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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » MELSTACORP PLC (MELS.N0000)

MELSTACORP PLC (MELS.N0000)

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1MELSTACORP PLC (MELS.N0000) Empty MELSTACORP PLC (MELS.N0000) Mon Apr 04, 2011 9:54 pm

KPMG

KPMG
Manager - Equity Analytics
Manager - Equity Analytics
Melstacorp PLC, formerly Melstacorp Limited, is engaged in managing a portfolio of holdings consisting a range of business operations, and providing function-based services to its subsidiaries and associates. The Company's segments include Beverages, Telecommunication, Plantation, Financial Services and Diversified. The Company, through its subsidiaries, is engaged in cultivation and processing of tea and rubber; business process outsourcing (BPO), knowledge process outsourcing (KPO) and software development; generation and sale of hydro electric energy; leisure; general insurance service; automobile servicing and logistics; finance, leasing, hire purchasing and factoring; investment holding; distribution of locally manufactured foreign liquor; media buying and creative services; management of real estate; technology, consulting and outsourcing services, and telecommunication services, among others. The Company's subsidiaries include Balangoda Plantations PLC and Browns Beach Hotel PLC

Analysts speculate latest subsidiary could be DCSL’s new holding company

The corporate and investor community were surprised recently by business leader Harry Jayawardena’s choice of a company called Melstacorp by acquiring a 47% controlling stake in Pelwatte Sugar Industries for Rs. 890 million.

Melstacorp was identified as a subsidiary of Distilleries Company of Sri Lanka (DCSL). It appears that this subsidiary was recently floated as it wasn’t in the DCSL Group in the 2009/10 financial year.
For some of his previous acquisitions Harry J had used existing subsidiaries such as Milford Holdings, an investment arm (for example to acquire Sri Lanka Insurance Corporation, NAMAL) as well as Distilleries directly (in the case of Lanka Hospitals Corporation). However, for Pelwatte Sugar a new subsidiary was floated.
Some speculated that the new entity may be significant in the future as it could be DCSL’s investment arm or a likely candidate to be the holding company of DCSL.
Those who respect and emulate Harry J have always maintained that phrases such as “Distilleries’ boss,” “Liquor Baron” or even the word Distilleries doesn’t fit his profile or the diversified businesses which the Group has pursued since privatisation in early 1990s. In that context Melstacorp is likely to be a better fit to reposition and re-profile Distilleries.
However, analysts said Melstacorp becoming the engine of DCSL Group of course would require a share swap or a new structuring for the entire group.
Analysts said that whilst a new structure and holding company is welcome, the brand Distilleries might be retained as it is synonymous with the liquor business.
DCSL Group, led by its flagship Distilleries Company of Sri Lanka PLC, manages one of the nation’s most successful diversified blue chip portfolios spanning beverages, telecommunications, plantations, textiles, financial services, creative and media services and automotive services.
Interestingly, none of the subsidiaries carry a group name and thus do not leverage on advertising and publicity like some other well-known brands such as Keells, Aitken Spence and Hayleys. Some believe this is because the holding company is named after an industry that does not find favour with some conservative minds.
This is the argument put forward by some who preach the branding mantra that Melstacorp is in fact going to be the brand for the distilleries.

