Navara Capital to enter stock broking via New World
Tuesday, 6 August 2013 00:21
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Navara Capital is to venture into stock broking business with the planned acquisition of New World Securities Ltd.
Promoted by financial market specialist Harsha de Silva, the deal between Navara and NWS, control of which was acquired by Royal Ceramics and its Managing Director Nimal Perera is awaiting formal clearance from the regulators.
In April Royal Ceramics and Nimal acquired 51% stake in New World Securities for Rs. 35 million.
Nimal’s exit from the broking business is to focus more on his core activities as well as enable the broking firm to be strengthened and expanded properly by a financial services market-focused Navara.
