On the March 20, 2014, consequent to the resolution passed by the shareholders of LOLC Leisure Ltd (LOLC Leisure) to effect a share buyback, Browns Investments PLC received Rs.435 million as consideration for the shares being transferred back to LOLC Leisure Ltd. LOLC Leisure is the controlling shareholder of Palm Garden Hotels PLC, Eden Hotel Lanka PLC, Dickwella Resorts (Pvt) Ltd, Tropical Villas (Pvt) Ltd and Riverina Resorts (Pvt) Ltd. where LOLC held 70% of the shares of LOLC Leisure and Browns Investments held 30% of the shares of LOLC Leisure. A disclosure filed with the CSE on March 21, 2014.
Laugfs Power Limited, a wholly owned subsidiary of Laugfs Gas PLC has successfully completed the construction of Ranmudu Oya Mini Hydro Power Plant (Phase I) and commenced its operations on March 17, 2014. A disclosure filed with the CSE on March 21, 2014.
Taprobane Holdings PLC (“the Company”) purchased 1,000,000 Ordinary Voting Shares of Capital TRUST Partners (Pvt) Ltd (CTP) on the March 13, 2014. By virtue of the purchase of the aforementioned shares, CTP became a wholly-owned subsidiary of the Company and a Related Party as per the definition set out in SLAB 30 (Revised in 2005). The Company thereafter, provided CTP with a Short Term loan amounting to Rs.893 million on the March 13, 2014 at an interest rate of 16% per annum for a period of one (1) month. The said amount was loaned for the purposes of settling a loan obtained by CTP from Capital Trust Holdings (Pvt) Ltd, which previously owned 100% of the shares of CTP. A disclosure filed with the CSE on March 18, 2014.
Associated Motor Finance
The Board of Directors of Associated Motor Finance Company PLC (AMF) approved to allow H L B Edirisinghe & Company Chartered Accountants to carry out a due diligence on AMF for the purpose of the preparation of a valuation and information memorandum, as assigned and requested to facilitate by the Central Bank of Sri Lanka by their letter dated February 20, 2014 for the purpose of Financial Sector Consolidation 2014, after having entered into the non-disclosure agreement on March 17, 2014 with H L B Edirisinghe & Company Chartered Accountants. A disclosure filed with the CSE on March 18, 2014.
Pursuant to the agreement reached with Estate Management Services (Pvt) Ltd, the board of directors of Watawala Plantations PLC (WATA) unanimously consented to mutually terminate the agreement for management services and payment of management fees entered into by and between Estate Management Services (Pvt) Ltd and WATA (agreement for a period of five years from July 1, 2013 to June 30, 2018) with effect from April 1, 2014. The board also agreed to take over the related expenses associated with the provision of the management services. A disclosure filed with the CSE on March 17, 2014.
For the Financial year 2013/2014 Ceylon Investment PLC announced the first Interim dividend of Rs.2.50 per share (which would not be subject to Dividend Tax of 10%), payable as at March 26, 2014, a disclosure filed with the CSE on March 18, 2014.
For the Financial year 2013 Union Bank of Colombo PLC announced the final dividend of Rs.0.25 per share, payable as at March 25, 2014, a disclosure filed with the CSE on March 17, 2014.