Japanese firm to invest in Sri Lankan hotel properties

Friday, 23 November 2012 00:01 - - {{hitsCtrl.values.hits}}

Teoria Investment Co. Ltd. President and CEO Shigenori Shinegawa has announced the formation of Shinegawa J. Capital Ltd., a company which seeks to invest into Sri Lanka, especially in the development of hotel properties.

Teoria Investment President and CEO Shigenori Shinegawa with Asia Capital Director/CEO Stefan Abeyesinhe

It recently tied up with the Asia Capital Group to invest in their hotel property in Balapitiya. The new company will initially focus on investments into hotel properties but will look to expand its services to other areas as well in the near future. The hotels, under the brand name Shinegawa J, will be constructed through a joint venture with the Asia Capital Group. The main goals for the company will be to make a contribution to Sri Lanka and to be a preferred employer of choice.

Shinegawa asserts that he sees strong growth potential for Sri Lanka, especially in tourism, and also notes that the cultures of Sri Lanka and Japan are very similar, which makes working in Sri Lanka a pleasure. “I find the Sri Lankan people to be very kind and friendly and this is very motivating for me,” he said.

The J in the name has a twofold meaning, one being Japan and the other for J.R. Jayewardene, someone whom Shinagawa has the utmost respect for, after then President Jayewardene made his famous speech at the signing of the peace treaty with Japan in San Francisco at the conclusion of World War II.

“President J. R. Jayewardene made a very inspirational speech saying ‘hatred ceases not by hatred, but by love’ in Japan’s defence after the conclusion of World War II.

However, most of Japan has forgotten his support, which came at a time when we most needed it. I hope that the launch of this company would act as a bridge between our two nations and we could contribute to the development of Sri Lanka and its wonderful people. I also want to remind the people of Japan and Sri Lanka about Jayewardene’s support for Japan. We hope to employ several talented Sri Lankans in our company and cooperate together while also bringing in Japanese money, culture and tourists to Sri Lanka,” Shinegawa said.

The new company will initially focus on investments into hotel properties but will look to expand its services to other areas as well in the near future. The hotels, under the brand name Shinegawa J, will be constructed through a joint venture with the Asia Capital Group. The main goals for the company will be to make a contribution to Sri Lanka and to be a preferred employer of choice.

Speaking about the proposed joint venture, Asia Capital Director/CEO Stefan Abeyesinhe said: “We look forward to working closely with Shinegawa as we have a special relationship with them and we are fully confident that this partnership will be very fruitful for both parties. The current conditions created by the Government are very attractive and pleasing for us to enter this wonderful market. We thus think this is the right time.”

Asia Capital PLC is the largest investment bank in Sri Lanka to be listed on the Colombo Stock Exchange and its initials ACAP have become synonymous with its innovative trading ideas, out-of-the-box concepts of investment management, and unique approaches to wealth creation. The company currently has operations in securities, leisure, finance, investment banking, technology, tea packaging and digital entertainment.