“The Firm has a good knowledge of local laws as well as providing a prompt and responsible service.”
Chambers Asia Pacific – Asia Pacific’s Leading Lawyers For Business 2015

 

“Cargills (Ceylon) Plc is looking forward to its next wave of expansion consequent to a capital infusion of Rs. 2.6 billion by the International Finance Corporation (IFC) in exchange for an 8% equity stake in the company’s retail subsidiary, Cargills Foods Ltd. The investment from IFC – the private sector arm of the World Bank Group – is to be directed towards strengthening the company’s extensive supply chain network and expanding its retail footprint through the opening of new Food City outlets while further investments are expected through the partnership”.

An extract from The Daily FT, 19th February 2015.

THE FIRM ADVISED INTERNATIONAL FINANCE CORPORATION.

Click here for the full article.

 

“Cotecna Inspection S.A., Geneva, Switzerland, the world leader in quality control launched its new Cotecna Lanka office recently with the patronage of an esteemed gathering of the leading business community in Colombo. The immediate priority of this launch will be to invest in a fully equipped laboratory which would be of immense service to many exporters and importers. The proposed ISO-accredited laboratory will be able to do testing of tea, food and water samples under qualified chemists.”

An extract from The Daily Mirror, 9th February 2015.

THE FIRM ADVISED COTECNA INSPECTION S.A., GENEVA, SWITZERLAND.

Click here for the full article.

 

“Under a multi-partner initiative including a first-ever collaboration between international financial agencies, Sri Lanka’s largest private equity fund amounting to $ 50 million (over Rs. 6.5 billion) was launched yesterday with a plan to boost the economy via the private sector, especially SMEs. Spearheading the initiative is NDB Capital Holdings Plc, which has partnered Zephyr Management, a global private equity specialist based in New York. Lending support with a $ 10 million each contribution are International Finance Corporation, the World Bank’s private sector investment arm, the DEG – Deutsche Investitions – und Entwicklungsgesellschaft mbH of Germany and FMO the Netherlands Development Finance Company.”

An extract from The Daily FT, 16th December 2014.

THE FIRM ADVISED NDB CAPITAL HOLDINGS PLC AND EMERALD SRI LANKA FUND.

Click here for the full article.

 

“The legal battle between the marks ‘LuvEsence’ and ‘LUV SL’ was instituted by the proprietor of the former mark, Janet Lanka Limited, the pioneer in the manufacture of personal care and beauty products to restrain the corporate giant ODEL Plc from preventing and interfering with the use of Janet’s mark ‘LuvEsence’. The judge granted the interim injunction sought by Janet Lanka Limited."

An extract from The Daily FT, 4th December 2014

THE FIRM ACTED FOR JANET LANKA LTD.

Click here for the full article.

 

“In other noteworthy deals during November, OMAK Technologies, a local IT company catering to restaurant operators, said it raised funds from Indian Angel Network. HWIC Asia Fund, an investment fund linked to Fairfax Financial bought a 15% stake in Nationals Trust Bank PLC for USD 24 million”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, November 2014.

THE FIRM ADVISED NATIONS TRUST BANK PLC.

 

“India’s ITC began construction of a USD 300 mixed development project named One ITC Colombo. Tis development will have a hotel and residential tower One ITC is located adjacent to Shnagrila Hotel (currently under construction) and Taj Samudra Hotel”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, November 2014.

THE FIRM IS ADVISING INDIA’S ITC.

 

“Central Finance Company PLC has signed a Share Sale and Purchase Agreement to buy a majority stake in Isuru Leasing Company Ltd., as part of the Central Bank-initiated financial sector consolidation program.”

An extract from The Daily FT, 7th October 2014.

THE FIRM ADVISED CENTRAL FINANCE ON THE TRANSACTION

Click here for the full article.