Having got the taste of the benefits of establishing brands such as Lanka Bell and Sri Lanka Insurance in the past, Harry J may be finally going to establish a conglomerate brand that could possibly join the few but well-known conglomerate brands in the country.    
The DCSL Group is among the top five corporate conglomerates in Sri Lanka with assets in excess of Rs. 38 billion and an annual turnover of approximately Rs. 41 billion.
The DCSL website states that its origin can be traced as far back as the year 1913, when the Excise Department of Ceylon, which was initially created as the enforcement authority and to distribute and sell liquor products in Sri Lanka, branched out into the distillation and manufacture of liquor products. Later, in 1974 the State Distilleries Corporation was incorporated by statute to take over this venture while the Excise Department was reintroduced to operate as a monitoring authority.
“We are thus the inheritors of an institution that has the distinction of being the pioneer distillery in the country. We have over the course of close to a century grown to become Sri Lanka’s largest distiller who has consistently received accolades from all quarters for the enduring quality of our products. We are justifiably proud, but one of our distinguishing characteristics is the determined refusal to rest on our laurels. This is why we prefer to think of history as a living thing,” the website states.
In 1989 the State Distilleries Corporation was converted to a limited company, as per the then government’s policy to privatise State-owned enterprises. The majority stake of DCSL was sold to the highest bidder on the Colombo Stock Exchange (CSE) in 1992, the then largest transaction in the history of the CSE.
“DCSL has now been recognised as one of Sri Lanka’s blue chip corporate entities, a far cry from what it was in 1992,” the website adds.
DCSL subsidiaries include Balangoda Plantations PLC (43% stake), Beruwala Distillery (100%), investment company Timpex Ltd. (51%), investment company Milford Holdings (98%), Periceyl Ltd. (100%), Collision Repair Centre (100%), Bogo Power Ltd. (100%), AION SG Residencies (100%), Aitken Spence (28%), Madulsima Plantations Plc, Lanka Bell (100%), Continental Insurance Lanka Ltd. (100%) and Texpro Industries (43% group).
Apart from these, Distilleries also owns a 28% stake in diversified blue chip Aitken Spence in addition to 6.4% in DFCC Bank and 2.5% in HNB.
A fortnight ago the strategic purchase of control in Pelwatte Sugar was toasted by investors as Distilleries’ share price rose by a high Rs. 12. Last week Distilleries’ share price reached a new high of Rs. 197, beating its previous 52-week best of Rs. 195. However, the stock closed the week at Rs. 182.30, down by Rs. 3.30 from the previous week.

http://www.ft.lk/2011/04/04/why-%E2%80%98melstacorp%E2%80%99-by-harry-j/

Rizmi

Rizmi
Manager - Equity Analytics
Manager - Equity Analytics
Business tycoon Harry Jayawardena-controlled Distilleries Company of Sri Lanka (DCSL) subsidiary Melstacorp Ltd. has added plantations to its investment portfolio in addition to expanding interests in leisure.

Via transfers, Melstacorp acquired 31% stake in Madulsima Plantations Plc and 43% stake in Balangoda Plantations Plc from its parent DCSL as well as 41.7% stake in Browns Beach Hotels Plc in a total deal worth Rs. 1.04 billion.

The stake in Balangoda amounted to 10.2 million shares done at Rs. 23.60 each (worth Rs. 240.7 million), and in Madulsima it amounted to nine million shares at Rs. 9.10 per share (Rs. 82 million). Browns Beach stake was 54.065 million shares at Rs. 13.30 (Rs. 719 million).
Madulsima’s stock price closed unchanged at Rs. 9.50 and Balangoda in similar fashion at Rs. 23.50. Browns Beach closed 10 cents down to Rs. 13.90.

For DCSL at cost Balangoda Plantations Plc stake was Rs. 430 million whilst that of Browns Beach was Rs. 1.2 billion and Madulsima stake was Rs. 90 million.

Mesltacorp is being developed as the holding company of DCSL’s investments. It already owns Lanka Bell Ltd., and has investments in financial services via Melsta Regal Finance Ltd., Continental Insurance, whilst in manufacturing investment is in Texpro Industries. It also has a Logistics venture and deals in beverages via Periceyl Ltd.

Top banker and former Commercial Bank MD Amitha Gooneratne is the Managing Director of Melstacorp Ltd, which also holds stakes in JKH and Aitken Spence among others.

Board of Directors of Melstacorp Ltd., comprises D.H.S. Jayawardena (Chairman), Amitha Gooneratne (Managing Director), C.R. Jansz, Capt. K.J. Kahanda, R.K. Obeyesekere, C.F. Fernando, Dr. A.N. Balasuriya, Niranjan Deva Aditya.

http://www.ft.lk/2012/06/26/harrys-melstacorp-adds-plantations-leisure-to-investment-portfolio/

3MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Tue Jun 26, 2012 10:56 am

greedy

greedy
Manager - Equity Analytics
Manager - Equity Analytics
This is a bitter news for the minority shareholders of Distilleries. Mr Harry has transferred investments held by a listed company (DCSL) to Melstacorp a private company probably owned by him when the market is at its bottom or closed to bottom!

