Hostile takeover of family held Mackwoods averted

Saturday, 9 July 2016 00:27 - - {{hitsCtrl.values.hits}}

In the latest episode of the family held Mackwoods saga, wherein there was an attempt by some shareholders to appoint three rank outsiders an EGM requisitioned by some of the shareholders to be held at the Colombo Club, Taj Samudra Hotel, was terminated and the status quo remains.

A statement issued said this follows the recent malicious and vicious smear campaign carried out against existing Chairman Dr. Chris Nonis and long established Directors of the company as a pressure tactic.

However, the hostile takeover yesterday was narrowly averted, but the battle to take over and split up one of the oldest remaining family companies continues. The question remains as to who is behind this attempted hostile takeover of one of the heritage companies of Sri Lanka.

The three nominees proposed were former Army Commander Major General Daya Ratnayake, Mano Tittawela, and Attorney-at-law Shraepathy Atanayake, a director of Trico.