 

 

“In another stock market deal, DFCC Bank… said it sold a 10% stake in Nations Trust Bank PLC to an investor linked to Canada’s Fairfax Financial for USD 16.6 million, and made 63% capital gain in less than three year holding period.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, October 2014

THE FIRM ADVISED FAIRFAX ON THE TRANSACTION

 

“In debt funding deals, NDB Bank has secured a USD 75 million debt finance facility to boost lending to renewable energy, agro industry and water supply sectors. French Development Financier Proparco has provided USD 60 million while Netherland’s FMO contributed USD 15 million”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, October 2014.

THE FIRM ADVISED PROPARCO AND FMO ON THE TRANSACTION

 

 

“A 75% stake of Hemas Power PLC will be sold for USD 13 million to a consortium of investors including NDB Bank Group and ACL Cables PLC”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, October 2014.

THE FIRM ADVISED NDB BANK GROUP, ACL CABLES PLC AND OTHERS

Click here for the full article.

 

“Hemas Power PLC sold 50% interest in Heladhanavi Limited for USD 4 million to Lakdhanavi Limited.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, October 2014.

THE FIRM ADVISED A GROUP OF INVESTORS IN HEMAS POWER PLC

 

Click here for the full article.

 

 

“Union Bank confirmed yesterday that US-linked TPG Group has invested Rs. 11.42 billion in the company’s new stake amounting to 68%, formalizing the mega deal and giving a major boost to the Lankan financial entity. The investment was via Culture Financial Holdings Ltd., which is registered in Cayman Islands.”

An extract from The Daily FT, 30th September 2014.

THE FIRM ADVISED TPG GROUP ON THE TRANSACTION

Click here for the full article.

 

 

“Acuity Stockbrokers Ltd. has entered the vast US market in partnership with frontier markets specialist Enclave Capital LLC to promote among American fund managers listed equity and debt investments in Sri Lanka.”

An extract from The Daily FT, 12th September 2014.

THE FIRM ADVISED ACUITY STOCKBROKERS ON THE TRANSACTION

Click here for the full article.

 

“DEG – Deutsche Investitions und Entwicklungsgesellschaft mbH – recently provided a $ 15 m credit facility on a five-year term period to Commercial Leasing & Finance PLC (CLC), a member of the LOLC Group, for the development of its SME portfolio.”

An extract from The Daily FT, 11th September 2014.

THE FIRM ADVISED DEUTSCHE INVESTITIONS AND ENTWICKLUNGSGESELLSCHAFT MBH (DEG) ON THE TRANSACTION

Click here for the full article.

 

 

Sarasavi Exports Limited a supplier to major high street retailers in the United Kingdom acquired Isabella Limited from DBApparel Group, a market leader in branded intimate apparel and hosiery in Europe. The value of the net assets acquired is approximately Rs. 650 million”

An extract from The Daily FT, 3rd September 2014.

THE FIRM ADVISED ISABELLA LIMITED FROM DBAPPAREL GROUP

Click here for the full article

 

 

“Ceylon Hotels Corporation PLC has entered into an agreement with Zinc Hospitality Lanka Ltd., which is part of Cinnovation/CG Group, a multi-dimensional conglomerate with a portfolio of complementary business comprising over 90 companies and 60 brands in the global market.”

An extract from The Daily FT, 1st  September 2014.

THE FIRM ADVISED ZINC HOSPITALITY LANKA LTD., WHICH IS PART OF CINNOVATION/CG GROUP

Click here for the full article.

 

 

“Aitken Spence Hotels also announced formally launching earlier announced US$ 100 million – 500 room resort in partnership with Spain’s RIU Group”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, June 2014.

THE FIRM ADVISED THE RIU GROUP

“In debt market deals, NDB Bank PLC raised a further USD 75 million on top of the USD 125 million it raised earlier this year. Several international banks and development finance institutions have participated in the lending consortium led by IFC. This deal is viewed as an alternative to the USD 250 million international bond issue NDB Bank planned for the last year. Although the rate of the deal is not disclosed, facility is likely to be priced at LIBOR + 5.75% - the rate at which IFC lent to another commercial bank last year.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, June 2014.

