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| Sunday, 4 January 2004 |
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Business |  |
| News Business Features Editorial
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MMBL Phillip becomes Asha Phillip MMBL Phillip Securities Ltd, which claims to be the leading retail broker in the country, has changed its name to Asha Phillip Securities Ltd. Asha Phillip Securities plans to open two branches in Jaffna and Kurunegala in the coming months while it will launch Internet trading too this month in a bid to ease the burden and hassles encountered by clients. Director and CEO, Asha Phillip Securities, Dimuthu Abeyesekera said: "At present we are one of the leading retail brokers in the country and we are in the process of strengthening the corporate and foreign businesses utilising the expertise of Phillip Securities Singapore." Prior to the name change, 58.2 per cent of the shares owned by Mercantile Merchant Bank Ltd. (MMBL) was sold to Vanguard Equity Holdings (Pvt) Ltd. while the balance of the shares is still owned by Phillip Securities of Singapore. At present Asha Phillip Securities has two branches in Matara and Kandy. The Matara branch was established 10 years ago and enjoys a 65 per cent market share while the Kandy branch was established recently with the Colombo Stock Exchange opening a branch in Kandy. MMBL Phillip Securities was first incorporated as Mercantile Stock Brokers Ltd. under the Companies Act No 17 of 1982 in December 1982 as a subsidiary of Mercantile Credit Ltd. The company's name was changed to Allied Stock Brokers in October 1992 with additions made to the head office and a branch opening in Matara. In 1993 the Colombo stock market experienced rapid growth, and with the growing trend of joint ventures between local and overseas stock brokers, the company formed an alliance with Phillip Securities of Singapore. In January 1994 the name of the company was changed to MMBL Phillip Securities Ltd. Last year, the major Sri Lankan shareholder, MMBL sold its stake in the company to Vanguard Equity Holdings (Pvt) Ltd. At present 58.2 per cent of the shares are held by Vanguard Equity Holdings while the balance shares are held by Phillip Securities of Singapore. The Board of Directors of Asha Phillip Securities comprise N.M. Udeshi- Chairman, M.M. Udeshi, S.R.S. De Saram, Dimuthu Abeyesekera-CEO, Lee Chay Khiong and Loh Hoon Sun. |
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