Capital Change

June 12, 2007 (LBO) – A controlling stake in the listed financial firm, Asia Capital was bought by a consortium led by Asia Fort Asset Managment, with two foreign funds selling out Tuesday, an official said. Two foreign funds, Rockport and Sezeka sold out with a consortium led by Asia Fort Asset Management buying the stake, Asia Capital Director Harsha Amerasekera told LBO.

Asia Fort Asset Management is a firm connected to Asia Capital Chief Executive, Asanga Seneviratne.

Sena Yaddehige, a UK based investor is the current chairman of Asia Capital, though he is not officially a major shareholder.

Amerasekera says Yaddehige was originally nominated to the board by Richard Pieris, which also held shares in Asia Capital and his nomination was supported by the two funds that sold out today.

Asia Capital also owns Asia Securities, a full member of the Colombo Stock Exchange.

Asia Securities in a disclosure said one of its clients A B Khalid bought 31.9 million shares amounting to 29 percent of Asia Capital.

A 51 percent stake or 56 million shares of Asia Capital changed hands at 14 rupees grossing around 788 million rupees Tuesday.

At the same time a 4.94 million share sli