Fresh Start

Nov 14, 2007 (LBO) – One of the youngest stockbrokering firms in Sri Lanka, which started as a unit of the First Capital Group is now operating as an independent entity as a with the group selling out its stake. First Capital Equities is formally changing its name to First Guardian Equities from today, the company said.

The First Capital group was taken over by Kshathriya Holdings.

The company said First Capital has sold its 40 percent stake to Dawi Investment Trust, and investors Lakdasa Hulugalle and Ranjan Hulugalle.

Ranjan Hulugalle, a US-based Sri Lankan lawyer and president of Hulugalle Capital, a Las Vegas based fund management company was involved with the firm since its founding.

The company has currently planned out new strategies to take the company forward through innovation and being first in delivering customer focused, research and investment methods whilst maintaining the highest level of discipline and integrity," chief executive Rohan Goonewardene said.

Three of the original investors in the company, the Hirdaramani Group the high net worth New York based Sri Lankan Raj Rajaratnam of the Galleon Hedge Fund, and Guardian Equity have remained as shareholders and back