Tag Archives: Unit Trust

The First Capital Team – Town Hall Meeting

The First Capital Team have had a great year, marking many milestones while working remotely since October to ensure that our customers’ financial aspirations are achieved, while we protect our staff, our families and our community.

Today we are excited to share some screenshots of our Town Hall meeting where the whole team was logged in together!

#firstcapital #performancefirst #embaringthenewnormal

#teamphot o

First Capital Holdings PLC issuer rating upgraded to [SL]A by ICRA Lanka Limited

ICRA Lanka, has upgraded the issuer rating of First Capital Holdings PLC to [SL]A with Stable outlook from [SL]A- with Stable outlook.

ICRA Lanka has taken a consolidated view of the First Capital group, comprising of First Capital Holdings PLC and its subsidiaries, which is involved in a range of financial services such as primary dealership, equity trading, corporate advisory, debt structuring and asset management. There is a strong interlink between the entities through sharing of a common brand, management team, systems and group treasury functions.

The ratings upgrade factors in the status of the company as the holding company of First Capital Treasuries PLC, the leading standalone primary dealer currently in Sri Lanka with an issuer rating of [SL]A with Stable outlook. The ratings upgrade also factors in the improvement in the capital and gearing profiles, good market position offering diverse financial services, a strong senior management team, risk management processes to reduce market and operational risks, as well as improvement in the capitalization profile through healthy internal generation.

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In photos –

  • Nishan Fernando – Chairman, First Capital Holdings PLC
  • Dilshan Wirasekara – Director/Chief Executive Officer, First Capital Holdings PLC

ICRA Lanka upgrades the ratings of First Capital Treasuries PLC to [SL]A

Rating action

ICRA Lanka Limited, has upgraded the issuer rating of First Capital Treasuries PLC (FCT or “the Company”) to [SL]A (pronounced SL A) from [SL]A- (pronounced SL A minus).

ICRA Lanka has also upgraded the issue rating of the LKR 750 Mn Subordinated, Unsecured, Redeemable Debenture programme of FCT to [SL]A- (pronounced SL A minus) from [SL]BBB+ (pronounced SL triple B plus).

The issue rating of [SL] BBB+ (pronounced SL triple B plus) with stable outlook for the LKR 500 Mn Subordinated, Unsecured, Redeemable Debenture programme of the company has been withdrawn as the said debentures have matured and there is no amount outstanding against the rated instrument. The outlook on the long term ratings remains Stable.

Rationale

ICRA Lanka has taken a consolidated view of the First Capital group (comprising of First Capital Holdings PLC and its subsidiaries), which is involved in a range of financial services such as primary dealership, equity trading, corporate advisory, debt structuring and asset management. There is a strong interlink between the entities through sharing of a common brand, management team, systems and group treasury functions.

The ratings upgrade considers the healthy performance of FCT (a subsidiary of First Capital Holdings PLC rated [SL]A), following the robust earnings of LKR 1,208 Mn and LKR 1,356 Mn in FY2020 and Q1 of FY2021, respectively, in comparison to LKR 96 Mn in FY2019 (LKR 1,671 Mn in FY2018).

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First Capital Wealth Fund announces dividend of Rs. 100 per unit for FY 2019/20

First Capital Asset Management Ltd., the managers of the First Capital Wealth Fund, has announced a dividend of Rs. 100 per unit for the year 2019/20.

The fund has delivered a return of 11.14% (Compounded Annual Growth Rate) since inception as at 5 October.                                                                                                                       
‘Astute assessment of market opportunities, leveraging on interest rate fluctuations and prudent management is attributed to the successful growth of the unit trust funds under our management,” said First Capital Asset Management Ltd. AGM – Asset Management Kavin Karunamoorthy.

“Utilising our expertise as a specialised knowledge and industry expert, in debt market services and prominent non-bank primary dealer in Sri Lanka, we are confident that the unit trusts managed by First Capital Asset Management Ltd. will continue to reap the rewards of timely, well-informed investments,” he added.

First Capital Asset Management, a subsidiary of First Capital Holdings PLC, is licensed and approved by the Securities and Exchange Commission of Sri Lanka (SEC) while Bank of Ceylon (BOC) acts as the trustee and custodian for the fund.

The company specialises in managing investments for high net-worth individuals, trusts and companies. First Capital Asset Management Ltd. is a subsidiary of First Capital Holdings PLC which offers investment solutions in fixed income, equities, wealth management and capital markets advisory.