Kuwait's NIG buys Sri Lanka stock broker from Heraymila

June 03, 2013 (LBO) - National Industries Group SAK of Kuwait said it has bought a Sri Lanka based stock brokering and fund management company from Saudi Arabia's Heraymila, rebranding the firms as 'Candor'.
Heraymila Securities Limited Heraymila Capital (Pvt) Limited, have been acquired though NIG's Dubai based investment arm, Eagle Proprietary Investments Limited (EPIL).

EPILsaid that Sri Lanka’s capital markets have immense potential for growth being situated at the centre of global shipping routes.

"Sri Lanka’s proximity to rising economic powers of Asia and Middle East will also play a central role in its success story," Raj Dvivedi, CEO of EPIL said in a statement.

"Since mid-2009, Sri Lanka has been a politically stable nation and perhaps one of the safest places in Asia for doing business."

A 30-year separatist war ended in 2009.

"National Industries Group, one of the largest listed companies in Kuwait has seen the potential that Sri Lanka has to offer andSri Lanka’s immense growth opportunities and has made the move to tie up with us and take our business to the next level," chief executive of Candor Equities Ravi Abeysuriya, said.

"Candor means quality of being honestand we aspire to provide dependable customer service by building a handpicked team of qualified investment advisors, bound by a strong code of ethics.

"With political stability, and the improving economic situation, we expect a momentous inflow of capital into Sri Lanka, a fast emerging market."

NIG is conglomerate engaged in asset management, building materials, petrochemicals, oil & gas services, mechanical industries, utilities, real estate infrastructure, and financial services.

NIG said it has operations and investments in Saudi Arabia, the UAE, Singapore, UK and Latin America.

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