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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Story of Dhammika Perera

Story of Dhammika Perera

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1Story of Dhammika Perera Empty Story of Dhammika Perera Mon Jun 27, 2011 9:24 am

intelstk


Senior Equity Analytic
Senior Equity Analytic
Can some one tell me DP's story?? I heard he started from Rs. 1000. king king king

2Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 9:27 am

swan03


Vice President - Equity Analytics
Vice President - Equity Analytics
Search the Google. You could find a lot.

3Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 9:28 am

StocksWatch


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
This is an article published in 2002.

From Rs 500 to a billionaire
The Dhammika Perera story

By Paneetha Ameresekere

Businessman Kulappuarachige Don Dhammika Perera’s story is somewhat similiar to the success stories of entrepreneurs of the calibre of Maliban Mudalali.

Venturing out into business at the tender age of 19 with no entrepreneurial background and not having the right connections nor the right social background as it were, and starting-out with only Rs 500 in his pocket, now, 15 years later, and in his prime of life at 34, his investments include banks, power projects, casinos, hotels and ships, worth several hundred millions, if not billions of rupees.

Perera’s achievements are many. He operates three successful casinos in the heart of Colombo, owns two cargo ships, is the single biggest shareholder of NDB with a 9% stake, has a 10% stake in PAB Bank (formerly Pan Asia Bank), a 29% stake in Royal Ceramics, a 20% stake in LB Finance, a 51% stake in Connaissance- in addition to serving in the main boards of those companies, owns two power projects, and the list goes on.

‘My investments in the stockmarket (his investments in NDB, Royal Ceramics, LB Finance and Connaissance were all made last year and this year) were possible in part, if not wholly, due to the support I received from Seylan Bank and Ceylinco consolidated chairman Lalith Kotelawala and Sampath Bank chairman Edgar Gunatunga and its managing director Anil Amarasuriya,’ says Perera.

‘When I wanted Rs 60 million from Seylan Bank to invest in NDB and Royal Ceramic shares last year, Kotelawala offered me Rs 240 million-a four fold increase,’ he said. And this year, when I wanted Rs 50 million from Sampath Bank, they offered me Rs 150 million instead, added Perera.

He invested in NDB by buying those shares at prices ranging from between Rs 20-60 a share. At present those shares command a price of Rs 90 a share. He further said that virtually all of his investments were providing him with a return higher than the interest charged by the banks on his loans. ‘I have no foreign partners. All of these monies required for my investments have been generated locally,’ he says. Perera attributes his success to hard work.

His life story is something like reading a story from one of those fairy tale books. ‘When I was 19, this was in 1987, my mother gave me Rs 500 to buy me a pair of shoes. At that time I had qualified to follow an NDT course on electrical and electronics at Moratuwa University.

But by then the JVP troubles had broken out and Campus was more closed than open. I’m from Paiyagala, Kalutara, having had my education at Taxila Vidyalaya, Horana. At that time I was living with my uncle who was running a cafe at Pettah.

There was a pavement hawker operating in front of my uncle’s restaurant. Instead of buying a pair of shoes, I lent him that Rs 500 on the understanding that he conducts his business on a profit sharing basis with me.

The life of a pavement hawker is a hard one. He starts his work early in the morning and continues till evening. He does not have time to relieve hinself nor does he have time to have his meals while hawking his goods. The only time he is free is when dusk sets in. Then he winds up his business for the day, said Perera.

So, this tie-up with this hawker brought me a return of Rs 200 on a daily basis, while my capital inveetment of Rs 500 remained in tact. This operation went on for three months, during which period I made a clear profit of Rs 74,000.

Then, I turned my hand to slot machines or jackpot machines as they are commonly known. I borrowed five such machines from Lal Wijeratne of Grayline Group.I had them installed at my uncle’s cafe in the Pettah-it was called Isurugiri Hotel.

My arrangement with Wijeratne was that I would keep 30% of the takings, while the balance 70% was for him. This was a successful business partnership. ‘But I was restless.’ I wanted to learn the technology of these slot machines.

Therefore I took wing to Taiwan to follow a six month technical course. This was in 1988 and I was 20 yearl at that time. By then I had dropped out from Moratuwa University.

