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Richard Pieris divested 20.7% of its holding in Asia Capital for Rs. 320 million in its strategy of rationalising its investment portfolio and realigning its resources to concentrate on its core areas of business.

Richard Pieris held a significant minority stake of 25.2% in Asia Capital prior to the divestiture. Asia Capital as at the end of last year also held a large stake of 28% in Richard Pieris. Both companies have now liquidated most of its cross holding in each other thereby enjoying substantial capital gains.

A spokesman for Richard Pieris said that the Company's average cost per share of its investment in Asia Capital was Rs. 8.24 per share and the sale of shares at an average price of Rs. 14 per share yielded an attracted capital gain of Rs. 130 million. These funds could now be utilised to reinvest in its core businesses and other high growth areas to support future growth.

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