Ashok takes over as Odel Chairman

Tuesday, 23 September 2014 02:02 -     - {{hitsCtrl.values.hits}}

Business leader Ashoka Pathirage has assumed the Chairmanship of Odel Plc following the Softlogic Holdings Rs. 2.7 billion acquisition of a 45% stake. This is following his appointment as an Executive Director in Odel’s Board with effect from 22 September. Two other Softlogic Group nominees have been appointed as well – Dr. S. Selliar and H. Kumar Kaimal (a co-founder of Softlogic and a Director since inception) as Non Executive Directors. Odel also announced the resignation of Ruchi Gunewardene, who along with founder Otara and brother Ajit sold out recently. Otara remains on the Board to facilitate the transition whilst Parkson of Malaysia which owns a 47% stake has six nominees on the Odel Board. The other Independent Director is Sanjay Kulatunga. A mandatory offer from Softlogic Group at Rs. 22 per Odel share is currently on.