But I returned from Taiwan in three months.Because it took me only that much of time to assmilate that technology. Then I started making my own slot machines and had them operable in his uncle’s cafe. As a result, all of the takings made from these machines were for me. There was no question of giving 70% of the share to the landlord, because I was now the landlord.

By then I had made enough money, enough to buy over my uncle’s cafe. And at 23, that was in 1991, I had millions and millions in my kitty, with 285 machines in operation.

But disaster struck in 1991. Ranasinghe Premadasa who was the president at that time imposed a ban on jackpot machines.Then What did you do? ‘I opened a car sales centre at my home in Paiyagala,’ said Perera. I called it Anuradha Traders. Currently we have four showrooms-at Kirullapane, Negombo, Kandy and Peliyagoda. I also ventured out into property development.

In 1993 I started my own casino business at Isurugiri. I called it Capricorn.

You see there are four major games played in a casino. Three of them are card games-Black Jack, Baccarat and Porker, and the other Roullete. Then in 1995 I opened up the MGM casino in Colombo-Iwas 27 at that time and followed it up by opening Ballys in 1996 and Bellagio in 1998.

The reason I have restricted entry into my casinos to only foreigners is because it is messy when the doors are also open to locals. ‘You know that shooting incident at the Carlton in 1998 which resulted in the death of Fijian ruggerite Joel Pera? So I feel that it is better to be safe than sorry. Therefore I have imposed these restrictions.

Most of the foreigners who patronise my casinos are Chinese, either from the mainland or Hong Kong or Singapore, says Perera. Meanwhile, with the government’s plan to create a Casino City at Bentota under the ‘2002 Tourism Masterplan,’ and ‘clear’ Colombo of all Casinos, I asked Perera whether he was ready to meet this change.

‘We are ready for it’? he said. I shall be startng a casino at Bentota. It will be called Ballys. It will be equipped with all the modern technology, he said. Referring to his other business ventures, Perera said that in 1998 he started his shipping business, investing $ 1.8 million in two cargo ships.

‘One does the Colombo-Tuticorin run and the other the Dubai-Indonesian run,’ he said. And the two power project? a 10 mega Watt (mW) hydro electric power project (HEPP) costing Rs 600 million at We Ganga in the Kahawatte Plantations. This project is expected to be commissioned in another 11 months time.

For this purpose, Perera has floated a company called Didu, of which Vallibel Holdings, a company wholly owned by Perera, has a 90% stake.’I got this name Vallibel from a friend in Singapore,’ says Perera.

‘My aim is make Vallibel, a public quoted company,’ he says. And I’m working towards achieving this goal in a couple of years time. The two power companies, Didu and the other Erathana Hydro Power Company will be floated by the end of next year, added Perera.

The Erathana project is located at Erathna Kuru Ganga in the Kuruwita area. Erathna too is a 10 mW HEPP and is 100% owned by Vallibel. It is being funded by a consortium of banks comprising DFCC Bank, Private Sector Infrastructure Development Corporation, Sampath Bank and Commercial Bank.

In addition, Perera also runs a retail clothing store called Beverly Street at Duplication Road, Colombo, which is open 24 hours of the day. With regard to his investment in Connaissance, which owns the La Kandyan and the Culture Club hotels, Perera feels a restructuring is necessary to make them viable concerns.

‘We also have plans to open up hotels down South and at Trincomalee (capitalising on the peace dividend). But our scouting around down South to find a property for our hotel project has so far been disappointing. A main reason for this is the shanties that litter the beach. ‘One cannot expect a tourist to pay $ 100 for a room, if, when, he looks out from his window he sees a row of shanties with people relieving themselves on the beach,’ said Perera.

On his investments in the stock market? I don’t believe in holding onto my investments. if they don’t provide me with an adequate return I shall exit from such investments, he says. ‘Like I said earlier, my investment cost in investing in shares in NDB were in the region of Rs 30-Rs 60 a share. And now those shares command a price of Rs 90. As an example, not that I’m saying that I will do it. But if I do wish to, I can always exit from such a company at a profit if I feel that I’m not getting an adequate return,’ said Perera.

Royal Ceramics? It is a profitable venture, yielding a monthly turnover of Rs 100 million. Failures? Having to close an electronics company in 1995 and the poor performance of another company located at Mutwal which manufactures computer forms.

