Tuesday, 3 September 2013 00:00
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Representatives of the new owners of Nanda Investment and Finance Plc have been appointed to the Board of Directors.
They have appointed eight professionals to the Board, of which six are Non Executive and the balance as Independent Directors.
The move follows LOLC Micro Investments Ltd. and BRAC Lanka Investment acquiring a 90% stake of Nanda Investment in June for over Rs. 800 million. BRAC Lanka holds a 56.6% stake in Nanda and LOLC Micro Investments own 33.4%. Via a recent joint mandatory offer, a further 4% was acquired.
BRAC is a wholly-owned subsidiary of BRAC International Holdings BV, which styles itself as the largest development organisation in the world in terms of scale and breadth of its operations.
Founded 10 years ago in Bangladesh by world famous social entrepreneur Fazle Hasan Abed, BRAC has reached an estimated 126 million people across 11 countries in Asia, Africa and the Caribbean with its financial empowerment services, healthcare and education.
The new Board of Nanda Investment and Finance Plc comprises Mohamed Abdul Ali, Shib Narayan Kairy, Shameran Bahar Abed, LOLC Chairman Ishara Nanayakkara, LOLC CEO and Group MD Kapila Jayawardena and LOLC Development Finance Specialist Ravi Dhammika Tissera (all Non Executive Directors) and Sameer Ahmad and Syed A. Hassan Uddin (Independent Directors).
Ali is a former Deputy Governor of Bangladesh Bank and Country Head and General Manager of Grindlays Bank as well as CEO of Standard Chartered Group in Bangladesh. He is a Director of BRAC Bank Ltd and Chairman of BRAC EPL Investments among others.
Mohamed M. Rashid has been appointed as the Acting CEO of Nanda Investments and Finance Plc. A professional bank he was the Deputy Managing Director of BRAC Bank Ltd.
The appointments were made following the resignation of the former Board including Chairman Dr. S.P. Jayawardena, L.A Mallawarachchi (Executive Director), K.L.J.N. Perera (Independent Non Executive Director), M. Pallawarachchi and C. Mallawarachchi (Executive Directors) and J.S. Manjusri Gamage (Independent Non Executive Director).
