Environmental Resources and Investments Plc (ERIP) is set to buy into HNB Stockbrokers (HNBS) licence, according to a source close to the investment firm.
"ERIP is awaiting Securities and Exchange Commission (SEC) approval in this regard,” the source told the Sunday Times FT. The source said the company was negotiating with some other brokering firms to buy their licences, but settled on HNB. He said acquiring the company will facilitate ERIP's investments in the country as it will be a 'stepping mechanism’ for their other investments into Sri Lanka.
Last June HNB and DFCC Stockbrokers got together to form a joint investment bank called Acuity Partners Ltd. The company has been operating from both licenses for the past year. “Presently this firm has two stock brokering licenses. They have opted to operate only on the DFCC licence,” the source said. He said that Acuity has written to all their clients informing that there will be a change of the clients’ accounts. “They have also said that the clients’ accounts will be transferred to the DFCC account base from HNB,” he added.
ERIP was formed when Lionhart Investments, a US investment firm bought 75% in Walker and Greg and later changed its name. |
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