Saturday Nov 16, 2024
Saturday Nov 16, 2024
Thursday, 13 November 2014 00:01 - - {{hitsCtrl.values.hits}}
Adam Investments Ltd., (AINV) announced yesterday it has entered into an agreement with PCH Holdings Plc and 10 other respondents in the recent case filed in the Commercial High Court. As result of this agreement, AINV gets full management and Board control of PCH Holdings Plc and Bieco Link Carbons Ltd. AINV has agreed to pay Rs. 35 million to MMD Ventures Lanka Ltd. according to the agreement. In addition it stated that 100% ownership of Bieco Link Carbons Ltd. will be restored to PCH Holdings Plc. Consequently, PCH Holdings will see a boost in its asset value corresponding to the asset value of this fully owned subsidiary. PCH Holdings Plc, in a corporate disclosure in August, declared that their fully-owned subsidiary Bieco Link Carbons Ltd. was sold to MMD Ventures Lanka Ltd. Adam Investments Ltd. has challenged this in courts and with this agreement the disputes will come to an end with PCH Holdings Plc having full ownership of Bieco Link Carbons Ltd. As per 31 March 2014 accounts, the asset value of Bieco Link Carbons Ltd. is Rs. 761.5 million. Valuation of Bieco Link Carbon was excluded in PCHH accounts as at September 2014 due to the case. In a separate development but involving related parties, the winding up application for Orient Garments Plc filed by Jeremy Grebbe was resolved as well. The petitioner and the company entered into an agreement that the application will be withdrawn in settlement of Rs. 1.4 million as payment to the petitioner. Adam Investments which listed on the Colombo Stock Exchange Diri Savi Board earlier this year is headed by Deshabandu Dr. Ali Asgar Shabbir Gulamhusein. AINV made an aggressive takeover bid of PCH Holdings, triggering the Mergers and Acquisition code requirement to make a mandatory offer to purchase all outstanding shares of PCH Holdings Plc held by the public but the offer was later suspended pending the settlement of the court case referred to in the disclosure; it is likely to recommence now that an agreement has been reached between the two parties.
Dr. Larry Adams new Chairman of PCH HoldingsDr. Larry Adams has been appointed as the Chairman of the Board of PCH Holdings Plc and Director Chaminda D. Banduthilake was promoted to Managing Director.
Adam Investments Ltd., Chairman Dr. Ali Asger Shabbir Gulamhusein has also joined the PCHH Board as an Executive Director along with Danushya C. Mediwake Gulamhusein.
Three non-Executive Directors were also appointed: Idris Shabbir, Mohamed Imran Rasheed Zahir (Independent) and Enayath Hussain Tayabally (Independent).
Banduthilake was an existing director while the other remaining director is D. P. Galabodage.
The appointments follow the resignation of Mohamed Rishan who was Chairman and CEO, M.M. M.N. Farzaan, P. L. Wijesekara and Shanti Sri N. Goonaratne.
Dr. Adams has served Adam Investments as a director from the inception of the company. He holds numerous qualifications such as PhD, MBA, MTh, BTh, DIP TH, DIP HR, DIP Networking and DIP Hardware which he has obtained in Japan, Canada, UK and Sri Lanka.
Adams is a former Director of Tec Sri Lanka and accounts for over 25 years experience in top management in Sri Lanka and overseas. He also serves as Director of Orient Garments Plc, Adam Air Conditioners Ltd., and Adam Automobiles Ltd.
He is a prominent public speaker and has been keynote speaker at prestigious international events such as the CEO Forum ASEAN and the CIO/CTO Forum of SAARC.
Dr. Gulamhusein is the Chairman of Adam Investments. He holds a PhD from Tokyo, Japan and a degree from King’s College London, UK. He has been bestowed with the prestigious title of ‘Deshabandhu Manawahithwadhi, Lankaputhra’ and also serves as advisor to the Ministry of Justice, Ministry of Cooperatives and Internal Trade and Ministry of Productivity Promotion. |
