Governor added that the Central Bank is well advanced in putting in place a flexible inflation targeting regime and added “The narrative is that the macroeconomics are improving, you have a tremendous location, you have a shift to a growth model which is capable of giving you more sustainable growth and the policies are being put in place to support that growth model. The growth framework is being strengthened through action in terms of the investment climate, investment promotion, trade facilitation and trade policy complemented by a pipeline of very ambitious projects. Sri Lanka has raised its ambition because it is now getting support from all corners of the world.”
CSE Chairman Ray Abeywardena stated that the CSE is fully geared to creating capital raising opportunities for both the public and private sector, which is set to make a vital contribution to the Government’s Vision 2025 and empowerment of private investment based growth.
CSE CEO Rajeeva Bandaranaike pitched investment in the CSE as a sound diversification opportunity with attractive valuations and returns backed by strong market fundamentals for equities. Discussing the salient features of the new SEC Act, SEC Commission member Ms. Dilshani Wijayawardana stated that the new securities law is set to usher in an era of stability, transparency and efficacy to the capital market, adding that “The new securities law will be a pillar of strength in making the capital market of Sri Lanka attractive to both international and local investors.”
Director General of the SEC Vajira Wijegunerwardane speaking on the reformist agenda of the capital market expressed the SEC’s continued commitment to better, more facilitative regulation across the board. “The SEC Strategy 2020, which consists of a set of regulatory and developmental initiatives, maps an integrative growth plan for the capital market to create a robust regulatory framework which in turn facilitates sustainable development” he added.