CDS bolsters corporate action services portfolio with DCSL and Melsta agreements

Thursday, 3 January 2019 02:05 - - {{hitsCtrl.values.hits}}

From left: Assistant Manager CDS Nadeera Athukorala, CSE Head of Legal Renu Ranathunga, CDS Head Nalin Fonseka, CSE CEO Rajeeva Bandaranaike, Melstacorp and Distilleries Company of Sri Lanka Director Niyomal Balasooriya, Melstacorp Managing Director Amitha Gunarathne, Distilleries Company of Sri Lanka and Melstacorp Group Financial Controller Cleetus Mallawaarchchi, CDS Assistant Manager Customer Relations Management Hemal Weerasinghe and Distilleries Company of Sri Lanka and Melstacorp Legal Officer Nuwanthi Gunawardena

Central Depository Systems Ltd. (CDS), a fully-owned subsidiary of the Colombo Stock Exchange (CSE), has bolstered its client portfolio in corporate action services and registrar services with the addition of Distilleries Company of Sri Lanka PLC (DCSL) and Melstacorp PLC (Melsta).

CDS launched these services in mid-2018 and is presently offering services to 18 clients represented in eight industries. As part of the agreements, CDS will now provide registrar service coverage for DSCL and Melsta in the areas of maintaining the share ledger, cash/script dividend, right issues, share sub-divisions, capitalisation of reserves and other corporate actions.

The move by CDS to introduce new services comes as a number of depositaries around the world are expanding on their traditional role to be more customer facing, by offering new services and leveraging on technology.

Commenting on the agreements, CDS Head Nalin Fonseka stated: “Marking a new era in our journey, CDS announced the launch of corporate action services and registrar services to develop into a more customer centric and customer focused organisation. We welcome Distilleries and Melstacorp to our portfolio and look forward to honouring the trust placed in CDS with service excellence. We are confident that engaging CDS will allow the companies to significantly improve their efficiencies when dealing with the capital market as well as pave the way to enhance investor relations.”

“The fact that CDS has been at the heart of the Sri Lankan stock market offers us vital differentiation and uniquely positions CDS to effectively deliver these services. Considering that these services are linked to our core services, we also have the ability to offer cost efficiencies and considerable convenience to listed companies and their investors,” he added.