Janashakthi Group Strengthens Group Synergies with Strategic Share Transfer
27th December 2023, Colombo: Janashakthi Group (JXG), a leading conglomerate in financial services with a presence in the Insurance, Finance, and Investment sectors, announces a strategic move to enhance Group synergies through the transfer of 25% of First Capital Holdings PLC shares to Janashakthi Insurance PLC.
This transfer is aimed at fostering a more cohesive and integrated approach across Janashakthi Group’s key business units, aligning the strategic interests of Janashakthi Insurance PLC with First Capital Holdings PLC and creating a more unified and efficient Group structure. Despite the transfer, Janashakthi Group still holds 83% of First Capital shares.
Ramesh Schaffter, Managing Director and Group CEO of Janashakthi Group, stated, “Consolidating the ownership structure within the Group will not only enhance operational synergies but also position us for sustained growth and success. This strategic alignment reinforces our commitment to delivering greater value to stakeholders, marking a pivotal step in creating a more integrated and dynamic financial conglomerate. By leveraging the collective strengths of our key business units, we aim to enhance the overall value proposition for our clients and stakeholders.”
About Janashakthi Group (JXG)
Janashakthi Group (JXG) is a financial conglomerate with a diversified presence spanning the Insurance, Finance, and Investment sectors. Each of the Group’s core businesses stands as a formidable leader in their respective industries. The Janashakthi Group comprises First Capital, Janashakthi Life, Orient Finance, and Janashakthi Foundation.
First Capital Holdings PLC is a pioneering investment institution in Sri Lanka with a diverse product portfolio that includes Government Securities, Unit Trusts & Asset Management, Corporate Finance & Advisory, Corporate Debt Securities, and Stock Brokering. First Capital embraces a ‘Performance-First’ ethos and envisions improving the lives of all Sri Lankans through financial solutions.
Janashakthi Insurance PLC, also known as Janashakthi Life specializes in innovative life insurance products and services, catering to the diverse needs of its clientele. Staying true to its corporate purpose of ‘uplifting lives and empowering dreams’, Janashakthi Life has always strived to deliver greater value to all its stakeholders ethically and transparently.
Orient Finance PLC offers a wide range of financial services in the NBFI sector, including the mobilization of deposits, savings accounts, leasing, gold loans, alternative finance solutions, and corporate financing. Orient Finance PLC has established itself as a customer-focused financial service provider that prioritizes innovation and offers exceptional customer service.
Janashakthi Foundation, the philanthropic arm of the Group, is dedicated to making a positive impact on the community through its commitment to three key pillars: sports, education, and community. Recognizing the transformative power of these pillars, Janashakthi Foundation actively supports initiatives that contribute to the well-being and development of society.
The Group’s distinguished Board of Directors comprises Chandana De Silva (Group Chairman), Prakash Schaffter (Deputy Chairman), Ealderly Perera (Independent Non-Executive Director), Saliya Wickramasuriya (Independent Non-Executive Director), Nathan Sivagananathan (Independent Non-Executive Director), and Manjula Mathews (Non-Independent Non-Executive Director), with Ramesh Schaffter serving as the Managing Director and Group CEO. Together, they steer Janashakthi Group toward continued success and growth in the dynamic financial landscape.