This is an example... I guess that we should not bother much about the investment portfolios held by the listed companies. Because that portfolio can be transferred overnight to private companies owned by major shareholders....

4MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Tue Jun 26, 2012 11:01 am

Monster

Monster
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@greedy wrote:This is a bitter news for the minority shareholders of Distilleries. Mr Harry has transferred investments held by a listed company (DCSL) to Melstacorp a private company probably owned by him when the market is at its bottom or closed to bottom!

This is an example... I guess that we should not bother much about the investment portfolios held by the listed companies. Because that portfolio can be transferred overnight to private companies owned by major shareholders....
BTW, Melstacorp is fully owned subsidiary of DIST. Melstacorp is not directly owned by HJ

5MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Tue Jun 26, 2012 11:07 am

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@greedy wrote:This is a bitter news for the minority shareholders of Distilleries. Mr Harry has transferred investments held by a listed company (DCSL) to Melstacorp a private company probably owned by him when the market is at its bottom or closed to bottom!

This is an example... I guess that we should not bother much about the investment portfolios held by the listed companies. Because that portfolio can be transferred overnight to private companies owned by major shareholders....
As Melstacorp is a 100 % subsidiary of Distilleries, no impact to minority shareholders of DIST by these transfers. In fact this is positive news for DIST shareholders as it would facillitate a value unlock for DIST equity portfolio through a spinoff of Melstacorp through a listing in the future. If you observe, DIST is not getting any premium for its substantial equity holdings in many companies. Also with the new IFRS Accounting rules changing this year, DIST will be able to mark to market its equity portfolio and hence further rationalization for creating a Melstacorp and vesting all equity holdings in it.

6MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Tue Jun 26, 2012 11:11 am

greedy

greedy
Manager - Equity Analytics
Manager - Equity Analytics
@Monster wrote:
@greedy wrote:This is a bitter news for the minority shareholders of Distilleries. Mr Harry has transferred investments held by a listed company (DCSL) to Melstacorp a private company probably owned by him when the market is at its bottom or closed to bottom!

This is an example... I guess that we should not bother much about the investment portfolios held by the listed companies. Because that portfolio can be transferred overnight to private companies owned by major shareholders....
BTW, Melstacorp is fully owned subsidiary of DIST. Melstacorp is not directly owned by HJ


You are right & my apologies....I was wrong... I thought Melstacorp was owned by Mr Harry.

However, this has happened many times to Minority shareholders in other companies.

7MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Tue Jun 26, 2012 12:57 pm

bullrun

bullrun
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@greedy wrote:This is a bitter news for the minority shareholders of Distilleries. Mr Harry has transferred investments held by a listed company (DCSL) to Melstacorp a private company probably owned by him when the market is at its bottom or closed to bottom!

This is an example... I guess that we should not bother much about the investment portfolios held by the listed companies. Because that portfolio can be transferred overnight to private companies owned by major shareholders....

You are sadly mistaken. It is a 100% owned subsidiary of DCSL. Not of HJ. Please study well before giving comments.

wealth123 likes this post

8MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Tue Jun 26, 2012 1:15 pm

Monster

Monster
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@greedy wrote:
@Monster wrote:
@greedy wrote:This is a bitter news for the minority shareholders of Distilleries. Mr Harry has transferred investments held by a listed company (DCSL) to Melstacorp a private company probably owned by him when the market is at its bottom or closed to bottom!

This is an example... I guess that we should not bother much about the investment portfolios held by the listed companies. Because that portfolio can be transferred overnight to private companies owned by major shareholders....
BTW, Melstacorp is fully owned subsidiary of DIST. Melstacorp is not directly owned by HJ


You are right & my apologies....I was wrong... I thought Melstacorp was owned by Mr Harry.

However, this has happened many times to Minority shareholders in other companies.
@bullrun wrote:
@greedy wrote:This is a bitter news for the minority shareholders of Distilleries. Mr Harry has transferred investments held by a listed company (DCSL) to Melstacorp a private company probably owned by him when the market is at its bottom or closed to bottom!

This is an example... I guess that we should not bother much about the investment portfolios held by the listed companies. Because that portfolio can be transferred overnight to private companies owned by major shareholders....

