CDS facilitates first-ever dispatch of e-warrants for ACL Cables’ dividends

From left: CDS Senior Executive – Corporate Solutions Thilanka Udara, Senior Assistant Manager – Customer Relationship Management Hemal Weerasinghe, ACL Cables Manager – Finance Darshana Senanayake, Group Chief Financial Officer Mahesh Amarasiri, Managing Director Suren Madanayake, CSE CEO Rajeeva Bandaranaike, CDS Head of Central Depository Systems Nalin Fonseka, CDS Deputy Head Nadeera Athukorale and Senior Assistant Manager – Corporate Solutions Vindhya Colombage

The Central Depository Systems Ltd. (CDS) recently facilitated the dispatch of e-warrants for ACL Cables PLC’s Declaration of Interim Dividend of Rs. 1 per share to the registered shareholders of the company, as at the record date of the dividend, for the financial year ended 31 March 2022.

This is the first time that electronic warrants were given to the shareholders of a listed company.

By way of Circular dated 19 March 2021 (Circular No: 01/2021), Colombo Stock Exchange (CSE) requested listed companies to dispatch Tax Certificates (Dividend Warrant)/Counter Foil relating to dividends to relevant shareholders within seven market days from the date of crediting dividends to the bank account.

Commenting on the facility provided by the CDS, CEO Rajeeva Bandaranaike said: “The CDS has had a progressive journey over the last 31 years and has now grown to offer an augmented product range to listed companies. Now CDS offers an array of services to corporates and shareholders of listed companies through their decentralised digital depository operations. We are proud to see that CDS is continuously working on innovations to further improve their services and is evolving quite rapidly into a paperless environment.”

“This initiative further enhances the services offered by the CDS to its valued account holder base and supports account holders in their tax administration by assisting them to file their tax returns more efficiently and in a timely manner,” added CDS Senior Vice President Nalin Fonseka.

ACL Cables PLC Managing Director Suren Madanayake said: “ACL Cables PLC has always been looking for ways of improving the efficiency of operations. Therefore, we would like to commend the digitisation efforts by the CSE to improve the efficiency of conducting business.”