Top high net worth investors and shareholders Nimal Perera and Dilith Jayaweera have been appointed to the Board of Directors of George Steuart and Company Ltd.
The appointment by the Board on Tuesday was ratified yesterday at the company’s Annual General Meeting where the two new directors were also present.
Nimal and Dilith collectively own around 43% stake in George Steuart, which is considered as the oldest corporate in Sri Lanka with a 176 year history.
At the AGM certain conditions prevalent hitherto on transfer and sale of shares were withdrawn following amendments to the Articles of Association. This is likely to facilitate Nimal and Dilith’s planned acquisition of additional stakes in George Steuart when other holdings are available for sale.
Chairman Jayantha Wimalagooneratne, former Chairmen Scott Direckze and S. Skandakumar sold their stakes in George Steuart to Nimal and Dilith early this month whilst a further 30% stake is held by Group Managing Director Dubsy Kanagaratnam.
Via 12 subsidiaries GS Group’s business interests include export of tea, distribution of pharmaceuticals, travel and ticketing, airline representation, property development, assembly of telephones and other electronic products, freight forwarding, financial services, insurance broking and higher education.