You are sadly mistaken. It is a 100% owned subsidiary of DCSL. Not of HJ. Please study well before giving comments.
He has already accepted his mistake and apologized. Every body make silly mistakes.

9MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Tue Jun 26, 2012 2:21 pm

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics
Greedy is a good analyzer. I don't think we needs to point some of his mistakes while ignoring his well analyzed researches in past.

wealth123 likes this post

10MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Tue Jun 26, 2012 2:40 pm

market bull

market bull
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Agreed with you.Finally Minority shares holders have to suffer from their decisions.
@greedy wrote:I guess that we should not bother much about the investment portfolios held by the listed companies. Because that portfolio can be transferred overnight to private companies owned by major shareholders....

@bullrun
He accepted his mistake.Doing small mistakes are 1000 times better than making people fool.

http://forum.srilankaequity.com/t19435-why-people-against-to-hav-foods

11MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Tue Jun 26, 2012 3:31 pm

aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@greedy wrote:
This is an example... I guess that we should not bother much about the investment portfolios held by the listed companies. Because that portfolio can be transferred overnight to private companies owned by major shareholders....

Very true. If you look at the listed companies in CSE. Most are just gangs of companies owned by some person or family. There's Lankem family Rajarathnam. There's Perera companies. There's Perera companies. There's Renuka companies. There's Harry companies. Those companies just do whatever the big owner wants them to do, either it be selling something cheap or giving loans at 1% interest or buying tea estates or buying betty hotels or buying owners house or garden or whatever.

12MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Tue Jun 26, 2012 3:54 pm

greedy

greedy
Manager - Equity Analytics
Manager - Equity Analytics
@bullrun wrote:
@greedy wrote:This is a bitter news for the minority shareholders of Distilleries. Mr Harry has transferred investments held by a listed company (DCSL) to Melstacorp a private company probably owned by him when the market is at its bottom or closed to bottom!

This is an example... I guess that we should not bother much about the investment portfolios held by the listed companies. Because that portfolio can be transferred overnight to private companies owned by major shareholders....

You are sadly mistaken. It is a 100% owned subsidiary of DCSL. Not of HJ. Please study well before giving comments.

Thank you. Your point taken & I will make enough efforts to avoid mistakes like this.... and also I guess no one is perfect and everyone makes mistakes. The correct thing to do is to accept the mistakes.

For your note, I mentioned..... "Melstacorp a private company probably owned by him"

However, I accept the mistake & lets move on.... Smile

13MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Tue Jun 26, 2012 5:40 pm

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@bullrun wrote:
@greedy wrote:This is a bitter news for the minority shareholders of Distilleries. Mr Harry has transferred investments held by a listed company (DCSL) to Melstacorp a private company probably owned by him when the market is at its bottom or closed to bottom!

This is an example... I guess that we should not bother much about the investment portfolios held by the listed companies. Because that portfolio can be transferred overnight to private companies owned by major shareholders....

You are sadly mistaken. It is a 100% owned subsidiary of DCSL. Not of HJ. Please study well before giving comments.

aiyo bullrun brother.. please just ignore it.
greedy has been a wonderful member to this forum. we should protect members in such calibre

14MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Tue Jun 26, 2012 6:45 pm

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Shall we continue this discussion in rightpath again ? This seems to be really interesting.

15MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Tue Jun 26, 2012 6:54 pm

bullrun

bullrun
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@UKboy wrote:
@bullrun wrote:
@greedy wrote:This is a bitter news for the minority shareholders of Distilleries. Mr Harry has transferred investments held by a listed company (DCSL) to Melstacorp a private company probably owned by him when the market is at its bottom or closed to bottom!

This is an example... I guess that we should not bother much about the investment portfolios held by the listed companies. Because that portfolio can be transferred overnight to private companies owned by major shareholders....

You are sadly mistaken. It is a 100% owned subsidiary of DCSL. Not of HJ. Please study well before giving comments.

aiyo bullrun brother.. please just ignore it.
greedy has been a wonderful member to this forum. we should protect members in such calibre

To Greedy and to Others,

I am sorry if I hurt you or anybody. I highly appreciate all of your views. Sorry greedy.

