The Sri Lanka unit Heraymila Investments, a part of Saudi Arabia's Al Mashal group will use its global links to channel funds from the Middle East and elsewhere with a strong research backed strategy, the head of its local unit said.
"We will be
offering opportunities for Sri Lankan companies to raise funds tapping the relationships we have with international funds," Ravi Abeysuriya, group chief executive of Heraymila's Sri Lankan operations said."Our main strength will be our placement capabilities."
Heraymila bought into a licensed stock brokerage, formerly controlled by Amana, a Colombo-based Islamic finance group.
But Heraymila is also setting up divisions to handle investment banking and fund management.
Heraymila has been investing in Sri Lanka's equity market from 2005, and bought strategic stakes in several firms, including a 10 percent stake in Commercial Bank at one time.
"When peace came they were keen to play a more active part in the market, because they felt there were a lot of opportunities to attract foreign funds, including their own money," Abeysuriya said.
In addition to around 260 million dollars it is directly managing, Abeysuriya says the group co-invests around the globe with international finance houses such as JP Morgan and Goldman Sachs.
One of its strengths will be a strong research capacity. Abeysuriya himself at one time headed the Sri Lanka unit of Amba Research, a capital markets research outsourcing firm catering to US and European markets.
"The core of our value proposition is fundamental research, where we will be publishing quarterly research on the macro-economic situation, sectoral analysis and selected coverage of individual companies," he said.
Heraymila will also get into fund management. Abeysuriya says the group will structure funds that will meet the appetite for mutual funds abroad.
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