Home / Front Page/ Asia Securities executes largest listed company buyout in CSE history

Asia Securities executes largest listed company buyout in CSE history

Comments / {{hitsCtrl.values.hits}} Views / Saturday, 16 September 2017 00:15

Asia Securities arranged and executed the country’s largest acquisition of a controlling stake in a listed company in history yesterday.

In a deal valued at Rs. 10.9 billion, Hayleys PLC acquired 61.73% of Singer (Sri Lanka) PLC from Retail Holdings (Sri Lanka) BV. Additionally, Retail Holdings has the option to sell its remaining 9.47% stake in Singer to Hayleys or its nominees at a total value of Rs. 1.7 billion within a period of 12 to 15 months which, if executed, would result in a total transaction value of Rs. 12.6 billion. This transaction surpasses the Rs. 10.6 billion market transaction in shares of Commercial Credit and Finance PLC, also executed by Asia Securities in December 2016. Until now, that transaction was the largest carried out on the CSE over the last five years.

Asia Securities was engaged by the seller on advising and arranging the transaction. The seamless execution underlines Asia Securities’ capabilities in handling large and complex negotiated transactions. Asia Securities Chairman Dumith Fernando who is also a Director of the CSE remarked: “We feel fortunate to have been involved in bringing together two of the most respected corporate brands in the country. We are thankful to our clients who recognise our commitment to confidentiality and professionalism as key attributes in large strategic transactions. We hope to continue combining our international network with our on-the-ground industry insights in assisting corporate clients on strategic deals.”

Asia Securities is Sri Lanka’s leading independent equity brokerage firm and is the local market execution partner for several of the world’s leading investment banks and brokers. The firm has a 26-year history of leading market share and is also the only broker that ranks top 3 in terms of both exchange turnover and trade volume. Its client base includes prominent foreign and domestic institutions, foreign and domestic high net worth individuals, and family offices as well as domestic retail investors. Asia Securities’ research is widely considered the best in the market having won the “Best Stock Broking Research Team” award in 2017 (CFA Capital Markets Awards). Its coverage comprises 60 companies and 70% of the market capitalisation of the Colombo Stock Exchange. Asia Securities is also a leading provider of Corporate Access, particularly to foreign institutional clients.

Share This Article


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

2018 could see the birth of a new religion in India, Lingayatism

Saturday, 24 March 2018

The year 2018 is likely to see the birth (or official recognition) of a new religion in India, adding to the six already in existence and recognised by law. It is Lingayatism, found mostly in the South Indian States and Maharashtra.

No Confidence motion – A desperate attempt against PM will be defeated

Saturday, 24 March 2018

Ranil Wickremesinghe, the most popular Prime Minister, has made fellow politicians nervous if he is allowed to continue.

Mr. Elections Commissioner, play with a straight bat please

Saturday, 24 March 2018

The orange embers still burning. The once-busy extraordinarily-long orange drapes washed and put on sagging lines as far as eyes can see. Scattered stones and boulders cleared and removed by the municipalities.

The no-confidence motion against Ranil will create further chaos

Friday, 23 March 2018

The Mahinda Rajapaksa-backed Joint Opposition yesterday submitted a no-confidence motion against Prime Minister Ranil Wickremesinghe

Columnists More