Regrets? Of not studying enough. Plans? Period of consolidation. On the current economic situation? The government is on track and the economy will kick-off with the peace process seemingly working. Drawbacks? Too many holidays. People don’t work hard.

What is needed is for people to think positively. Government can’t go on giving hand-outs. We have to work. ‘I don’t think most of those employed in the public sector in particular work eight hours a day, he says. And from the government’s side? Greater transparency is required.

http://www.island.lk/2002/12/17/busine01.html

4Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 10:00 am

duke


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
This man has started by exploiting a poor hawker with 500. If it was a good man he would have lent the 500 with a small interest but this man has been enslaving this hawker for 3 months taking half his hard earned money. And then he has stated a casino taking money from the fools in gambling. It's funny how a newspaper praises this kind of unethical antisocial behavior.
The Island newspaper should publish an article about the successful business woman who ran away from the police from her business empire in the liberty plaza recently.

5Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 10:27 am

essares


Equity Analytic
Equity Analytic


"The Island newspaper should publish an article about the successful business woman who ran away from the police from her business empire in the liberty plaza recently."

There is hardly anything to admire in DP’s story. But if you can tell me where I can read about the lady’s story or if you can just give a brief account of what has happened we can decide and relate it to many others provided it is of any admiration.

6Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 10:30 am

Paypal


Manager - Equity Analytics
Manager - Equity Analytics
@duke wrote:This man has started by exploiting a poor hawker with 500. If it was a good man he would have lent the 500 with a small interest but this man has been enslaving this hawker for 3 months taking half his hard earned money. And then he has stated a casino taking money from the fools in gambling. It's funny how a newspaper praises this kind of unethical antisocial behavior.
The Island newspaper should publish an article about the successful business woman who ran away from the police from her business empire in the liberty plaza recently.

lol! + rep from me

7Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 10:44 am

sniper_kay

sniper_kay
Equity Analytic
Equity Analytic
How can you even compare DP to Liberty lady? Do you know the number of people studying with DP's money? Do you know the CSRs he has done? He takes the fool's(gamblers) money and spend it on poor. Gamblers gambling is their foolishness. DP is brave enough to use that money on good causes.

DP has done so much for the needy, even his close business circle does not know. He does not want popularity for the good he does. He does it because he is good at heart.

This is my personal opinion.

8Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 11:35 am

swan03


Vice President - Equity Analytics
Vice President - Equity Analytics
@Paypal wrote:
@duke wrote:This man has started by exploiting a poor hawker with 500. If it was a good man he would have lent the 500 with a small interest but this man has been enslaving this hawker for 3 months taking half his hard earned money. And then he has stated a casino taking money from the fools in gambling. It's funny how a newspaper praises this kind of unethical antisocial behavior.
The Island newspaper should publish an article about the successful business woman who ran away from the police from her business empire in the liberty plaza recently.

lol! + rep from me

Im just wondering about the poor man who was a hawker (Who helped DP). What he is doing now? He is alive or.. to see his first partner's success.

9Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 11:43 am

Akalanka

Akalanka
Manager - Equity Analytics
Manager - Equity Analytics

His life story is something like reading a story from one of those fairy tale books. ‘When I was 19, this was in 1987, my mother gave me Rs 500 to buy me a pair of shoes. At that time I had qualified to follow an NDT course on electrical and electronics at Moratuwa University.

Will some one just say how much was 500 Rs were worth in 1987, and if it was for shoes . .??

10Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 12:25 pm

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Well he is really a successful person. We can not totally agree with ways of earning money. But qualities of his charactor,behind this success, like competitiveness, hard work, and etc etc should be appreciated.

11Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 12:59 pm

uditha9


Manager - Equity Analytics
Manager - Equity Analytics
@rijayasooriya wrote:Well he is really a successful person. We can not totally agree with ways of earning money. But qualities of his charactor,behind this success, like competitiveness, hard work, and etc etc should be appreciated.
i fully agree with you.but without np he would have been a just a casino owner.

12Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 1:05 pm

RockStock


Manager - Equity Analytics
Manager - Equity Analytics
@duke wrote:This man has started by exploiting a poor hawker with 500. If it was a good man he would have lent the 500 with a small interest but this man has been enslaving this hawker for 3 months taking half his hard earned money. And then he has stated a casino taking money from the fools in gambling. It's funny how a newspaper praises this kind of unethical antisocial behavior.
The Island newspaper should publish an article about the successful business woman who ran away from the police from her business empire in the liberty plaza recently.

