Sri Lanka’s CAL to start stock brokerage operations in June

CAL Securities, a Dubai-based Sri Lankan multinational company, is set to launch a brokerage business in Bangladesh’s capital market in June.

The company will focus on research-based business in Bangladesh to help investors make the right investments.

Ajith Fernando, chairman of the company, outlined the company’s business plan in Bangladesh at a press conference at the Capital Market Journalists Forum (CMJF) auditorium on Wednesday.

It is the first multinational company in the country’s capital market to have recently obtained a stock broker and stock dealer licence for trading shares from the Bangladesh Securities and Exchange Commission (BSEC).

The company has also joined the merchant banking business by acquiring Beta One Merchant Bank Limited, whose activities are ongoing. After the change of ownership completes, the company will be renamed CAL Investment Limited.

At the press conference, Ajith Fernando said that CAL Bangladesh wants to go beyond the traditional business and add a new dimension to brokerage.

“Before starting the business, we did study on the micro economy of Bangladesh, which has shown that there is a lot of potential for investment in the country, he said, “as a result, the capital market is also a potential sector of the economy. We want to make use of this possibility.”

Ahmed Raihan Shamsi, director of the company, said that CAL Bangladesh wants to make a new contribution to the capital market of Bangladesh. The company has 22 years of experience in the global frontier market.

“Bangladesh is in a good position economically, it will be in a better position in the next 20 years, he said, adding, “Seeing this possibility, the company is investing in Bangladesh.”