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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Former bigwigs moved out of ERI

Former bigwigs moved out of ERI

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1Former bigwigs moved out of ERI Empty Former bigwigs moved out of ERI Mon Apr 01, 2013 12:28 am

sriranga

sriranga
Co-Admin
Several former bigwigs in and founders of Environmental Resources Investment Plc (ERI) have been moved out of the company and the Board of Directors.

The development had taken place at an ERI Board meeting last week, the Daily FT learns.

Among those moved out of the Board were Executive Directors Kosala Heengama and Scott Newsome and
Independent Directors G.S. Munasinghe and H.B. Dissanayake.

Despite the shakeup, Lalith Heengama has been retained as Chairman, until the Annual General Meeting. Eric Wikramanayake remains as CEO as well.

The change comes after Taprobane Holdings Plc (TAP) acquired a 29% stake in ERI for Rs. 1.6 billion in November in a deal which also involved ERI buying a 19% stake in Browns Investments Plc for Rs. 1.94 billion.

In January four nominees of TAP, Ajith Devasurendra (Non-Executive Director), Kamantha Amarasekera (Indep-endent Non-Executive Director), A.G. Weerasinghe (Non-Executive Director) and Ruwan Sugathadasa (Non-Executive Director), were appointed to the ERI Board.

Apart from TAP, other major shareholders of ERI include foreign fund Caledonian Securities Ltd. (26%) and Capital Trust Partners/Holdings (12.5%) and Lionhart and related parties (18%). A Director of Caledonian Tom Scanlan was appointed to the Board last week whilst Kelly Ehler remains on the Board.

ERI Group controls Dankotuwa Porcelain Plc, Ceylon Leather Products Plc, Colombo Pharmacy Plc, South Asia Textiles Ltd. and stock broking firm DNH Financial Ltd., in addition to interests in IT, real estate and investments.

ERI’s total assets amount to Rs. 13 billion. In the first nine months of FY13, ERI’s net profit attributable to equity holders amounted to Rs. 12.7 million, up from Rs. 11.4 million a year earlier. After-tax profit grew to Rs. 97.5 million, from Rs. 3.3 million in first nine months of FY12.
http://www.ft.lk/2013/04/01/former-bigwigs-moved-out-of-eri/

http://sharemarket-srilanka.blogspot.co.uk/

CSE.SAS

CSE.SAS
Global Moderator
http://www.cse.lk/cmt/upload_cse_announcements/7591364786551_.pdf

3Former bigwigs moved out of ERI Empty Change at GREG Mon Apr 01, 2013 10:27 am

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
why this Kolevari?

Heenigama fellow resigned?

4Former bigwigs moved out of ERI Empty Re: Former bigwigs moved out of ERI Mon Apr 01, 2013 6:47 pm

econ

econ
Global Moderator
now what is this? it seems that heengama and scot newsome fed up with this market.. I am expecting some subsidiary companies such as CLPL, DPL, colombo parma etc going for sale similar to DNH deal to Dunamis capital..
if that happens that will be good for share holders of CLPL, DPL, etc..

5Former bigwigs moved out of ERI Empty Re: Former bigwigs moved out of ERI Tue Apr 02, 2013 12:33 am

mark

mark
Expert
Expert
Sure they should sell CLPL Very Happy

i was worrying to hear heengama's quit,hmm

6Former bigwigs moved out of ERI Empty Re: Former bigwigs moved out of ERI Tue Apr 02, 2013 9:07 am

Sidath

Sidath
Manager - Equity Analytics
Manager - Equity Analytics
must have made enough money on the back of investors

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