Adam Investments ups PCHH stake to near 51%

Wednesday, 3 December 2014 00:00 - - {{hitsCtrl.values.hits}}

Adam Investments Ltd. yesterday purchased a further 20,000,000 ordinary shares of PCH Holdings Plc (PCHH) at a price of Rs. 2.50 per share thereby increasing its stake to 50.89%. Adam Investments Ltd., confirmed the purchase and the mandatory offer to acquire the balance issued and fully paid voting shares of PCHH in a corporate disclosure sent to the Colombo Stock Exchange yesterday. The mandatory offer was earlier suspended pending the determination of a case filed with regards to Bieco Link Carbons Ltd., a fully-owned subsidiary of PCHH.

Adam Investments intentions to revive Bieco Link Carbons Ltd to its former glory were evident in that, just last week, it conducted at its factory at Giriulla, a pirith ceremony graced by Maddepola Somaratana, high priest of the Giriulla Temple. Adam Investments Ltd. Chairman Dr. Ali Asger Shabbir Gulamhusein and his wife Executive Director Dhanushya Gulamhusein, PCHH Chairman Dr. Larry Adams, Managing Director Chaminda Banduthilake, new CEO of Bieco Jayantha Rathnasiri were also present. The case has now been settled and Adam Investments Ltd. intends to complete the mandatory offer as stipulated by the CSE regulations and take over management control of PCH Holdings PLC and its subsidiaries, the disclosure revealed. Adam investments Ltd., sees Bieco Link Carbons Ltd., once Sri Lanka’s second biggest activated carbon exporter, as the jewel in PCHH’s crown. Activated carbon is obtained from coconut shells and is used for air and water purification as well as in gold refining, petroleum and the chemicals industry. Its intentions to revive this company to its former glory were evident in that, just last week, it conducted at its factory at Giriulla, a pirith ceremony graced by Maddepola Somaratana, high priest of the Giriulla Temple, in the presence of the Chairman of PCHH Dr. Larry Adams, Managing Director Chaminda Banduthilake and attended by Jayantha Rathnasiri, the newly appointed CEO of Bieco Link Carbons Ltd. and staff, neighbours and invited members of the community. Adam Investments Ltd. Chairman Dr. Ali Asger Shabbir Gulamhusein and his wife Executive Director Dhanushya Gulamhusein were also present.

Adam Investments Ltd. is acquiring a reputation for reviving defunct companies through tighter cost control, security and risk management, coupled with a fresh perspective and large capital base. Earlier Adam Investments Ltd. displayed not only this ability but also its management capabilities at Orient Garments Plc, which it acquired last year. The board of PCH Holdings PLC consists of Chairman Dr. Larry Adams, Managing Director Chaminda Banduthilake, Executive Director Danushya Gulamhusein, Non-Executive Director Idris Shabbir, Non-Executive Director Padmal Galabodage, Non-Executive Independent Director Imran Zahir and Non-Executive Independent Director Enayath Tayabally.