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28 March 2024

Dubai firm buys Sri Lankan brokerage

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By Staff

Eagle Proprietary Investments, the Dubai-based financial investment arm of National Industries Group (NIG), announced today that it has acquired Colombo Stock Exchange stock brokerage firm Heraymila Securities Limited and asset management firm Heraymila Capital (Pvt) Limited.

The companies are to be rebranded as Candor Equities Limited and Candor Asset Management (Private) Limited.

The strategic acquisition will give Middle Eastern investors greater access to Sri Lankan capital markets and financial advisory services, while bringing international management expertise to a highly respected local firm.

Under the terms of the deal, Eagle Proprietary Investments has acquired four licenses to operate in Sri Lanka, covering equity capital market brokerage, asset management, financial advisory, and outsourcing. Working alongside the current management team, as well as partners such as New York-based consulting firm Accordion Partners, Eagle Proprietary Investments plans to aggressively grow all four business areas.

“As the country’s political situation has normalised markedly in recent years, Sri Lanka has come within the radar of Foreign Direct Investment inflows,” said Raj Dvivedi, CEO of Eagle Proprietary Investments.

“Being situated at the centre of global trade routes, the country’s capital markets have immense potential for growth. This acquisition will give investors from the GCC and wider Middle East access those markets through a fully integrated and highly qualified service proposition. At the same time, it will offer Sri Lankan companies an expanded range of services to support their businesses, strategies and growth.”

Ravi Abeysuriya, CEO of Candor Equities, said: “Eagle Proprietary Investments and National Industries Group have recognised the immense growth opportunities present in Sri Lanka and our position within the market place. Our new title, Candor, signifies the quality of being honest and we aspire to provide quality and dependable customer service through a handpicked team of qualified investment advisors, bound by a strong code of ethics. With political stability and an improving economic situation, we expect a significant inflow of capital into Sri Lanka, which is increasingly recognised as a fast emerging market.”

Eagle Proprietary Investments is a wholly-owned subsidiary of Kuwait-based NIG. Registered in the DIFC, Dubai, Eagle Proprietary Investments has a core focus on the financial industry and supporting sectors. Since its foundation in 2008, Eagle Proprietary Investments has invested in a globally diversified portfolio comprised of high-growth companies in China and USA. The acquisition of Heraymila represents the company’s first investment in South Asia.