Asia Capital denies alleged takeover offer move by MAC Holdings

Monday, 30 December 2024 02:38 - - {{hitsCtrl.values.hits}}

Vijay Eswaran

Asia Capital PLC, and its majority owner Vijay Eswaran, yesterday categorically stated that no formal offer has been received from MAC Holdings regarding the purchase of majority shareholdings in Asia Capital PLC.

The company was responding to recent news articles circulating on social media discussing MAC Holdings’ alleged offer to acquire Asia Capital PLC, and said it has misled the public with unsubstantiated claims.

“This assertion, supposedly based on ‘reliable sources,’ is inaccurate and potentially harmful to the reputation of both Asia Capital PLC and its stakeholders,” Asia Capital PLC said in a statement.

Contrary to the implications of financial distress or divestment, the statement said Eswaran remains highly optimistic about Sri Lanka’s economic prospects, particularly under the leadership of the new Government.

“This optimism is backed by tangible actions. Dato Vijay has demonstrated his unwavering confidence in Sri Lanka’s resilience and potential by personally investing $ 3 million into the local economy after the challenges posed by the COVID-19 pandemic. Such investments are clear indicators of his long-term commitment to fostering economic growth and revitalisation in Sri Lanka,” the statement said.

It said Eswaran’s connection to Sri Lanka extends beyond mere business interests.

“Having deep familial ties to the island nation, he has consistently shown a strong affinity for its culture, people, and opportunities. These connections have not only fuelled his continued investment in the country but also strengthened his resolve to contribute to Sri Lanka’s development over the years to come. Dato Vijay has emphasised that his engagement with Sri Lanka is a long-term endeavour, and he is fully committed to exploring further opportunities to enhance his footprint in the country’s growing economy.”

The statement also said Asia Capital PLC has positioned itself as a resilient and forward-thinking enterprise, particularly within the hospitality sector. “The company remains steadfast in its operations, navigating challenges effectively while maintaining its commitment to delivering exceptional services. The allegations of financial difficulties and disputes cited in the article are exaggerated and fail to acknowledge Asia Capital PLC’s strategic initiatives to sustain and expand its business,” it said.

“Asia Capital PLC and its leadership reiterate their focus on contributing to Sri Lanka’s economy while firmly dismissing any claims of current negotiations with MAC Holdings,” the statement added.