New World Securities’ control changes

Tuesday, 30 April 2013 00:46 - - {{hitsCtrl.values.hits}}

New World Securities Ltd., a trading member of the Colombo Stock Exchange (CSE), has successfully completed the change of control, with high net worth investor Nimal Perera together Royal Ceramics PLC taking up a 51% stake for Rs. 35 million. The acquisition is via issuance of new shares whilst retaining some of the founder investors of the company.

“The process has been completed and if necessary, we will infuse more capital,” Perera told the Daily FT yesterday, adding that the company has been renamed as N Securities Ltd.

Perera said the new management will focus on making N Securities a boutique broking house offering premier quality services to high net worth clients and institutional investors.

Apart from Nimal, two executives from RCL – Head of Finance and Treasury Haresh Somashantha and Group Finance Manager Wasantha Liyanage, along with ASCOT Holdings Managing Director Rohan Iriyagolle, have been appointed to the board. Founder shareholder Japanese investor and NWS Holdings Chairman Takashi Igarashi, Japan’s A2 Media Director D. Tohma and NWS Holdings Managing Director Viraj Malawana are the other members of the board. Malawana, who was also the CEO of the broking entity, has relinquished the post, with New World Securities Director – Institutional and Foreign Trades Jaliya Wijeratne promoted as the CEO.