Eagle Proprietary Investments, the Dubai-based financial investment arm of National Industries Group (NIG), has acquired Sri Lankan stock brokerage firm Heraymila Securities and asset management firm Heraymila Capital.
According to a media statement, the companies will be rebranded as Candor Equities and Candor Asset Management.
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"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," said the statement.
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.
Raj Dvivedi, CEO of Eagle Proprietary Investments, said that Sri Lanka has come within the radar of foreign direct investment inflows as the country’s political situation has normalized markedly in recent years.
"Being situated at the centre of global trade routes, the country’s capital markets have immense potential for growth," he added.
The new management of Candor Equities will comprise of members of the former Heraymila Securities and directors from the financial industry.
