Two companies of the Asia Capital Group set up their branches in Sri Lanka’s northern peninsular recently.
Mano Nanayakara, Chairman of Asia Capital PLC and Deputy Chairman of Asian Alliance Insurance PLC, the two companies of the group who are venturing to the North said, “some say that it is still too early to get in there as the market itself lacks any ground information, for example there is no research available on the demographics. For marketers to move in, they usually need to know the social mood and social behaviour of the community.
But then someone needs to get out there and start the process and we are taking the cue from the government’s call for investors to move in.”
He said with the Group’s securities arm moving well ahead of the Stock Exchange, he believes the company as a whole is in fact trail blazing for the rest of the brokers to position themselves.
“We think that it is important for the people of the North to understand that they can be a part of the growth potential of the whole country, and for that the stock market is the best place to be in. We are pleased to note from recent news reports that the SEC is also speeding up their plans to set up a branch of the Stock Exchange in Jaffna. With its high skilled workforce coupled with strategic location and natural resources Jaffna has great potential to develop itself as a regional commercial hub of the future,” he says.
The Jaffna branch of Asia Securities opened for trade on October 5 with a ceremony to mark the occasion which was attended by company staff and the Governor of the Northern Province, Major General GA Chandrasiri who was Chief Guest at the event.
The insurance arm of the Group, Asian Alliance set up its Distribution Office in the Jaffna town on September 28.