If you dig into "How They earned their first Rs.100,000" The story of many business giants in Sri Lanka would be a similar one as above.

13Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 1:17 pm

Pichchiya


Senior Equity Analytic
Senior Equity Analytic
If you are a billionear you are entitle to become a Secretary of the Ministry and Chairman of BOI

14Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 1:35 pm

duke


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@RockStock wrote:If you dig into "How They earned their first Rs.100,000" The story of many business giants in Sri Lanka would be a similar one as above.
Really true.



P. S. We better not go into much more detail on this topic. Otherwise quibit will get a warning. Smile

15Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 1:42 pm

Rajitha

Rajitha
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
HE basically earned all his worth my illegal disrespectful means! Lucky when he started off there the slot machines were not banned and he was able to adjust them so the user almost never wins!
Soon there will be stories of how people earned millions by selling heroin and coke to people by not getting caught to the authorities and before they were banned in Sri Lanka!

16Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 1:47 pm

Rajitha

Rajitha
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@sniper_kay wrote:How can you even compare DP to Liberty lady? Do you know the number of people studying with DP's money? Do you know the CSRs he has done? He takes the fool's(gamblers) money and spend it on poor. Gamblers gambling is their foolishness. DP is brave enough to use that money on good causes.

DP has done so much for the needy, even his close business circle does not know. He does not want popularity for the good he does. He does it because he is good at heart.

This is my personal opinion.

So you know from how many people he shamed money from using Slot machines before they were banned?
Do you know how many people loose their fortune in his casinos now? People don't publish those as well! In your theory even the people who earn by importing heroin and such stuff also are correct as its the guy who's using to blame not them importer and distributors!

Also are you so naive to think he only used the cash from that guys profit 500 for his business?? His uncle was rich and a mum who would give Rs 500 to buy shoes in those times ( over Rs 5000 now) must be crazy rich or something does not add up! This is just an anecdote for the retard!

17Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 2:07 pm

sniper_kay

sniper_kay
Equity Analytic
Equity Analytic
First of all, DP does not need an anecdote from anyone. He has reached a height with his hard work and clever thinking. Again, this is my personal view and those who cannot accept it can call themselves retards!

18Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 2:17 pm

sniper_kay

sniper_kay
Equity Analytic
Equity Analytic
Mr. Rajitha, I have seen your posts, you give us a different view point on topics which helps us to think differently. But please do not use abusive language. This chases people away from good topics. This is my humble request.

19Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 3:44 pm

wallstreetguy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Some people dont get the point here.

This shows, a man who is ambitious is capable is doing anything.
And sadly most of us are lazy people. Who always do best at complaning and finding fault and heating the seat which we sit in . I find this man which I look up to personally.

It doesnt matter what a man does to make his living. As long as it isnt prostituion or drug dealing.
DP used his mind very well and used one path. which wasnt illegal at that time of life which was gambling. He took oppurtunities. It was few years back gambling became illegal, and now its legal.

In this world we live in, even if we ahve so much money, there are some things which are not available to satify us. People who chose to gamble wasnt forced in. It shows clearly it was greed of those people.
Maybe some have lost everything, they should have thought about it before entering.

Sheldon Aldeson, Owner of LAS Vegas Sands, who recently built Marina Bay Sands in singapore. It was an oppurtunity he saw at that time. There are many Big time tycoons. And Dhammika Perera is one of them. So you cant blame anyone.

Appreciate for where he is now, be happy atleast we have big time billionaires in SRI LANKA, our motherland. . . .

20Story of Dhammika Perera Empty Re: Story of Dhammika Perera Mon Jun 27, 2011 5:22 pm

BenZ

BenZ
Manager - Equity Analytics
Manager - Equity Analytics
His money and wealth is becoming transparent now with the CSE Listed companies and new listing of his companies.

Compared to HJ, DP's stakes in companies are very visible and transparent. DP trying to bring his black money to white. At least we should respect to that.

Personally i dont like his way of become Rich, but i'm proud of him because he is trying hard to push our Economy to the top of Asia now. He is likely to be come over PB's spot sooner.

I wish him All the best to push our economy to the top of Asia.

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