THE FIRM ADVISED IFC

 

“Global insurance firm AIG, which has a very small market share in Sri Lanka’s insurance market said it exists in Sri Lanka. According to a recent report Sri Lanka’s insurance sector’s gross written premiums grew by 8.4% in 2013 while assets of insurance companies also grew by 13%.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, June 2014.

THE FIRM IS ADVISING AIG

 

“IFC, a member of the World Bank Group, is lending $ 28 million to Sri Lankan apparel manufacturer MAS Capital Ltd. and its subsidiaries to support the group’s expansion and innovation plans. IFC’s long-term loan will provide additional capital for MAS to expand its product portfolio and boost exports. The group is expected to create more jobs, predominantly for women...”

An extract from The Daily FT,26th  June 2014.

THE FIRM ADVISED IFC ON THE LENDING

Click here for the full article.

 

“The International Finance Corporation (IFC) yesterday concluded its largest syndication of $ 200 million to National Development Bank (NDB) by including an addition of $ 75 million to the already-extended $ 125 million…”

An extract from The Daily FT,25th  June 2014.

THE FIRM ACTED FOR IFC

Click here for the full article.

 

“Touchwood Investments investors were given the opportunity to get their monies back on Thursday when the Colombo Commercial High Court agreed to appoint a liquidator after issuing the order to wind up the company since it was unable to pay back its debts.

Colombo Commercial High Court Judge Amendra Seneviratne pronounced his Order stating that he had taken into consideration all submissions made by Petitioner in the case No. 31/2013/CO as filed by the Attorneys-at-Law F. J. & G. de Saram on July 24, 2013 in addition to the company being wound-up and those of the other intervening creditors…”

An extract from The Sunday Times, 8th June 2014.

THE FIRM ACTED FOR THE PETITIONER IN THIS CASE.

Click here for the full article.

 

 

“SG Holdings Global (Pvt) Ltd., a Singaporean firm linked to Sagawa Logistics of Japan, bought a 30% stake in Expolanka Holdings PLC for US$ 48 Mn and announced plans to increase its stake to at least 51% through a mandatory offer. Expolanka’s promoter’s partial exit, though at market price, is at a 23.5% discount to the price at which company went public in 2011. Company’s US$ 18 Mn IPO in 2011 also came under spotlight due to another partial sell down by founding promotes at 57% discount to IPO price (to several local PE investors a few month prior to the IPO). Expolanka, which was earlier positioned as a diversified company, has been divesting its non-core assets to focus on core logistics and transport businesses. For the FY 2013/14, firm reported 34% increase in profits to US$ 10.9 Mn on an 8% top line growth to US$ 417 Mn. Expolanka’s bottom-line for 2013/14 includes US$ 7.6 Mn reported as other income and gains comprising profits from divestments.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, May 2014.

THE FIRM ADVISED SG HOLDINGS GLOBAL (PVT) LTD.

 

“Hong Kong based CLSA (Credit Lyonnais Securities Asia) invested US$ 2 Mn for a 25% stake in CT Smith Holdings. CT Smith Holdings is a leading player in Sri Lankan capital market and has stock broker business, advisory firm, and a fund management arm (which managed mutual funds). Company’s stock broker unit accounts for around 40% of foreign trading activity in Colombo bourse, and CLSA has channeled around 70% of CT Smith’s foreign businesses. CLSA which is now owned by China’s CITIC Group is also likely to encourage more Chinese portfolio investment in Sri Lanka. Earlier this year India Infoline  exited its loss making Sri Lanka stock broking and asset management businesses after two and half years since entering Sri Lankan..”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, May 2014.

THE FIRM ADVISED CREDIT LYONNAIS SECURITIES ASIA (CLSA).

“Asia’s number one stock broker, the Hong Kong-headquartered CLSA (Credit Lyonnais Securities Asia), yesterday entered the Sri Lankan market with a strategic deal with CT Smith Holdings, saying the country is the most sought after frontier market in the region for global investors…”

An extract from the Daily FT, 13th May 2014.

