Business Times

US-based fund launches in SL, bullish on energy, leisure and construction

By Duruthu Edirimuni Chandrasekera

US-based Logan Rockefeller Global (LR Global) which launched its Colombo unit LR Global Lanka Asset Management Company this week is bullish on energy, leisure and construction projects in Sri Lanka and will invest US$20 million through its local arm, officials said.

“We have had discussions with some parties with regard to hydro power during the last few days and will take these projects up (depending on their feasibility) to invest,” Don LaGuardia, Principal (head) LR Global told the Business Times on the sidelines of the press briefing to launch their local arm.

US-based Logan Rockefeller Global (LR Global) launched its Colombo unit this week and briefed the media on the proposed range of activity. Picture shows from right - Don LaGuardia, Principal (head) LR Global, Allen J Pathmarajah, Chairman of the local unit and Channa de Silva, CEO.

He said that LR Global will invest the US$20 million in two phases. "We are looking at taking the investment company to the public with a time frame not exceeding one year," Channa de Silva, CEO of the Sri Lankan unit said. Mr. LaGuardia said the company is also interested in investing in ports and construction firms.

He added that the company initially will not deploy much capital in the Colombo Stock Exchange. “We will put in money, but will not do so aggressively in the short term,” he added. He also said that the company will promote a fair amount of Initial Public Offerings in the medium to short term through investing in unlisted companies which have potential to list and eventually bringing them onto the stock market.

Allen J Pathmarajah, Chairman of the local unit said that now is the best time to invest in Sri Lanka when it has political stability, growth potential and strong management. Mr. LaGuardia noted that lower interest rates and large remittances will accelerate the country’s Gross Domestic Product. The company has already opened its office at the World Trade Centre building in Colombo, and has recruited 10 employees.

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