FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

Latest topics

» Focus on Government controlled entities
by K.R Today at 8:06 am

» LOLC FINANCE PLC (LOFC.N0000)
by RAVI1980 Yesterday at 4:39 pm

» Sri Lanka cleared to borrow cheaper IDA funds by World Bank
by K.R Yesterday at 10:14 am

» PLR (Prime Lands) Next Value counter.. Fair Value Rs 20
by Anushka Perz Yesterday at 12:19 am

» NESTLE Target Price Rs.1500-INVESTMENT IN BUILDING A NEW VACUUM BAND DRYER AT THE STATE-OF-THE-ART FACTORY IN KURUNEGALA.
by Anushka Perz Yesterday at 12:15 am

» What will happen tomorrow?
by ErangaDS Mon Dec 05, 2022 9:12 am

» Paris Club proposes 10-year moratorium on Sri Lanka debt, 15 years of debt restructuring
by K.R Sun Dec 04, 2022 11:27 pm

» PMB/PLC/PINS
by K.R Sun Dec 04, 2022 8:00 pm

» Banking Sector Faces Tight Liquidity
by DeepFreakingValue Sat Dec 03, 2022 4:15 pm

» Sri Lanka: Exchange Rate Movement
by DeepFreakingValue Sat Dec 03, 2022 3:46 pm

» Fitch downgrades Sri Lanka’s rating further
by CHRONICLE™ Sat Dec 03, 2022 9:12 am

» Sri Lanka bond yields extend fall on DDR comments
by K.R Fri Dec 02, 2022 7:11 pm

» Sri Lanka banks may need more regulatory, accounting forbearance
by CHRONICLE™ Fri Dec 02, 2022 2:05 pm

» Banking Sector Vulnerability to Domestic Debt Restructuring
by God Father Fri Dec 02, 2022 9:29 am

» Palm Oil is going up again
by ErangaDS Thu Dec 01, 2022 3:09 pm

» The rupee was now ‘heavily undervalued’ based on fundamentals - Central Bank Governor Nandalal Weerasinghe
by K.R Thu Dec 01, 2022 8:58 am

» Shares to Sell
by Tax Wed Nov 30, 2022 5:36 pm

» HAPUGASTENNE PLANTATIONS PLC (HAPU.N0000)
by cheetah Wed Nov 30, 2022 10:10 am

» Will anyone else do this? Commercial Bank debentures.
by reyaz Wed Nov 30, 2022 7:18 am

» Billionaire owned listed companies faces insolvency issues in Sri Lanka
by God Father Wed Nov 30, 2022 1:45 am

LISTED COMPANIES

Submit Post


ADVERTS

Poll

EXCHANGE RATE PREDICTION: 2022

Sathosa Motors looks to diversify under Access Engineering control Vote_lcap16%Sathosa Motors looks to diversify under Access Engineering control Vote_rcap 16% [ 43 ]
Sathosa Motors looks to diversify under Access Engineering control Vote_lcap21%Sathosa Motors looks to diversify under Access Engineering control Vote_rcap 21% [ 58 ]
Sathosa Motors looks to diversify under Access Engineering control Vote_lcap30%Sathosa Motors looks to diversify under Access Engineering control Vote_rcap 30% [ 83 ]
Sathosa Motors looks to diversify under Access Engineering control Vote_lcap34%Sathosa Motors looks to diversify under Access Engineering control Vote_rcap 34% [ 93 ]

Total Votes : 277

ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



EXPERT CHRONICLE™

MARKET CHAT


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sathosa Motors looks to diversify under Access Engineering control

Sathosa Motors looks to diversify under Access Engineering control

Go down  Message [Page 1 of 1]

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Isuzu will remain core business, sees possibilities in engineering/construction related areas

Access Engineering Limited which last February acquired the controlling interest of Sathosa Motors PLC sees the acquisition as an opportunity for diversification enabling the future growth of the company, Sathosa shareholders have been told in the companyannual report.

Access Chairman, Sumal Perera, who previously served as non-executive Chairman of Sathosa Motors under the control of the previous Japanese controlling interest has now become its Managing Director/CEO.

Perera has told shareholders in his Managing Director’s report that in March this year the Itochu Corporation of Japan have sold its full stake in the company to Access Engineering at Rs.235 per share.

Subsequently, Access had made a mandatory offer to other shareholders and as at date acquired 81.55% of Sathosa Motors.

Mr. Ajita de Zoysa, previously Chairman of AMW has been made Sathosa’s new Non-Executive Chairman. Perera said that de Zoysa’s experience in the commercial and automobile field in Sri Lanka "is in my opinion second to none and (we) look forward to his guidance and advice in this new era of the company."

Mr. A.I. Lovell has been made Deputy Chairman of the company with the other directors comprising Perera’s colleagues on the Access board.

Sathosa Motors which was set up in 1962 when the CWE obtained the Isuzu agency in Sri Lanka now plans to expand this business into the major cities in the country and also look at complementary business with sustainable growth potential, Perera has told shareholders.

The Sathosa annual report says that Sathosa Motors considers Access buying into the company as an opportunity for diversification while Access considers the acquisition a good strategic investment and plans to acquire and partner with reputed brands/agencies for engineering and construction related products without being solely dependent on the Isuzu brand which will continue to be the core business.

The year ended March 31, 2012 saw Sathosa Motors posting gross turnover of Rs.1.9 billion, a pre-tax profit of Rs.245.7 million and an after-tax profit of Rs.175.8 million.

The company’s Executive DirectorTilak Gunasekera said that the Isuzu was the country’s leading vehicle brand for the light duty commercial categories.

The year under review had seen their new vehicle department recording a net turnover of Rs.1.53 billion selling 427 units with their business volumes up 35.53% and the number of vehicles sold 29% up from the previous year.

Gunasekera said that the Isuzu N Series Reward has a monthly sale of over 35 units which is a satisfactory figure against the stiff competition they faced.

"Despite the entry of cheaper Indian and Chinese manufactured vehicles, the company managed to maintain a steady market share throughout the year," Gunasekera said.

"The Isuzu brand currently has well over 100,000 vehicles on the roads of Sri Lanka which alone speaks brand’s high acceptance in the local market."

The company has revalued its property at Peliyagoda with the land valued at Rs.120 million, the buildings at Rs.20 million and plant and machinery at Rs.3.5 million. However these values have not been incorporated into the accounts during the year under review.

The directors have proposed a final dividend of Rs.5 per share for approval by shareholders at the company’s AGM later this month.

Access Engineering held 77.1% of Sathosa Motors as at March 311, 2012, followed by Lakshmans Housing and Construction (10.07%) and Mr. R.N. Nanayakkara (2.79%).

The net asset value per share of the company was up to Rs.98.64 during the year under review from Rs.74.51 a year earlier and the share traded at a high of Rs.469 and a low of Rs.160.20 during the year. This compared to a trading range of Rs.265 to Rs.112.50 the previous year.

`The directors of the company are: Messrs. Ajita de Zoysa (Chairman), Sumal Perera (MD), Tilak D. Gunasekera (Executive Director), M.M.N. de Silva, R.J.S. Gomez, J.C. Joshua, S.H.S. Mendis (Alternate to J.C. Joshua), S.D. Munasinghe (Alternate to R.J.S. Gomez) and A.I. Lovell.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=56205

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum