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First Capital Treasuries PLC, Sri Lanka’s leading non-bank primary dealer recently announced the firm’s intention to enter an Initial Public Offering (IPO). The IPO is scheduled for November 2021 subject to regulatory approval.

Established in 1982, First Capital Treasuries boasts an illustrious history as the pioneer licensed primary dealer appointed by the Central Bank of Sri Lanka to deal exclusively in Government Securities. Presently, the Company is the market leader amongst non-bank primary dealers with a capital base of Rs. 4.5Bn as at 30th June 2021. The Company continued to account for the highest amongst non-bank primary dealers raising debt for the government, taking up as much as 18% of the total issuance of treasury bonds among all primary dealers in 2020.

First Capital Treasuries PLC is a subsidiary of First Capital Holdings PLC, a member of the Janashakthi Group. Interested parties can visit our website www.firstcapital.lk/FCT, or contact 0777809154, 0772264770 for further information regarding the IPO process and applications.

 

Future Growth

A Journey of almost 40 Years….

 

Board of Directors

 

NISHAN FERNANDO

Independent Non-Executive

Chairman

Nishan Fernando is a Fellow Chartered Accountant and a Chartered Global Management Accountant with Associate Membership of the Chartered Institute of Management Accountants, UK. He holds a Master’s Degree in Business Administration from the Postgraduate Institute of Management, University of Sri Jayewardenepura, and is a Graduate of the Sri Lanka Institute of Directors. He counts over 30 years of experience, during which period he has held the position of CFO/ Head of Finance at leading corporates in Sri Lanka. Nishan is a Past President of the Institute of Chartered Accountants of Sri Lanka.  He has served on the International Accounting Education Standards Board of the International Federation of Accountants, and its Consultative Advisory Board. He has also served on the Board of South Asian Federation of Accountants. He is currently serving as the Vice Chair of the Asia Oceanian Standards Setters’ Group and is the Chair Elect for 2022-2023. He had been a Commission Member of the Securities and Exchange Commission of Sri Lanka and also served on the Accounting and Auditing Standards Monitoring Board, Governing Boards of Postgraduate Institute of Management and of National Institute of Business Management. He has been serving on the Sri Lanka Accounting Standards Committee for over sixteen years and chaired it in 2009-2013 during which period Sri Lanka fully converged with IFRS. He has also been chairing the SLFRS Implementation and Interpretation Committee of CA Sri Lanka. 

Other principal appointments Managing Director: BDO Consulting (Pvt) Limited

DINESH SCHAFFTER

Managing Director

Dinesh Schaffter currently serves as the Managing Director of First Capital Holdings PLC and its subsidiaries. He has a background in finance, and substantial experience and expertise of over 25 years, during which he has executed a range of transactions including M&A, restructuring and business valuations. With professional qualifications in Finance as a Member of the Chartered Institute of Management Accountants (CIMA), UK, a Bachelor’s Degree in Law (LL.B.) and an Executive Master’s Degree in Business Administration (MBA) from INSEAD, France, his insights are valuable to the company in developing strategies for expansion, acquisitions and business collaboration. He was formerly the Managing Director of Kelsey Developments PLC and Dunamis Capital PLC.

Other principal appointments Director: Janashakthi Limited, Janashakthi Insurance PLC and Kelsey Developments PLC

DILSHAN WIRASEKARA

Director/Chief Executive Officer

Dilshan Wirasekara, Director/Chief Executive Officer of First Capital Holdings PLC is an experienced professional with a career spanning over 25 years, comprising diversified expertise in financial services including, banking, treasury and investment management, capital market strategy and corporate finance advisory services. Having joined First Capital in 2013, Wirasekara steered the Company, a full service investment institution holding licenses as a primary dealer in government securities, stock brokering as a full trading member of the CSE, unit trust management and wealth management licensed by SEC and debt structuring, trading and corporate finance advisory in addition to its fully fledged research unit covering macro fundamentals, equity and fixed income, to establish itself as a significant contributor to the local capital market industry. He spearheaded the formation of key debt structuring deals with internationally based development Financial Institutions as well the signing of strategic partnerships with foreign institutions focusing on emerging markets such as Sri Lanka. He was the former General Manager of Softlogic Capital PLC guiding investment and trading portfolio management across subsidiaries inclusive of the Group’s Licensed Finance Company, Composite Insurer and Equity Brokerage; prior to which he was Head of Treasury at Nations Trust Bank PLC.  He specialises in Asset and Liability Risk Management having secured the accolade of leading and representing two Sri Lankan companies in winning the International Bank Asset and Liability competition organised annually by the Netherlands Development Finance Company (FMO), German Investment Corporation (DEG) and Proparco – a subsidiary of the Agence Française de Development (AFD).  Dilshan Wirasekara is an Alumnus of INSEAD having successfully completed his Executive Professional Education at INSEAD Business School in Fontainebleau, France. He is also an Alumnus of AOTS, Tokyo, Japan.

Other principal appointments Director: Colombo Stock Exchange

Other principal appointments Director: Janashakthi Limited, Janashakthi Insurance PLC and Kelsey Developments PLC

PRAKASH SCHAFFTER

Non-Independent Non-Executive

Director

Prakash Schaffter is the Deputy Chairman of Janashakthi Limited, the parent company of First Capital Holdings PLC. He is a graduate of Cambridge University and has over three decades of managerial and financial experience in both Sri Lanka and the United Kingdom. Over the course of his tenure of leadership as the Executive Chairman of Janashakthi Insurance PLC, he has led Janashakthi through a growth phase that saw Janashakthi become the third largest Non-Life Insurer. He was instrumental in acquiring the Non-Life segment of AIA Insurance Lanka in 2015 and also led the divestment project of Janashakthi’s NonLife segment in 2018. Prakash is a former President of the Insurance Association of Sri Lanka, and continues to impact the business sector through his membership on the council of the Sri Lanka Institute of Directors (SLID). He served on the Boards of several listed and unlisted entities including the Bank of Ceylon and has been amongst the youngest Fellow Members of the Chartered Insurance Institute. He has also served as President of the Young Presidents Organisation of Sri Lanka. A former first-class cricketer, he represented both the University of Cambridge and London University during his cricketing career. He has also served as President and Secretary of the Tamil Union Cricket and Athletic Club. He is a former Secretary of Sri Lanka Cricket, having served on three separate occasions on Interim Committees appointed by the Government.

Other principal appointments Chairman: Janashakthi Insurance PLC Deputy Chairman: Janashakthi Limited Director: First Capital Holdings PLC, Kelsey Developments PLC, Orient Finance PLC

Other principal appointments Director: Janashakthi Limited, Janashakthi Insurance PLC and Kelsey Developments PLC

RAMESH SCHAFFTER

Non-Independent Non-Executive

Director

Ramesh Schaffter was appointed as a Non-Independent, Non-Executive Director on 21 December 2018. He serves as Managing Director/Group Chief Executive Officer of Janashakthi Limited. Counting over three decades of experience in Finance and Marketing, he is a Fellow Member and former Council Member of the Chartered Institute of Management Accountants, Sri Lanka, and an Associate Member of the Chartered Institute of Marketing. He has served on the Boards of several public listed and unlisted companies. A social entrepreneur and life coach, he is an accomplished public speaker and a multiple award winner at national and international level Toastmasters’ contests. He is the former President of Habitat for Humanity Sri Lanka and a former Board Member of World Vision for Sri Lanka. He is a Co-Founder of cable television channel Swarga TV, as well as the Christian Arts Foundation (Chraft), an organisation that promotes music and drama in Sri Lanka. Ramesh also serves on the Council of the Colombo Theological Seminary, a graduate and postgraduate educational institute, and is the former Chairman of the Incorporated Trustees of the Church of Ceylon.

Other principal appointments Managing Director/ Group Chief Executive Officer : Janashakthi Limited Director : Janashakthi Insurance PLC, Kelsey Developments PLC, Orient Finance PLC, Serendib Land PLC.

 

MINETTE PERERA

Independent Non-Executive Director

Minette Perera was the Group Finance Director of the MJF Group, which comprises several tea growing, packing and exporting companies, supplying the “Dilmah Tea” brand around the world, from September 2000 till March 2013. During the period of her employment with the MJF Group, she was appointed a Director of the MJF Group of Companies, including MJF Holdings Limited, She continues to hold Board positions in some Companies of the MJF Group. She has also held board positions before joining the MJF Group. Minette is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka, the Chartered Institute of Management Accountants of UK and the Association of Chartered Certified Accountants of UK. She has over 40 years working experience as a qualified accountant having worked in leading local and international companies as an Executive Director.

Other principal appointments Non-Executive Director: Orient Finance PLC, Dilmah Ceylon Tea Company PLC (formerly Ceylon Tea Services PLC), Kahawatte Plantations PLC, Talawakelle Tea Estates PLC and Forbes & Walker (Pvt) Limited.

 

 

CHANDANA DE SILVA

Independent Non-Executive Director

Chandana de Silva, who has 32 years of managerial and financial experience acquired in Sri Lanka and the United Kingdom, held several senior management positions including that of Chief Financial Officer of a Nasdaq quoted data communication services company during his 23 years of work experience in the UK. Since moving back to Sri Lanka in 2002 he worked at MAS Holdings in a variety of roles and established its Supply Chain Management function, set up the MAS training centre and was the Chief Executive Officer of the MAS Investments Division. Chandana is a Fellow of the Institute of Chartered Accountants in England and Wales and in Sri Lanka. He holds a Bachelor of Science in Mathematics and Management from the University of London, UK. He now serves as a Non-Executive Board member and as a consultant.

Other principal appointments Chairman: Janashakthi Limited Director: Kelsey Developments PLC, Eureka Technologies (Pvt) Limited, 24/7 Techies (Pvt) Limited, Reap Digital (Pvt) Limited and Bairaha Farms PLC

 

NISHAN DE MEL

Independent Non-Executive Director

Nishan de Mel is the Executive Director of Verité Research (Pvt) Limited, a think tank providing analytical research and advisory services on economic, political and legal issues in Sri Lanka and Asia. He is an economist with extensive academic, policy and private sector experience. In Sri Lanka, he has been a Member of the Presidential Task Force on Health Sector Reform, Presidential Committee on Tobacco, Alcohol and Dangerous Drug Regulation and the National Steering Committee on Social Security. He has also served as the Executive Director of the International Centre for Ethnic Studies and on the Board of the Sri Lanka Foundation. Internationally, Nishan has held several governing, teaching and research positions, including as Lecturer in Economics at Oxford University. He holds Masters and Doctoral degrees in Economics from the University of Oxford, UK and a Bachelor of Arts degree in Economics from Harvard University, USA.

Other principal appointments Director : Eureka Technology Partners (Pvt) Limited and Bartleet & Company Limited

 

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