Colombo Pharmacy joins ERI family

Friday, 15 October 2010 00:43 - - {{hitsCtrl.values.hits}}

Environmental Resources Investment Plc – the prestigious investment holding company – purchased 66.4% of the issued capital of Colombo Pharmacy Plc for a total consideration of Rs. 555.56 million recently. With this transaction, Colombo Pharmacy Plc joins the ERI family as its 8th member.

Lalith Heengama,Chairman, ERI

According to the current regulations of the stock exchange currently in force, this share purchase was immediately followed by a mandatory offer from ERI to purchase the remaining 33.6% amounting to 427,706 shares of the issued capital of Colombo Pharmacy for a consideration of Rs. 279.63 million (Rs. 653.80 per share).

“We are delighted that Colombo Pharmacy has joined the ERI family, and look forward to unleashing the immense potential that it offers – under the guidance and best practices that are the hallmarks of ERI — for the betterment and benefit of our loyal customers as well as the medical profession in general” said Romesh De Mel, Chairman/CEO Colombo Pharmacy Plc.

Colombo Pharmacy Plc owns and operates City Dispensary and IC Drugs Pharmacies and is one of the oldest Public Quoted Companies in the Pharmaceutical trade in Sri Lanka. Colombo Pharmacy has served both customers as well as the medical profession with reliability, dependability and excellence for well over 96 years. The pharmacies have become a household name amongst both the medical profession as well as consumers with their endeavour to be the most caring and dependable pharmacies in Sri Lanka.

“We are confident that with our keen focus on good governance, financial expertise and discipline coupled with our knack for achieving operational excellence will enable Colombo Pharmacy to unleash its truly significant potential in the fast growing health care and pharmaceutical sector” said Lalith Heengama,Chairman, ERI.

“ERI will identify growth opportunities and companies with a significant potential to grow in the manufacturing, IT/infrastructure, financial and other strategic sectors, and invest funds and expertise to turn them around in order to maximise stakeholder returns. Within a short span of one year, ERI has invested in a number of diverse companies such as DNH Financial (Pvt) Ltd, Ceylon Leather Products Plc, Environmental Resources Ltd, South Asia Textiles Lanka (Pvt) Ltd., Olancom (Pvt) Ltd, Enterprise Technology (Pvt) Ltd., and Dankotuwa Porcelain Plc with a vision to drive them towards sustainable growth and profitability” he added.

ERI strives to be a socially responsible business entity which firmly believes in the positive and far-reaching effects of good governance policies and provides financial management, strategic guidance and strong management discipline to help re-structure companies and make good companies even better.