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| Sunday, 26 January 2003 |
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| News Business Features Editorial
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Nextventures sets up int'l advisory panel Nextventures Limited has set up an international advisory panel to provide strategic advice to the company. The setting up of the panel is a timely action by the company with its plans to extend investments to international companies through share conversion options. Nextventures has already secured an investment of this nature in Textcentric Technologies (Pvt) Ltd, the local development centre of a company based in Pittsburgh, USA. Textcentric has been identified by Nextventures as an investment that has good potential in the areas of digital content solutions and e-learning. Nextventures' investment in emPriseIT, the local wireless application developer headquartered in New Zealand, has a similar share conversion option. The Government of Sri Lanka too has recognised the importance of this international perspective by allowing, through the Budget 2003 proposals, the investment of upto 20 per cent of new venture capital funds in off-shore subsidiaries or holding companies of local investee companies. Advisers who have already been invited to the panel are Herman Ziegelaar, Chairman Millennium Information Technologies (Pvt) Ltd, Dr. Sivaprakasam Sivakumar, Director Research of the Schwendiman Group of Companies, Boston, USA and Dr. Bandula Wijay, a scientist and a renowned businessman who has founded three medical device companies in the US. The panel has been selected due to the members' expertise in specific markets in the US and Europe, the key markets for the majority of Nextventures' investee companies in the technology sector. |
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