Sri Lanka Opportunity Fund invests in Kelani Cables

Tuesday, 24 April 2018 00:10 - - {{hitsCtrl.values.hits}}

The Sri Lanka Opportunity Fund, a Singapore based equity vehicle, has taken a strategic stake in Kelani Cables PLC. The Sri Lanka Opportunity Fund is a $50 million multi-asset class fund managed by VCG Partners and Ataraxia Capital Partners.

“The Fund has acquired a 4.5% stake in Kelani Cables PLC and hopes to make future follow on investments in the Company to enhance growth,” said Ataraxia Capital Director and Co-Founder Asanth Sebastian.

The Fund foresees growth in both the domestic cable market and the ability for the Company to increase its footprint in international markets in South Asia and Africa as a key reason for the investment.

The diversified product portfolio of the Company caters to a wide range of clients. The anticipated growth in construction and telecommunications sectors is a positive for the Company. It is also expected that the continuation of government infrastructure spending would provide tremendous growth opportunities to the Company.

In the future, the Fund intends to invest in similar successful Sri Lankan businesses that require further capital for the next stage of their growth.