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.
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