ACAP to focus on core biz; acquire more finance companies

Friday, 22 July 2011 00:01 - - {{hitsCtrl.values.hits}}

Asia Capital Plc (ACAP) said yesterday that it would focus more on its core business following the divestiture of stakes in insurance and commodities trading.

The company announced the sale of stakes in Asian Alliance (53%) and Asia Siyaka (40%), as it felt these two companies had matured sufficiently and the time was right to sell both entities.

“The Group now plans to focus more on its core business of securities and credit and hopes to expand rapidly and gain further market share. Asia Capital is looking at the possibility of acquiring troubled securities companies and finance companies to merge and expand their current already very powerful base,” ACAP said in a statement.

Asia Asset Finance has been expanding geographically into the north and east and the credit growth in the country will make Asia Asset Finance grow rapidly.

ACAP also further intend to expand the leisure sector with plans to build new properties in the East and South, based on the success of its current properties and their current land portfolio.

It said Asia Digital would be looking into the possibility of purchasing new technology to expand its movie business, which is expected to add significantly to the company’s bottom line. Digital entertainment is a brand new line of business which is a vision of the Group Chairman and he plans to create a complete digital network based on this new technology.