16MELSTACORP PLC (MELS.N0000) Empty MELSTACORP PLC (MELS.N0000) Tue Jul 03, 2012 10:10 pm

Melstacorp Ltd

Melstacorp Ltd
Stock Analytic
Stock Analytic
Melstacorp Limited is a fully owned subsidiary of DIST. The benefits of transferring the subsidiaries of DCSL to Melstacorp are.

1. Synergies in a group brand name ... The new subsidiaries of Melstacorp include Melsta Regal Finance Limited, Melsta Logistics Ltd etc. The name 'Distilleries' cannot be used in a subsidiary and hence the group do not benefit by the advertising of subsidiaries such as Lanka Bell Ltd. There will be e benefit to the smaller companies on the recognition.

2. Building a conglomerate brand ... many foreign shareholders consider DIST as a beverage company although in 2007 almost 50% of the profits came from non -liquor sectors. (Before the loss of SLIC and Lanka Hospitals). Melstacorp will in the future be looked at like John Keells, Hemas or Aitken Spence.

Already established subsidiaries such as Lanka Bell Ltd, Continental Insurance etc. are likely to continue in their own names for obvious reasons.

http://www.melsta.com

17MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Wed Jul 04, 2012 1:07 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
A good way of introducing a valuable company.
Thanks for the info.

18MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Wed Jul 04, 2012 7:59 am

K.Haputantri

K.Haputantri
Co-Admin
I thought DIST means DCSL, one and the same company. ?Can any one clarify this.

19MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Wed Jul 04, 2012 10:14 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@K.Haputantri wrote:I thought DIST means DCSL, one and the same company. ?Can any one clarify this.

Same no dobut.
http://www.dcslgroup.com/about_dcsl_history.aspx

20MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Wed Jul 04, 2012 12:09 pm

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics
Thanks for information if you are from Melstacorp Ltd. Investors had different guesses regarding share deals.
Is this have some relation to continental insurance company ?

21MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Wed Jul 04, 2012 12:49 pm

Chanuque

Chanuque
Manager - Equity Analytics
Manager - Equity Analytics
Either, HJ is having complexes to admit that the core revenues of DIST are from liquor and MELSTACORP will be the sober entity that should be getting more accepted PR with the prestige that goes with other heavy weight blue chips as JKH | HHL .. HJ, you are right color of money does mean everything ..

22MELSTACORP PLC (MELS.N0000) Empty Hi Wed Jul 04, 2012 5:17 pm

Melstacorp Ltd

Melstacorp Ltd
Stock Analytic
Stock Analytic
1. DIST is the CSE tiker for DCSL PLC, like VONE = Valible One.
2. Continental Insurance Lanka Limited is a fully owned subsdiary of Melstacorp Limited.

Thank you for your interest

Melstacorp Ltd

http://www.melsta.com

23MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Thu Jul 05, 2012 1:31 am

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Melstacorp Ltd wrote:Melstacorp will in the future be looked at like John Keells, Hemas or Aitken Spence.


Melstacorp Ltd,
Please let us know whos gonna handle Melstacorp after HJ's era? Who will be the main actor? Rolling Eyes
I cannt imagine HJ's son will be next. Those two are totally different characters. ( As far as I heard)

24MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Thu Jul 05, 2012 1:10 pm

Melstacorp Ltd

Melstacorp Ltd
Stock Analytic
Stock Analytic
The Managing director of Melstacorp is Mr. Amitha Gooneratne, former MD of Commercial Bank. He and his team will be in charge of Melstacorp and its subsidiaries. HJ is the non-executive Chairman.

http://www.melsta.com

25MELSTACORP PLC (MELS.N0000) Empty Re: MELSTACORP PLC (MELS.N0000) Thu Jul 05, 2012 2:26 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@Melstacorp Ltd wrote:The Managing director of Melstacorp is Mr. Amitha Gooneratne, former MD of Commercial Bank. He and his team will be in charge of Melstacorp and its subsidiaries. HJ is the non-executive Chairman.
http://forum.srilankaequity.com/t17953-sri-lanka-newspapers-sunday-13-05-2012#118284

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