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| Sunday, 13 April 2003 |
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| News Business Features Editorial
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Janashakthi continues acquisitions Janashakthi Group continued to be active in the Colombo bourse last week after acquiring a five per cent stake in National Development Bank. The Group, through its fully-owned subsidiary National Insurance Corporation, also acquired a 11 per cent stake in Dankotuwa Porcelain Ltd (DPL). Janashakthi picked up four per cent of DPL from the market and the balance seven per cent from the Employees Trust Fund. John Keells Holdings and Sri Lanka Telecom were among the stocks picked up by Janashakthi during the week. Head of Capital Markets Janashakthi Group Sherman Gunatillake said the strategy behind them getting in to the market is long-term value creation. "In the insurance business, we have long-term liabilities. Therefore, the asset base should match that time horizon. With interest rates down to single digit levels and limited recovery expected in the long-term yield curve, we wanted to create a healthy balance between fixed income securities and capital market investments which promises long-term returns," he said. Gunatillake explained that Janashakthi is very perceptive in stock picking. "We are primarily looking at solid earnings and growth backed by a sustainable dividend yield. We are not making speculative investments. We need to make informed solid investment decisions, which is why we emphasise on sector and industry studies to see where the industries are heading and growth is coming from," he concluded. |
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