Business Times

Sri Lanka Fund now worth $2.9 million

The Sri Lanka Fund which was launched with $ 2 million by the promoters Ceylon Guardian Investment Trust PLC and Ceylon Investment PLC in August, now stands at $2.9 million as at 30th November with a net asset value per unit of US$ 1.03.

The organisers said in a press release that the Fund has been structured to represent the growth sectors of the economy covering banking, hotels & travels, retail and infrastructure related sectors. “Hence the much needed fund value has been increased and the portfolio restructured to substantiate the case to attract new investors to the fund. The current portfolio is structured to exploit growth opportunities in the changing dynamics in Sri Lanka after the end to the 30 year conflict in the island,” it said.

It has been sanctioned by the Securities and Exchange Commission as a foreign fund operating in Sri Lanka and also registered under the Monetary Authority of Singapore (MAS) as a restricted foreign scheme.

The current policy changes of the Government with the opening up of the Capital account to both individuals and corporate is likely to see activity via cross border transactions. “Hence we envisage both foreign inflows and outflows to increase for equity investments thus prompting the attractiveness of such funds as the Sri Lanka Fund to investors.

The Fund could be marketed to resident/nonresident Sri Lankans, funds of fund investors and individual foreign investors wanting to flavor emerging markets and in turn tolerate a higher risk premium identified with such markets. The investors should have the ability to invest in US dollars open both to investors locally and internationally,” the statement added.

The Fund, the oldest country fund, is promoted by the Carson Cumberbatch Group through its investment Companies Ceylon Guardian Group (Ceylon Guardian Investment Trust PLC and Ceylon Investments PLC) the country’s largest listed equity fund with assets under management of over
$ 300 million. The funds are managed by Guardian Fund Management Limited.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
Sri Lanka tourism prepares for more arrivals
Court permits sale of Entrust Ltd
New headquarters for Cement Corporation
Young people spend heavily on non-essentials despite rising living costs
Lankan spice firm wins trade mark dispute against McDonalds
IMF team on review mission
Comment - Inflation, chicken and eggs
Feature - Innovation key to competitiveness, development progress
Feature - Budget and the deemed Dividend Tax
RAM assigns long-term rating of A- to Lankem Rs 500 mln debentures
Sri Lanka's poverty further decreases
SEC decisions that kill market and ruin small investors
Colombo stockbrokers want more respite
Success at the 7th annual summit of South Asian economics students’ Meet
Govt. says highest fund allocation to North in 2009-2010
System X local desktop PC launched at Rs. 46,500
Commercial Bank’s Paymaster demo attracts corporates
ABC Group joins CEA’s e-waste management project
CB Governor urges appointment of younger directors on bank boards
Large participation expected at Propack exhibition next year
$90 mln project for water, sanitation issues in Lankan conflict-affected areas
Second phase of Havelock City begins
EU, UN join hands to rebuild Sri Lanka
Sri Lanka Fund now worth $2.9 million
SriLankan resumes flights to Kochi
Ferrari veteran Jean Todt to visit SL
CMA – new member of International Federation of Accountants (IFAC)
Korean packaging company faces Lankan software piracy charges
Cap on bank director bonuses being considered
Bankers urged to think straight and talk straight
New medical care facility for Lankan patients
Shisasa’s elegant tempered glass frameless shower cubicles
New direction for Carmart
DSL provides free holiday to dozens of dealers and their families in Bangkok


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution