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Preparatory work for listing Delmege assigned to Acuity
June 25, 2011, 5:24 pm
The Dhammika Perera-led Vallibel One group which last week acquired control of the over 160-year old Delmege Forsyth group has commissioned Acuity Partners to prepare for an early listing of the company on the Colombo Stock Exchange, Mr. Nimal Perera, the new Managing Director of Delmege said on Friday.
``We’ll be listing as Delmege PLC,’’ he explained. ``We are dropping the Forsyth part of the company’s name because it is best known as Delmege, and not continuing the previous holding company structure.’’
Delmege was held by Lewis Brown and Co. Ltd., the control of which was taken by Vallibel One and Royal Ceramics principally with Messrs. Dhammika Perera, Nimal Perera, Tharana Thoradeniya and A.M. Weerasinghe also taking personal stakes.
Nimal Perera said that the balance payment consideration – Royal Ceramics paid Rs. 500 million when the purchase and sale agreement was executed – and documents exchanged (cheques, share certificates etc.) on Wednesday.
Perera who was named the company’s new MD has already moved into Delmege and is functioning from the company’s boardroom as the previous owners, Messrs. F.G.N. (Ricky) Mendis, his wife, Charmaine, and son, Shamil, are still clearing up and need a few more days to complete the housekeeping.
The Mendis’ bought some of the company’s property including Mr. Shamil Mendis’ residence and four vehicles for a total consideration of Rs. 100 million.
Both Messrs Ricky and Shamil Mendis will remain on the board as non-executive directors while Mr. Mahen Dayananda, who was previously Chairman of Lewis Brown with Ricky Mendis as Governing Director will remain on the board.
Some of the other directors on various Delmege boards will also be invited to continue. Mr. J.S. Mather who oversaw the number crunching relating to the deal price will also sit on a Delmege board.
The listing will see some selling down by Royal Ceramics and possibly some of the personal stakeholders.
None of the Mendis’ were present when the new owners met senior staff after the deal had been concluded. Nimal Perera asked the senior managers to introduce themselves and said that the new owners will be happy to work with everybody.
``Dhammika is soft but I’m not,’’ Perera who will be the company’s CEO said indicating that hard work and delivery would be demanded.
Some of the Delmege shipping business currently managed by Aitken Spence will be taken on by Hayleys (also controlled by the Dhammika group though without the majority shares), Nimal Perera said.
The holding company (Lewis Brown) board will comprise Messrs. Dhammika Perera (Chairman), Nimal Perera (MD), Dilhan de Silva (CEO of Delmege), Mohan Pandithage (Executive Director), Mahen Dayananda, Lalith de S. Wijayaratne and Ms. Kimarli Fernando.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=28641
June 25, 2011, 5:24 pm
The Dhammika Perera-led Vallibel One group which last week acquired control of the over 160-year old Delmege Forsyth group has commissioned Acuity Partners to prepare for an early listing of the company on the Colombo Stock Exchange, Mr. Nimal Perera, the new Managing Director of Delmege said on Friday.
``We’ll be listing as Delmege PLC,’’ he explained. ``We are dropping the Forsyth part of the company’s name because it is best known as Delmege, and not continuing the previous holding company structure.’’
Delmege was held by Lewis Brown and Co. Ltd., the control of which was taken by Vallibel One and Royal Ceramics principally with Messrs. Dhammika Perera, Nimal Perera, Tharana Thoradeniya and A.M. Weerasinghe also taking personal stakes.
Nimal Perera said that the balance payment consideration – Royal Ceramics paid Rs. 500 million when the purchase and sale agreement was executed – and documents exchanged (cheques, share certificates etc.) on Wednesday.
Perera who was named the company’s new MD has already moved into Delmege and is functioning from the company’s boardroom as the previous owners, Messrs. F.G.N. (Ricky) Mendis, his wife, Charmaine, and son, Shamil, are still clearing up and need a few more days to complete the housekeeping.
The Mendis’ bought some of the company’s property including Mr. Shamil Mendis’ residence and four vehicles for a total consideration of Rs. 100 million.
Both Messrs Ricky and Shamil Mendis will remain on the board as non-executive directors while Mr. Mahen Dayananda, who was previously Chairman of Lewis Brown with Ricky Mendis as Governing Director will remain on the board.
Some of the other directors on various Delmege boards will also be invited to continue. Mr. J.S. Mather who oversaw the number crunching relating to the deal price will also sit on a Delmege board.
The listing will see some selling down by Royal Ceramics and possibly some of the personal stakeholders.
None of the Mendis’ were present when the new owners met senior staff after the deal had been concluded. Nimal Perera asked the senior managers to introduce themselves and said that the new owners will be happy to work with everybody.
``Dhammika is soft but I’m not,’’ Perera who will be the company’s CEO said indicating that hard work and delivery would be demanded.
Some of the Delmege shipping business currently managed by Aitken Spence will be taken on by Hayleys (also controlled by the Dhammika group though without the majority shares), Nimal Perera said.
The holding company (Lewis Brown) board will comprise Messrs. Dhammika Perera (Chairman), Nimal Perera (MD), Dilhan de Silva (CEO of Delmege), Mohan Pandithage (Executive Director), Mahen Dayananda, Lalith de S. Wijayaratne and Ms. Kimarli Fernando.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=28641
