Double delight for Dhammika

Thursday, 23 June 2011 01:25 - - {{hitsCtrl.values.hits}}

Business leader Dhammika Perera yesterday further consolidated his position gaining full control of listed diversified blue chip Hayleys Plc in addition to being appointed Chairman of Delmege Forsyth Group.

Following the Rs. 3 billion acquisition last week of 100% control by a consortium involving Vallibel One Ltd. (VOL) and Royal Ceramics Plc, a new Board of Directors was appointed yesterday at Delmege. Dhammika was appointed Chairman whilst Nimal Perera was appointed Managing Director.

Relying on top and proven experience and expertise, Hayleys Chairman Mohan Pandithage was appointed Executive Director and will oversee Delmege’s shipping, travel and transport business. At Hayleys, the transportation and maritime business was Pandithage’s forte.

Royal Ceramics Director Tharana Thoradeniya has been appointed as Executive Director to spearhead the 100-year plus Group’s FMCG and retail business.

Former owner and Chairman of Delmege F.G.N. Mendis and his son Shamil Mendis were reappointed along with Mahen Dayananda from the previous Board. Top banker Kimarli Fernando and finance specialist Lalith de S. Wijeyeratne will join as Independent Directors. The latter two also serve on the boards of several of Dhammika-controlled companies.

Dhammika and team also met with senior management of Delmege yesterday to explain the objective of the acquisition as well as the vision and plans of the new ownership. Immediate listing of Delmege was also indicated.

In a separate development, long-standing Independent Director A.M. Senaratna has given quit notice from the Board Hayleys Plc. Canada-resident Senaratne was appointed to the Hayleys Board in 2005.

With the latest resignation, all three previously appointed independent directors will no longer be at Hayleys after next week’s Annual General Meeting.

Previously Trevine Jayasekara and L.K.B. Godamunne (who also owns shares in Hayleys) gave quit notice by announcing they would not be available for re-election.

The exit by the trio will give Dhammika and Nimal duo full control of the Hayleys Board. Dhammika and Royal Ceramics own a 31% stake in Hayleys and there had been reports of differences of opinion between the majority shareholder and independent directors appointed by previous managements/chairmen of Hayleys.