THE FIRM ADVISED CREDIT LYONNAIS SECURITIES ASIA (CLSA).

Click here for the full article.

 

“JAT Holdings, a company engaged in distribution of wood coating, paints and related products has secured US$ 3.5 million. Four local investors have invested in a combined 7% stake through a private placement offering, and company says it is negotiating selling a further 7% to another investor. JAT Holdings has operations in Bangladesh and Maldives and has made approx. US$ 3.1 million bottom-line for the year ended 31/3/2014. Company said it plans for an IPO in 2014.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, April 2014.

THE FIRM ADVISED JAT HOLDINGS.

Click here for the Newsletter

 

 “In other private debt finance deals, MAS Capital, one of largest garments and textiles firm in Sri Lanka has secured a US$ 35 million deal with IFC. Funding is expected to be utilized for capacity expansion, sustainability projects and product development. MAS Capital has 41 manufacturing facilities (including 9 overseas plants) and employs over 66,000.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, April 2014.

THE FIRM ADVISED IFC.

Click here for the Newsletter

 

“NDB Capital Holdings PLC, a subsidiary of NDB Bank PLC is floating a PE fund with a partnership with US based Zephyr Management and IFC. Proposed US$ 50 million fund will be managed from Colombo and Bangalore, and IFC disclosed a US$ 10 million commitment for the proposed fund which is expected to set up by September. In 2011 also IFC anchored a Sri Lanka country fund with a US based firm called LR Global. LR Global later abandoned Sri Lanka fund plans as they could not secure additional commitments (other than IFC’s US$ 10 million). IFC is an investor in Zephyr managed funds.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, April 2014.

THE FIRM ADVISED NDB CAPITAL HOLDINGS PLC.

Click here for the Newsletter

 

 

“The banking sector saw a fresh boost for the economy’s backbone SMEs and micro entrepreneurs thanks to a ground breaking deal between the National Development Bank (NDB) and the International Finance Corporation (IFC)…”

An extract from the Daily FT, 1st April 2014.

THE FIRM ADVISED IFC.

Click here for the full article.

 

“Union Bank of Colombo PLC said TPG Capital through TPG Asia VI LP has issued a term sheet for an investment in the bank. In October last year Union Bank said they were in talks with a US based investment firm to secure an investment. Union Bank is a mid-size bank with around US$ 282 million assets. Bank’s bottom-line dropped by 79.6% to US$ 0.75 million in FY 2013.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, March 2014.

THE FIRM ADVISED TPG.

Click here for the Newsletter.

 

 

“There were few large debt finance deals during the month. NDB Bank PLC said it secured US$ 195 million from a consortium of foreign lenders. This deal is viewed as an alternative to the earlier proposed US$ 250 million international bond offer. NDB Bank PLC also announced entering into a Memorandum of Understanding with DFCC Bank PLC regarding the proposed merger of the two banks.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, March 2014.

THE FIRM ADVISED NDB BANK.

Click here for the Newsletter.

 

“State owned Sri Lankan Airlines announced that they closed US$ 150 million international Islamic financing deal participated by several Middle Eastern banks and arranged by Standard Chartered Bank.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, March 2014.

THE FIRM ADVISED SRI LANKAN AIRLINES.

Click here for the Newsletter.

 

“The Board of Investment (BOI) has signed an agreement with Glowbal Outlets Ltd., a Canadian investment, for a project to undertake logistics services for international clients.

BOI Chairman Dr. Lakshman Jayaweera signed the agreement on behalf of the BOI and President Ramzey Hammound signed the agreement on behalf of Glowbal Outlets…”

An extract from the Daily FT, 18th March 2014.

THE FIRM ADVISED GLOWBAL OUTLETS LTD.

Click here for the full article.

