SKM Lanka Holdings renamed as Serendib Stock Brokers

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

By Shabiya Ali Ahlam

Arif Habib Corporation Limited (ACHL) subsidiary SKM Lanka Holdings Ltd., incorporated in 2008 as a trading member of the Colombo Stock Exchange, was rebranded last week as Serendib Stock Brokers Ltd.

Attending the corporate name change ceremony was ACHL Chairman and Chief Executive Officer Arif Habib, the hand behind evolving the multi-sector business venture conglomerate in the shape of Arif Habib Group with an enviable brand franchise.

With a keen focus towards Sri Lanka, Arif Habib Group stated that on taking over direct management of its Sri Lankan operations in 2012, the name change was long due and was in the larger strategy to position themselves in the international community.

Serendib Stock Brokers Ltd. Director and CEO Naushervan Beg said the name ‘Serendib’ would allow its Sri Lankan subsidiary to be marketed to the group’s existing international clients. “The strategy in rebranding the company as Serendib will give a name that is synonymous to the island and yet avail the global presence the parent company enjoys,” he added.

Beg also justified the ‘beta’ factor in the logo and said the purpose of incorporating the element was to enforce the prevailing market risks and the compensation extended for it to the clients by the company. He added that the promised could only be understood if there is a fundamental backing and essence of understanding the involvement in capital markets. “We promise to facilitate our clients so that they are well awarded for the risk they takeover,” said Beg.

The Serendib CEO at the ceremony took the opportunity to shed light on few pertinent plans of the company under its new name. Beg shared that correspondence have started with potential foreign clients with the focus of bringing investments to the Colombo Stock Exchange (CSE) but stated the production of outcomes of the same would take time since the interested investors were highly sophisticated and wanted to understand the Sri Lankan capital market and economy in depth before stepping in.

He emphasised Serendib was looking at the asset management space in Sri Lanka as well. “With our group being experienced with one of the largest asset management group in Pakistan and Unit Trust management in Sri Lanka, we are very hopeful in the area and are keeping our ears close to the ground with this regard,” stated Beg.

In addition to these initiatives, Serendib also plans on bringing the group’s consultancy firm to the nation. Beg acknowledges that by bringing in the consultancy arm, Serendib would be able to extend expert advice for Pakistani businesses in Sri Lanka, Sri Lanka business initiatives in Pakistan, and assistance and consultations for Islamic banking and finance in Sri Lanka attributing to the increase in appetite in the country for such products.

The Arif Habib Group ranks amongst the fastest growing multi-sector groups in Pakistan. ACHL manages assets in excess US$ 617 million and has well diversified investments through its associate companies and subsidiaries across sectors including fertilisers, financial services, construction materials, industry metals, dairy farming, energy, and others.

Pix by Lasantha Kumara