Latest listed diversified holding Melstacorp to trade from today

The country’s newest listed diversified holdings will be ready for trading on the Colombo Stock Exchange from today.

This is following the CSE approving in principle the application submitted by the company for the listing of 1.165 billion shares by way of an introduction. The security code for Melstacorp will be MELS-N-0000.

The reference price of MELS is Rs. 69.

The listing of shares is shares issued pursuant to an arrangement in terms of Part X of the Companies Act No. 7 of 2007, to the shareholders of the Distilleries Company of Sri Lanka (DIST), in the proportion of four shares in the company for every one share held in DIST by the shareholders of DIST in the Register of Shareholders as at the end of trading on 30 September 2016 at a share price of Rs. 11.75.

The company as at the date of this introductory document has a public float of 42.88%, constituting 499,676,060 shares held by 10,669 public shareholders.

Melstacorp is a diversified conglomerate domiciled in Sri Lanka with its business interest spanning Beverage, Plantations, Telecommunication, Financial Services and Other Diversified Sectors. The Distilleries Company of Sri Lanka Plc, the market leader in the hard alcohol segment in the country, Balangoda plantations Plc and Browns Beach Hotel Plc are subsidiaries of the MCRP Group which are listed on the Colombo Stock Exchange (CSE).

Furthermore, CSE listed conglomerate Aitken Spence Plc and Madulsima Plantations Plc are associate companies of MELS. The Group employs a staff cadre of approximately 12,700.

The Board of Directors comprises D.H.S. Jayawardena (Chairman), Amitha Gooneratne (Managing Director), Royle Jansz, Niranjan De Silva, Deva Aditya, Capt. Kolitha Jagath Kahanda, Dr. Naomal Balasuriya, D. Hasitha S. Jayawardena, Ranjeevan Seevaratnam and V. J. Senaratne (Alternative Director to Niranjan De Silva, Deva Aditya).