Srilanka, Nov. 3 -- Capital Alliance Holdings (CAL) has signed an agreement to acquire a 51 percent stake in Asia Frontier Capital (AFC), a Hong Kong-based fund manager that specialises in frontier equity markets. The deal is subject to regulatory approvals, including approval from the Securities and Futures Commission of Hong Kong, before it can be completed.

CAL is making the acquisition through its wholly owned Singapore-based subsidiary, CAL Global. The companies did not disclose the value of the transaction.

The deal widens CAL's international reach. It links the group's operations in Sri Lanka, Bangladesh and Singapore with AFC's platform in Hong Kong, and with AFC's teams on the ground in Vietnam, Uzbekistan and Iraq. CAL says t...