Acquisition gives Middle Eastern investors improved access to fast growing Sri Lankan capital markets

Dubai, UAE; June 18, 2013: Eagle Proprietary Investments, the Dubai-based financial investment arm of National Industries Group (NIG), announced today that it has acquired Colombo Stock Exchange stock brokerage firm Heraymila Securities Limited and asset management firm Heraymila Capital (Pvt) Limited.  The companies are to be rebranded as Candor Equities Limited and Candor Asset Management (Private) Limited.

The strategic acquisition will give Middle Eastern investors greater access to Sri Lankan capital markets and financial advisory services, while bringing international management expertise to a highly respected local firm.

Under the terms of the deal, Eagle Proprietary Investments has acquired four licenses to operate in Sri Lanka, covering equity capital market brokerage, asset management, financial advisory, and outsourcing. Working alongside the current management team, as well as partners such as New York-based consulting firm Accordion Partners, Eagle Proprietary Investments plans to aggressively grow all four business areas.  

"As the country's political situation has normalised markedly in recent years, Sri Lanka has come within the radar of Foreign Direct Investment inflows," said Raj Dvivedi, CEO of Eagle Proprietary Investments. "Being situated at the centre of global trade routes, the country's capital markets have immense potential for growth. This acquisition will give investors from the GCC and wider Middle East access those markets through a fully integrated and highly qualified service proposition. At the same time, it will offer Sri Lankan companies an expanded range of services to support their businesses, strategies and growth."

Ravi Abeysuriya, CEO of Candor Equities, said: "Eagle Proprietary Investments and National Industries Group have recognised the immense growth opportunities present in Sri Lanka and our position within the market place. Our new title, Candor, signifies the quality of being honest and we aspire to provide quality and dependable customer service through a handpicked team of qualified investment advisors, bound by a strong code of ethics. With political stability and an improving economic situation, we expect a significant inflow of capital into Sri Lanka, which is increasingly recognised as a fast emerging market."

Eagle Proprietary Investments is a wholly-owned subsidiary of Kuwait-based NIG. Registered in the DIFC, Dubai, Eagle Proprietary Investments has a core focus on the financial industry and supporting sectors. Since its foundation in 2008, Eagle Proprietary Investments has invested in a globally diversified portfolio comprised of high-growth companies in China and USA. The acquisition of Heraymila represents the company's first investment in South Asia.

About National Industries Group Holding:
National Industries Group Holding (NIG) was established in 1961 to participate in developing Kuwait's infrastructure and promote its industrial advancement through the development of the building materials industry. NIG listed on the KSE in 1984 and having played an instrumental role in the foundation of Kuwait's industrial ambitions, NIG has emerged as one of the largest listed investment holding company on the KSE in terms of assets.  Beginning as a building materials manufacturing company, NIG has grown to become a true multinational conglomerate with interests in utilities, oil and gas, petrochemicals, financial services and real estate. Over the years, NIG has spread its wings far and wide with investments in Kuwait, the wider GCC, UK, Singapore and Latin America, to name just a few. NIG is focused on the future, driven by a clear strategy and an unrivalled depth of experience.  

About Eagle Proprietary Investments Limited:
Established in the Dubai International Financial Centre (DIFC) in 2008, Eagle Proprietary Investments Limited (EPIL) is the financial services investment arm of National Industries Group Holding (NIG). EPIL is a private global investment firm dedicated to creating value for its shareholder, and partner companies. Please visit www.eagle-investments.com for further information. 

For further information, please contact:
Liam Turner / Ajith Henry
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-4507600
Fax: 971-4-4358040
Email: liam.turner@bm.com / ajith.henry@bm.com  

© Press Release 2013