Court approves calling for EGM on Distilleries restructure

Thursday, 4 August 2016 00:47 - - {{hitsCtrl.values.hits}}

On an application made by the Distilleries Company of Sri Lanka (DCSL) Plc, Commercial High Court judge Gamini Amerasekere yesterday approved a request from the company to seek the concurrence of shareholders by way of an Extraordinary General Meeting (EGM) to be convened for 6 September 2016.

K. Kanag Iswaran, PC appeared for DCSL Plc instructed by Upendra Gunasekara, attorney-at-law. Nihal Fernando PC instructed by Sachithra Dissanayake, attorney-at-law, appeared for Melstacorp Ltd.

In a CSE announcement made on 1 August, DCSL Plc stated that the company was seeking the approval of court, its shareholders and regulatory authorities to reorganise itself by making Melstacorp Ltd. its holding company.

According to the announcement, once the required approvals were in place Melstacorp Ltd. intended to issue four of its shares in exchange for a share of DCSL Plc, making it the holding company of the DCSL Group. Melstacorp Ltd. is also planning to seek a listing in the Colombo Stock Exchange to provide the required liquidity to its shareholders.