SMB Leasing PLC (SMBL) has announced the appointment of Umesh Gautam, CEO of Lanka Ashok Leyland PLC (LAL) as an Independent Non Executive Director and Jagath Chandrawansa Korale as a Non Executive Director with effect from 30 September 2010.
Gautam has been at the helm of LAL for nearly two-and-a-half decades. Under his guidance the company has become a market leader in commercial vehicles in Sri Lanka and posted turnover of more than Rs. 6 billion in the first half of 2010-11. Also the Head of SAARC Region of Ashok Leyland India, Gautam has had affiliations with the leasing industry for many years.
A Chartered Accountant and a Management Consultant by profession, Korale has held key positions in many diverse sectors including medical services, education, construction and insurance broking. He holds a Master of Science (Project Management) from the University of Moratuwa and was the founding Director of the Advanced Construction Training Academy of Sri Lanka.
“Competent, skilled and experienced directors are instrumental in the success of any firm,” said Surath Peris, CEO of SMBL. “Gautam and Korale are individuals of proven calibre who can contribute significantly to the future success of the company.”
These appointments follow the recent appointment of SMBL as the sole distributor for Lanka Ashok Leyland for the Northern and Eastern provinces, a move that is expected to contribute substantially to the prospects of the company, an announcement from SMBL said.
SMBL has also launched a rights issue to raise Rs. 581 million to improve liquidity and fund operations.
The appointment of Gautam to the SMBL board brings the number of independent non executive directors on the board to three.
A Public Limited Liability Company incorporated in Sri Lanka on 3 September 1992 under the Companies Act No. 17 of 1982 and re-registered under the provisions of the Companies Act No. 07 of 2007, SMB Leasing is registered as a Finance Leasing establishment under the Finance Leasing Act No. 56 of 2000 (as amended).
The Company’s Ordinary (voting) shares have been listed on the Colombo Stock Exchange since 1993 and its non-voting shares since 2006.
Consequent to the latest appointments, the board of directors of SMB PLC comprises of R. S. W. Senanayake, M. S. I Peiris, R. Renganathan, P. A. Jayawardena, E. T. L. Ranasinghe, G. C. B. Ranasingha, A. N. Bahaudeen, Umesh Gautam and Jagath Chandrawansa Korale.