• Exchange Rates
• Unit Trust Prices
• Asia Capital and Richard Pieris join hands

The Central Bank's Spot Rates for transactions with Commercial Banks announced on the morning of May 21, 1998 were as follows:

The approximate middle exchange rates of following currencies calculated on the basis of cross rates quoted by Gulf International Bank, Bahrain as it appeared in Reuters Financial Information System on May 21,1998 were as follows:

Average rates at which the following currencies were quoted by Commercial Banks in Colombo for Telegraphic Transfers at mid-day on May 21, 1998 were as follows:

Average Weighted Prime Lending Rate (AWRP) and Lowest Prime Rate (LPR)
The Average Weighted Prime Lending Rate (AWPR) during the week ended May 15th 1998 was 14.2 per cent for all banks. The Lowest Prime Rate among banks during this week was 12.0 per cent.

Average Weighted Deposit Rate of Commercial Banks (AWDR)
The Average Weighted Deposit Rate (AWDR) of Commercial Banks for the month ended April 30th 1998 was 9.6 percent.

Asia Capital and Richard Pieris join hands

Asia Capital Limited announced placement of shares as part of its strategic tie-up with Richard Peiris & Company Ltd., following an EGM (Extraordinary General Meeting) of the company's shareholders. It was decided at the EGM that Asia Capital Limited would place 12 million new ordinary shares with Richard Peiris & Co. Ltd. With this placement both companies will have a 20% cross holding.

Mr. Nigel Austin, Chairman, Asia Capital Limited said that he was very pleased by the unanimous vote in favour of the Resolution by the shareholders at the meeting and that he was confident of their support in the future.

Speaking on the occasion, Mr. Dirk Bryant Flamer Caldera, Chief Executive Officer, Asia Capital Ltd., said "We are very excited about forging what we know will be a mutually beneficial relationship with Richard Pieris & Company Ltd., (RPC). RPC is, in our opinion, one of the first blue chip companies in Sri Lanka. We envisage an enormous potential in the financial services arena. RPC's exposure to this sector not only allows them to share in this potential but also to take optimum advantage of Asia Capital's expertise when addressing their future requirements. As for Asia Capital, the alliance ensures our shareholders exposure to some of the finest growth segments in Sri Lanka. Our primary concern is a bountiful return to our shareholders. This alliance goes a long way in achieving this".

Meanwhile Asia Capital Ltd., has reported a net profit after tax of Rs. 217.1 million for the year ended March 31, 1998. This compares with a loss of Rs. 110.9 million for the previous year. The company has also recently announced its first ever cash dividend of 5%. The management is confident of maintaining a steady growth in the company and offer its shareholders a substantial return on their investment.

Asia Capital Ltd., is an equity based investment bank and the placement will increase the issued capital of the company to Rs. 1.22 billion from Rs. 1.10 billion. The company was incorporated in 1991 and focuses on stock broking, corporate finance, asset management and equity investments. Asia Capital Ltd., has an international share placement capability due to the tie-up with Indosuez W1 carr Securities, a part of the Credit Agricole group, which is one of the largest banks in the world.

Richard Pieris & Co., is a conglomerate group engaged in rubber, plastics, tyre retreading, furniture, retailing, plantations and property development. This alliance will allow it to diversify into the financial services industry.