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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » CIC yet to receive over Rs.283 million from Paints & General Industries

CIC yet to receive over Rs.283 million from Paints & General Industries

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Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

May 23, 2012 (LBT) - CIC Holdings PLC (CIC) in a filling to Colombo Bourse today said that company is yet to receive nearly Rs.283.07 million from Paints & General Industries as per the financials of 31 March 2012.

Accordingly the filing said that via the technology acquired from Imperial Chemical Industries (ICI) of Britain, CIC manufactures latex a major raw material used for paint manufacturing, and latex is supplied to Paints & General Industries Ltd on credit terms. The company added in its disclosure that it had invoiced Rs.535.87 million till 31 March 2012 and the outstanding as at that date is Rs.283.07 million.

CIC yet to receive over Rs.283 million from Paints & General Industries Cicp

The disclosure said that it is a related party transaction since Rusi S. Captain is a common Director at both CIC Holdings PLC and its largest shareholder Paints & General Industries Ltd. Company added that the disclosure is in compliance with Section 8 of the (Corporate Disclosure) of the listing rules that directs a listed entity to disclose related party transaction that exceeds 10% of Equity or 5% of the total assets of the entity.
http://lbt.lk/corporate/announcements/1915-receivables

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