M Power Capital raises Rs. 1.5 b in corporate debt

Thursday, 4 October 2018 00:50 - - {{hitsCtrl.values.hits}}

From left: M Power Capital Corporate Finance Vice President Naveen Samarasekera, Vice President Capital Markets Kosala Liyanagedara, Vice President Fixed Income Securities Menaka Wavegedara, Assistant Vice President Corporate Finance Kemith de Soyza

Incorporated in 2014, M Power Capital Ltd. (MPC) initially focussed on mergers and acquisitions, other corporate finance advisory mandates and middle market related private equity transactions. With the addition of a specialist debt team in 2018, MPC has now mobilised over Rs. 1.5 billion for issuers of debt securities, other corporate debt instruments as well as fixed deposits – all this in the short space of three months.

MPC has successfully placed such investments throughout the country across a wide range of investors that include banks, rural banks, corporates and high net worth individuals. The trustees to such transactions have been People’s Bank and Hatton National Bank.

An agency agreement with Acuity Securities Ltd. enables MPC to offer its clientele investments in Government Securities while a similar arrangement with Ceylon Asset Management Ltd. covers Unit Trust investments. As such, MPC is able to provide the entire spectrum of fixed income products and services to a range of corporate and individual clients.

Financial markets in Sri Lanka have experienced unprecedented change over these last few months and there has been a negative impact on most risk aspects especially related to liquidity and interest rates. This has created a number of new challenges for corporates across different industries.

MPC Chairman Anil Cooray commented, “With this new team of experienced and qualified investment bankers, MPC is fully geared to simplify what would normally appear to be a very complex or time-consuming transaction. We have the connections in the local market to get over various challenges and one overriding quality of our work is being completely open and transparent with our clients.”

He went on to state, “We recognise that this is a small market and we really have to ensure strict confidentiality at all times, balancing this with a robust compliance structure. MPC looks forward to working with companies in Sri Lanka and Asia, focussing on creating optimum capital structures and ensuring sustainable revenue streams – always with a long term relationship in mind.”