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.. 
Home
By Jithendra Antonio
Carson group owned Lion Brewery Ceylon’s (LION) director board in a filing to the stock exchange said that they have decided to sell its shareholding in South Asian Breweries Pte Ltd (SABL) to Carlsberg South Asia Pte Ltd (CSAPL) at a consideration equivalent to the book value of the investment.
In the Company’s Balance Sheet in the March quarter interim financial report that was too released to the stock exchange yesterday, a long term investment of Rs.2.1 billion has been mentioned.
The company further said the discussions to sell the investment took place subsequent to the balance sheet date and the present value of the investment is as same as the book value as at 31 March 2011 and the company is currently awaiting the necessary regulatory approvals in order to conclude the transaction.
However, since part of the investment in SABL was funded out of a rights issue of shares in September 2009 the board said it will summon an extra ordinary general meeting of the shareholders no sooner the proceeds are recovered on account of this transaction in order to seek the approval of the shareholders for the utilization of the funds raised through the rights issue.
Lion Brewery has been a shareholder of SABL since 2006 and SABL is the holding company of the operating entity of Carlsberg India Pvt Ltd headquartered in Guragaon, New Delhi.
The statement by LION further said that the board of Lion Brewery (LION) has evaluated the very substantial investment program required in India while the board has also evaluated the significant investments that are required to be made in its Sri Lankan business over the short to medium term to capture opportunities and meet the emerging positive economic environment.
Thus in its statement Lion board further said that the board is conscious of Sri Lanka being the company’s home market and as such is of the view that maintaining its focus on the current market position is the top most priority and one which would in turn deliver the most financially beneficial position for the company and its shareholders.
“With the sale of this investment Lion Brewery will be free of debt thereby strengthening the company and positioning it strongly to invest in its future development and growth and face future challenges in the industry” the filling said.
The financial of LION for the fourth quarter ended in 31 March 2011, company’s revenue had soared to Rs.3.1 billion up by 37% and Profits after Tax rose 47% 313.78 million. Subsequently, Earnings per Share increased from Rs.2.53 to Rs.3.79.
Ceylon Brewery PLC is the country’s single largest brewing and retailing operator of Carlsberg and Lion, and owns 50% of Lion Brewery Ceylon PLC (LION) and a 22% of South Asian Breweries Pte Ltd - Singapore (SABL), which in turn wholly owns Carlsberg India Private Limited in India.
Carson group owned Lion Brewery Ceylon’s (LION) director board in a filing to the stock exchange said that they have decided to sell its shareholding in South Asian Breweries Pte Ltd (SABL) to Carlsberg South Asia Pte Ltd (CSAPL) at a consideration equivalent to the book value of the investment.
In the Company’s Balance Sheet in the March quarter interim financial report that was too released to the stock exchange yesterday, a long term investment of Rs.2.1 billion has been mentioned.
The company further said the discussions to sell the investment took place subsequent to the balance sheet date and the present value of the investment is as same as the book value as at 31 March 2011 and the company is currently awaiting the necessary regulatory approvals in order to conclude the transaction.
However, since part of the investment in SABL was funded out of a rights issue of shares in September 2009 the board said it will summon an extra ordinary general meeting of the shareholders no sooner the proceeds are recovered on account of this transaction in order to seek the approval of the shareholders for the utilization of the funds raised through the rights issue.
Lion Brewery has been a shareholder of SABL since 2006 and SABL is the holding company of the operating entity of Carlsberg India Pvt Ltd headquartered in Guragaon, New Delhi.
The statement by LION further said that the board of Lion Brewery (LION) has evaluated the very substantial investment program required in India while the board has also evaluated the significant investments that are required to be made in its Sri Lankan business over the short to medium term to capture opportunities and meet the emerging positive economic environment.
Thus in its statement Lion board further said that the board is conscious of Sri Lanka being the company’s home market and as such is of the view that maintaining its focus on the current market position is the top most priority and one which would in turn deliver the most financially beneficial position for the company and its shareholders.
“With the sale of this investment Lion Brewery will be free of debt thereby strengthening the company and positioning it strongly to invest in its future development and growth and face future challenges in the industry” the filling said.
The financial of LION for the fourth quarter ended in 31 March 2011, company’s revenue had soared to Rs.3.1 billion up by 37% and Profits after Tax rose 47% 313.78 million. Subsequently, Earnings per Share increased from Rs.2.53 to Rs.3.79.
Ceylon Brewery PLC is the country’s single largest brewing and retailing operator of Carlsberg and Lion, and owns 50% of Lion Brewery Ceylon PLC (LION) and a 22% of South Asian Breweries Pte Ltd - Singapore (SABL), which in turn wholly owns Carlsberg India Private Limited in India.
