The SBI Group is to acquire a strategic 25% stake in Sri Lankan Brokerage First Guardian Equities through an investment via a private placement.
The MoU was signed by the Representative Director, President and CEO of SBI Holdings Yoshitaka Kitao and Managing Director/CEO of First Guardian Equities (Pvt) Ltd. Rohan Goonewardene
The SBI Group will be offered two representatives on the Board of First Guardian Equities. This transaction is due to be concluded shortly after obtaining the required regulatory approvals.
First Guardian Equities is a licensed trading member of the Colombo Stock Exchange and regulated by the Securities and Exchange Commission of Sri Lanka (SEC). Located in Colombo’s World Trade Centre, it is the only stock brokerage in Sri Lanka with an international ISO 9001:2008 systems standardisation certification. Currently the Company is also in the process of obtaining a credit rating from a foremost international credit rating agency.