Ajita new Chairman at Sathosa Motors, Sumal MD

Monday, 2 April 2012 00:37 - - {{hitsCtrl.values.hits}}

Business leader Ajita de Zoysa has been appointed as the new Chairman of Sathosa Motor Plc., whilst its former Chairman and now controlling shareholder Sumal Perera has become the Managing Director.

The change, effective from 2 April, is following the resignation of the nominees who represented the interests of ITOCHU Corporation of Japan.

Itochu sold out to Access Engineering Ltd., last month. Sumal also resigned as their representative after which he was appointed Managing Director.

Executive Director Thilak Gunasekera and independent non-executive directors Nimal Perera and Nelson Silva will continue to be on the SMOT Board. Other new appointees are J.C. Jushua and R.J.S. Gomez (as Non Executive Directors) both representing Access Engineering and S.H.S. Mendis and S.D. Munasinghe as alternate directors respectively.

Ajita previously held the Chairmanship of AMW, before selling out to Al Futtaim of UAE. He is also the Chairman of Associated Electricals Ltd and Union Bank Plc.

Those who resigned were Takashi Yoshino, Y Aratani and No Sode.

Access bought 59.7% control of SMOT from ITOCHU for Rs. 846 million and a mandatory offer at Rs. 235 per share is on. Having collected quantities from the market the present stake held by Access Engineering and connected parties in SMOT is now 77%.