Mr. Harsha Amarasekera, the Chairman of Asia Capital, and Mr. James Swaminathan, a director of the company, resigned from the board of Asia Capital shortly after a stock market transaction on Friday when nearly 27% of the company changed hands.

Mr. Asanga Seneviratne, MD/CEO of the Asia Capital, sold his stake in the company to Malaysia based Mr. V.S. Vijayaratnam, who business analysts said is connected with the Gold Quest group.

Seneviratne will however remain as MD/CEO of the company, well informed sources said.

Friday’s transaction involving slightly over 29.5 million shares was concluded at a price of Rs.6 per share.

Amarasekera, previously deputy chairman, succeeded Richard Pieris Chairman/CEO, Dr. Sena Yaddehige, as Chairman of Asia Capital.