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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Proposed Restructure of CARG & COLO

Proposed Restructure of CARG & COLO

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1Proposed Restructure of CARG & COLO Empty Proposed Restructure of CARG & COLO Wed Aug 28, 2013 7:03 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
CARGILLS - PROPOSED RESTRUCTURE OF RETAIL OPERATIONS
http://www.cse.lk/cmt/upload_cse_announcements/6291377692412_.pdf

COLONIAL MOTORS - PROPOSED RESTRUCTURE OF THE COMPANY'S ACTIVITIES
http://www.cse.lk/cmt/upload_cse_announcements/8281377691862_.pdf

2Proposed Restructure of CARG & COLO Empty Re: Proposed Restructure of CARG & COLO Thu Aug 29, 2013 12:15 pm

Burpy


Senior Equity Analytic
Senior Equity Analytic
any idea what is happening to Cargills bank ? what is delaying them from starting it ?

sriranga

sriranga
Co-Admin
Cargills (Ceylon) PLC announced a major corporate restructuring of the group, including the transfer of all retail operations to a new subsidiary, Cargills Food Company (Pvt.) Ltd.

With the proposed transfer of retail-specific properties and operations, including the ‘Cargills Food City’ and ‘Cargills Food City Express’ brand names, Cargills (Ceylon) PLC will continue as a pure investment holding company with a portfolio in retail, food, manufacturing, brewery, leisure and property development and strategic investments.

The restructure will be carried out subsequent to shareholder approval at an Extraordinary General Meeting on September 20, 2013, following the group’s scheduled Annual General Meeting.

The announcement of major restructuring came in a backdrop of increased tax liability for retail operations following the imposition of the valueadded tax (VAT) effective from January 1, 2013.

A statement from Cargills Group Chairman Louis Page highlighted the significant impact of the VAT on the retail segment.

“The imposition of VAT on the retail trade was a major stumbling block for this sector which remained on target despite the challenging economic conditions.

The lack of transitional provisions to allow for the claiming of input VAT on the closing stock as at December 31, 2012 saw the second half of the year returning a mediocre performance,” Page stated.

He added that the retail segment would work to improve profitability through a process of internal efficiencies and controls over the coming year.

The group's retail segment posted a profit of Rs.1.48 billion over the last year against Rs.687.4 million in 2012 while revenue crossed Rs.44.3 billion, as compared with Rs.39.2 billion previously.
http://www.dailymirror.lk/business/other/34578-cargills-announces-major-corporate-restructuring-.html

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

4Proposed Restructure of CARG & COLO Empty Colonial Motors restructuring Thu Aug 29, 2013 9:28 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
THURSDAY, 29 AUGUST 2013 12:11
Colonial Motors is being transformed into a property and investment company and move out of the motor vehicle business altogether, though operating through a subsidiary, it was announced on Wednesday.

It said the restructure of its activities is subject to relevant shareholder approvals at an Extraordinary General Meeting (EGM) after its Annual General Meeting (AGM) next month, the company said in a notification to the Colombo Stock Exchange.

"Colonial Motors will phase out the company’s motor vehicle related business activities and to accordingly limit the same to meeting pre-existing obligations in that regard as such, the company will cease to undertake any new business in relation to repairing and servicing of motor vehicles and the importation and sale of vehicle spare parts,” it said.

The company wants to restrict business to being primarily that of a property holding and investment company while continuing to be listed on the exchange.

KIA Motors (Lanka) Ltd will remain a subsidiary of the company and will continue to import and market the KIA range of vehicles, the announcement added.
“The Directors have approved in-principle the transfer of Carplan Ltd, currently a subsidiary of the Company, to KIA Motors (Lanka) Ltd, to be its subsidiary and also to be a principal dealer of KIA motor vehicles. The modalities of affecting these matters will be determined in due course subject to the necessary approvals, if any, being obtained therefore and change the name of the Company to C M Holding PLC subject to obtaining the prior written approval from the Registrar-General of Companies,” it added.
http://sundaytimes.lk/news/news/37025-colonial-motors-restructuring-.html

5Proposed Restructure of CARG & COLO Empty Re: Proposed Restructure of CARG & COLO Sun Sep 01, 2013 10:02 am

Rocky

Rocky
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
The retail section of CARGILLs is in the doldrums. They have expanded too much and now the fixed costs on those operations are taking quite a bit of the profits.

ALso there is a hidden purpose for this to be under a subsidiary.

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