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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Colonial Motors 'moves out' of motor vehicle business

Colonial Motors 'moves out' of motor vehicle business

4 posters

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LSE

LSE
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Sept. 04, 2013 (LBT) - Colonial Motors is being transformed into a property and investment company and will move out of the motor vehicle business altogether, though operating through a subsidiary, the Company has announced.

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 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,” the statement added.

http://www.lbt.lk/news/business/5420-colonial-motors-moves-out-of-vehicle-business

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Would be nice if they slowly dilute that 100% subsidiary to rainmaker Razz 

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
http://forum.srilankaequity.com/t30479-proposed-restructure-of-carg-colo

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics

“Colonial Motors will phase out the company’s motor vehicle related business activities and 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.

Now what will happen to KIA lovers when they want to buy spares??? After market????

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