Lionhart seeking more investments

A stock market analyst said that LIL had spent Rs.76 million when over 13 million shares of Walker & Greig changed hands last Thursday, between the prices of Rs.5.75 to Rs.7.00, contributing nearly Rs.80 million to the day’s trade.
“There is no real attraction in WGL, but it is interesting to see where LIL would look for investment next,” the stock market analyst said, adding that CSE is one of the markets where a ‘little money’ can take a company/person (in terms of investments) a long way.

Lionhart Investments Limited (LIL) the UK-based hedging fund, on the back of its recent acquisition of Browns’ subsidiary Walker and Greig Limited (WGL) is seeking to acquire and invest in more companies in the country, according to a LIL representative.
“WGL provided an investment vehicle in Sri Lanka and it was a reasonable price for a listed company,” Scott Nusome, Director Yenom, a firm dealing in investment related services which represents LIL, told The Sunday Times FT. He said that the company is looking at long term growth opportunities in the country.

“There is no real attraction in WGL, but it is interesting to see where LIL would look for investment next,” the stock market analyst said, adding that CSE is one of the markets where a ‘little money’ can take a company/person (in terms of investments) a long way.

LIL had wanted a company without the least amount of assets to get into the local market and has been working with Lanka ORIX Securities (Pvt) Ltd (LOSL), which is the stock brokering arm of LOLC, owned by Ishara Nanayakkara, who also has a large stake in the Browns Group, during the past few months.

Nusome said that LIL is looking to restructure WGL by August. “We have some clients who are looking for similar opportunities here and will be actively working on them,” he said.

He said that many overseas investors look at bearish and unmoving markets like Sri Lanka to invest. “The main concern, which is black money is eliminated in this case, which is a relief,” he remarked.