Smaller size, lower liquidity, and uncertainty of foreign exchange in Sri Lanka have been cited as reasons for the Dubai-based Eagle Proprietary Investment Ltd (EPIL) to exit its operations in Sri Lanka.
The exit was marked by the divestment of Candor Equities Ltd for LKR 100 million to the Kandy-based Senkadagala Finance PLC Group’s controlling shareholder, E.W. Balasruiya & Co (Pvt.) Ltd. The deal was concluded on 1st November 2021. The purchase of Candor, which came into existence in May 2013, allows the Senkadagala Finance group to dip its toes in the stockbroking business. According to the spokesperson, all existing top management & staff will remain at Candor and assist the new owners.
The exit from Sri Lanka also saw the closing down of Candor Capital (Pvt.) Ltd & Candor Shared Services (Pvt.) Ltd.
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