Lakshman Hulugalle appointed to Unity Plaza holding company Board

Lakshman Hulugalle has been appointed to the Board of Directors of On’ally Holdings Plc the holding company of Unity Plaza at Bambalapitiya.

The Urban Development Authority (UDA) holds 47% stake in the Company and Hulugalle will be an independent director.  Ceylon & Foreign Trades Plc owns around 25% stake in On’ally Holdings.

Hulugalle is the Director General of both the Media Centre for National Security and the NGO Secretariat of the Ministry of Defence and is also the Deputy Chairman of the National Livestock Development Board.

He holds a degree in hotel management from the Sri Lanka Hotel School and a diploma in advertising, sales and marketing from the Sri Lanka Institute of Marketing.

Previously he was the Vice Chairman of Ceylon Fisheries Corporation from 2006 to 2010, Consultant to the Ministry of Youth Affairs, Sports and Rural Development in 1995, Coordinating Secretary to Minister of Labour and Vocational Training Minister Mahinda Rajapaksa in 1994, Coordinating Secretary to Minister of Lands, Land Development and Minister of Mahaweli Development from 1978 to 1989 and Minister of Plantations from 1989 to 1990, both portfolios held by Gamini Dissanayake.  Hulugalle was also the Chairman of SatNet Lt., and Star TV Lanka Ltd., from 2001 to 2005.

FT Short Takes

CIC Holdings

Shareholders of Chemical Industries (Colombo) Plc have approved the name change of the company to CIC Holdings.

A special resolution was passed at an EGM held on 29 December.

Alucop Sierra amalgamate

The amalgamation of Alucop Cables Ltd., with Sierra Cables Plc has been completed with effect from 31 December 2010. Alucop is the fully owned subsidiary of Sierra Cables.

Lanka Walltile Meepe no more

Lanka Walltile Meepe Ltd. has been amalgamated with Lanka Walltile Plc and the merged company will be known as Lanka Walltile Plc.

The amalgamation was with effect from 1 January 2011.

Cargills acquire 8.3% more of Kotmale Holdings

Cargills (Ceylon) Plc has acquired a further 8.3% stake in Kotmale Holdings Plc consequent to the conclusion of the mandatory offer. The offer at Rs. 43 per share which ended on December 30, 2010 had been accepted by shareholders holding 2.6 million shares or 8.32% stake in Kotmale Holdings.

Prior to the offer Cargills held 73.4% directly and two directors held 1.2% stake. In November Cargills acquired control amounting to 23 million shares or 73.4% of Kotmale Holdings at a price ranging from 37 and 40 per share with the largest parcel picked up at Rs. 40 each. Subsequently two Directors bought small stakes at prices ranging between Rs. 38.50 and Rs. 43 per share.

New MD/CEO at Ceylon Tobacco

Ceylon Tobacco Company Plc yesterday announced the appointment of James Yamanaka as its new Managing Director and CEO.

Yamanaka replaces Mustanser Ali Khan who resigned last week.

Following the new appointment the Board of Directors of Ceylon Tobacco Company comprises of Jayampathy Bandaranayake (Non Executive Chairman), James Yamanaka (Managing Director and CEO), Atif Hasan (Finance Director), and Non Executive Directors Vijaya Malalasekara, Deva Rodrigo, Susantha Ratnayake, Ariyaratne Hewage and Mobasher Rza