 

“Consortium of investors who invested in Central Hospital in 2009 was excited with a 76% capital gain. Asiri Hospital Holdings PLC, the promoter of the hospital paid a total US$ 18.4 million to buy 24.6% held by John Keells Holdings PLC, by 2.7% held by Union Assurance PLC (a subsidiary of John keels Holdings) and 10% held by PE fund Aureos South Asia Fund LLC. After this deal Asiri Hospital Holdings have firm control of all three tertiary care city hospitals in Colombo. Asiri Hospital Holdings secured US$ 32 Mn investment from Actis in exchange for a 26.2% stake in 2012. For the first 3 quarters of FY 2013/14 Asiri Hospital Holdings reported a bottom-line of US$ 5.4 million (up 40%). Asiri Hospital Holdings PLC is controlled by Softlogic Holdings PLC.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, February 2014.

THE FIRM ADVISED ACTIS.

Click here for the Newsletter.

 

“Commercial Credit and Finance PLC, a mid sized listed finance company has secured a deal to raise US$ 12.9 Mn through a US based Creation Investments Sri Lanka LLC. The deal will increase the company’s equity capital to US$ 16.5 Mn from the current US$ 3.6 Mn. The investment will be made through two tranches and the investor will hold a 25% stake in the company. For the first half of FY 2013/14 Commercial Credit’s revenue was up by 72% to US$ 23.4 Mn and bottom line grew by 20% to US$ 2.6 Mn.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, January 2014.

THE FIRM ADVISED CREATION INVESTMENTS SRI LANKA LLC.

Click here for the Newsletter.

 

“In another debt funding deal, IFC has signed a deal with NDB Bank PLC to provide a Senior loan of US$ 20Mn and a debt syndication of US$ 60Mn. In December 2013 NDB raised US$ 76 Mn through a public bond issue (which was the single largest bond issue in the country). Earlier NDB cancelled a US$ 250 Mn international bond offer initially planned for late 2013.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, January 2014.

THE FIRM ADVISED IFC.

Click here for the Newsletter.

 

“CT Holdings PLC announced that it received a license to commence operations of its proposed green-field bank linked to its Cargills supermarket chain. CT Holdings first announced venturing into banking in 2011, but the launching of the bank delayed. New Cargills Agriculture and Commercial bank is also expected to absorb small finance companies in line with the Central bank’s roadmap to consolidate the financial services sector. CT Group hold 30% of the new bank and a further 30% is split among IFC, DEG and Sri Lanka’s MJF group (makers of Dilmah Tea). Many other local corporate have also invested in smaller stakes in the new bank. However the banking license, which was issued to be subject to conditions among which is a restriction on branch expansion.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, January 2014.

THE FIRM ADVISED IFC AND DEG.

Click here for the Newsletter.

 

“In a separate development related to banking sector, US based PE firm TPG is also reportedly negotiating a deal with Union Bank PLC a small bank (which earlier announced that they are in talks wit a large US based investor). Several other banking groups are also expected to announce their plans for consolidation and these consolidation plans are expected to include absorbing non-bank finance companies (especially those with cross shareholding or linked through commons shareholding and/or common directorships.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, January 2014.

THE FIRM IS ADVISING TPG.

Click here for the Newsletter.

 

“Two new resorts commenced operations in January. One of the leading Sri Lankan hotel operators – Jetwing opened its newest resort located adjoining Yala wildlife park in southern Sri Lanka. The 80 room resort Jetwing Yala was built at a cost of US$ 16 Mn…”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, January 2014.

THE FIRM ADVISED JETWING.

Click here for the Newsletter.

 

Mobitel (Pvt) Ltd, one of largest mobile telephone operators in the country and a subsidiary of Sri Lanka Telecom PLC said the company is in discussions with Hutchinson Asia Telecom to acquire their Sri Lankan mobile phone business. India’s Bharathi Airtel is also expected to exit from its loss making Sri Lankan unit and it is widely speculated that UAE based Etisalat is expected to acquire Airtel’s Sri Lankan operations to increase its market share in Sri Lanka.”

An extract from Jupiter Capital Partners Sri Lanka Private Equity Market Newsletter, January 2014.

THE FIRM ADVISED ETISALAT.

Click here for the Newsletter.

 

 

ENDS.