04 April 2013

First Capital Group Buys a Stockbroking Firm, DNH Financial

02nd April 2013, www.island.lk

The First Capital group is to buy DNH Financial, a stockbroking firm that is a full member of the Colombo Stock Exchange, an official said.

"It is a strategic acquisition," Jehaan Ismail, a group director said. "We are very strong on debt, but we do not really have an equities business."

"This will help our corporate finance business as we will have distribution and a research functions as well.".

The deal is expected to be carried out for around 180 million rupees, a stock exchange filing said.

DNH Financial was owned by Environmental Resources, a firm that is also undergoing an ownership change.

The firm is expected to come under First Capital branding.

Several stock broking firms in Sri Lanka are in the process of being acquired by new investors following a downturn in the market. (LBO).

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