Navara Capital Partners to focus on investment banking

Tuesday, 26 November 2013 00:01 - - {{hitsCtrl.values.hits}}

Move follows Navara Group acquiring New World Securities, broking arm to be called Navara Securities

Subsequent to their recent acquisition of the stock broking firm New World Securities, Navara Group announced the reorganisation of their corporate finance and capital markets business under a dedicated investment banking subsidiary named Navara Capital Partners Ltd. Navara Capital Partners will act as the holding company for the stock broking and forex and money broking subsidiaries and will also amalgamate the group’s structured finance, financial advisory and issue management business. New World Securities which was initially formed by a consortium of Japanese investors and was acquired by the group in September 2013 is being renamed as Navara Securities Ltd. Navara Group Chairman Harsha N. De Silva explained that the group had its roots in corporate finance and capital market activities with a track record of successes from its inception in 2008 in areas of mergers and acquisitions, CSE listings, debt and equity fund raising and restructuring. “The new entity will seamlessly build on this track record and will create its own identity and strategic alliances. It is staffed by qualified and experienced professionals and is geared to provide the full range of investment banking solutions. Our business model is to work very closely with clients as partners to forge long term relationships by identifying their financial and business needs and providing tailor-made solutions. The new company name attempts to captures this spirit of partnership.” De Silva further said that this move is in line with the group’s plans to structure all its current entities under three strategic business unit clusters as financial services, construction and engineering and food and beverages. “We have faith in the resilience and growth potential of the Sri Lankan economy and believe that these sectors will outperform the economy in general,” he added. Navara Group subsidiary, Serendib Engineering Group PLC is involved in telecom, civil, marine and railway engineering as well as the manufacture of precast concrete structures and plantation machinery; while the group’s food and beverage business is centered on Alerics Dairy Products, an iconic ice cream brand with a history of over 50 years.