CAL, first SL stockbroker to facilitate first Cross-Border Share Transaction
View(s):Capital Alliance (CAL), recently performed Sri Lanka’s first ever transaction of overseas stocks, marking a milestone in the annals of the nation’s corporate history.
Previously, Sri Lankan investors were confined to investing in the Colombo Stock Exchange (CSE). However, following the liberalisation of Sri Lanka’s exchange control regulations in November 2017, individuals and organizations domiciled in Sri Lanka are now permitted to invest in listed securities overseas. As per the revised law, a listed company can invest up to US$2 million per year; whereas an un-listed company can invest up to $500,000 a year and an individual may invest $200,000 in their lifetime, CAL said in a media release.
Commenting on the historic milestone, Harinlal Aturupane, CEO, CAL Securities said, “CAL has supported investors on the CSE for many years, but the liberalisation of foreign exchange laws has really broadened the investment universe for Sri Lankans. Our first international investment was on the Dhaka Stock Exchange in Bangladesh. The country is considered one of the fastest growing economies in the region and is currently a hotspot for investment. We are all set to open seamless opportunities for our local investors and support them to make strategic investments in stock markets across the world”.
Capital Alliance (CAL) is Sri Lanka’s leading full service investment bank, and its subsidiary CAL Securities has established itself as a premier stockbroker on the Colombo Stock Exchange over the past two decades.
“I am pleased to be the first Sri Lankan to perform an overseas stock transaction through CAL. The investment opportunities around the world are tremendous, and Sri Lankans like myself can finally make use of them,” commented the unnamed client who performed this historic transaction.
CAL partnered with Lanka Bangla Securities, a licensed stockbroker on the Dhaka Stock Exchange in Bangladesh to conclude this investment.