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| Sunday, 10 August 2003 |
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| News Business Features Editorial
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First Capital Treasuries Cross Rs. 500M mark The First Capital Treasuries Limited (FCTL), the primary dealer arm of First Capital Group, recorded an after-tax profit of Rs. 538 Million during the six months period ended June 2003. It is the highest ever profit earned by the company in its 10 year history. During the year 2002 the company earned a net profit of Rs. 214Mn. The FCTL was incorporated with an initial capital of Rs. 1 Mn in 1990, and at present the Company's net worth stands at Rs. 495Mn. FCTL is the first dedicated primary dealer in the country. In addition, FCTL pioneered leveraged portfolio management with active secondary market trading in government securities. FCTL has been playing a vital role in expanding the boundaries of the Sri Lankan debt market and took the initiative to open branches in Matara and Kandy. Along with the guidance of the Central Bank of Sri Lanka FCTL has been conducting awareness programs in most parts of the country. Furthermore, FCTL has made arrangements to distribute debt securities in other parts of the country with the assistance of rural financial institutes. In March 2000 the Company introduced FBI, the First Capital Sovereign Bond Index, the first ever index to track the market movement of the Sri Lankan Government bond market. During the same time the company launched a corporate website to disseminate information to the general public. The FCTL was originally incorporated in 1990 as MB Financial Services (Pvt) Limited (MBFSL), as a subsidiary of Merchant Bank of Sri Lanka. At the inception the Company was primarily focused on Inter-Bank Money broking. Subsequently, the company obtained primary dealer license in 1992. In 1998, Commercial Capital a joint venture between Commercial Bank and Singer Sri Lanka acquired 30% of FCTL. At the same time Commercial Bank divested, current staff and the directors of the company bought its stake in Commercial Capital. Later the Commercial Capital increased its holding to 65% of MBFSL. In August 1999, the Company name was changed to First Capital Treasuries Limited. From the inception the Company was spearheaded by MD/CEO Ajith Devasurendra. Devasurendra while commending the achievements made by his team of professionals also sees further growth in the debt markets in Sri Lanka with envisaged developments in the infrastructure. Devasurendra encourages new entrants to the industry and believes that competition will expand the market while improving efficiency. Devasurendra also said that, this milestone wouldn't have been achieved, without the support, encouragement and blessings of the Board of FCTL. Rohini Nanayakkara is the current chairperson of the company and she serves in this capacity since 1999. Other members of the Board are Hemaka Amarasuriya, M. T. L. Fernando, Sumith Guruge, Sujeewa Rajapakse Rohan Karunanayaka, and G. Jinadasa. |
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