Abans restructures Board for stronger corporate governance
Wednesday, 20 August 2014 01:07
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Abans Plc, a market leader in electronics and home appliances, recently restructured its Board of Directors for stronger corporate governance and streamlining operations with the introduction of two new independent directors on its Board.
In order to maintain a ratio of 30% of independent directors on the Board, P.N. Pestonjee, Clive Fernando and Allan Raffel voluntarily stepped down to make way for the new independent directors.
The Directorate of the company will now comprise Aban Pestonjee (Chairperson), Behman Pestonjee (Managing Director), Rusi Pestonjee, Saroshi Dubash, H. Embuldeniya and S.J. De S. Wijeyeratne (both Independent Non-Executive Directors).
The majority – the shareholders of Abans PLC – are the Pestonjee family who also have interests in engineering, automobiles and motor cycles, real estate development, travels and tours, facility and environment services, software development and information technology, shipping and logistics, advertising/printing and digital marketing, retailing of clothing and lifestyle goods, agriculture and McDonald’s restaurants, functioning as 23 independently-operating companies.
The newly appointed Managing Director Behman Pestonjee has been a Director of Abans Plc for nearly 30 years and is also a co-owner of family owned venture.
Behman’s driving force and expertise as a knowledgeable marketer has made Abans Plc achieve greater heights, rapid expansion and growth. The prosperity of the retail marketing sector and the brand development of the company are mostly due to the implementation of his ideas, according to Abans filing to the CSE.
Educated at St. Thomas’ Prep School, Colombo 3 and Royal College, Colombo 7. Behman is a qualified marine engineer Class 1, D.O.T. London and served at Ceylon Shipping Corporation as a Chief Engineer on board ship, which post he held until he left his career on the high seas to join the family business. He also has several business awards to his credit and iv very well known locally as well as globally.
He holds 432,00o ordinary shares and 5,000 Class B ordinary management non-voting shares of Abans Plc as at 8 July 2014.
Abans Plc is a dynamic and forward moving company continually expanding its product base and presence in all urban and rural areas of Sri Lanka. The strengthening of the Board of Directors with the knowledge and expertise of two new independent directors augurs well for the growth and development of the company.
