Ramanan to re-engineer Industrial Asphalts

Tuesday, 2 September 2014 01:50 - - {{hitsCtrl.values.hits}}

Triggers SEC Takeovers Code after acquiring 66% stake at Rs. 201 per share G. Ramanan acquired 66% of Equity Stake in Industrial Asphalts (Ceylon) PLC on 21 August 2014 at a price of Rs. 201 per share. On subsequent announcements to the Colombo Stock Exchange, he has stated that an offer would be made to all remaining shareholders of ASPH at Rs. 201 per share. On acquiring controlling interest in ASPH his objective is to revive a company which has deep roots and was very much part of the Sri Lankan psyche. After taking over as the Managing Director/CEO of ASPH he has initiated restructuring exercise covering all activities of the company. These include, adequately resourcing the company’s divisions including marketing, production, distribution and administration. The product range would be expanded to cover the latest innovations and developments in waterproofing, road emulsion and protective coatings. New talent would be brought into the company to strengthen its key areas. Export market opportunities will also be actively pursued.

The activities of the company would be diversified into related and unrelated areas after careful evaluation of the emerging opportunities in Sri Lanka. G. Ramanan is an investment banker with more than 20 years of experience at senior level in leading financial institutions in Sri Lanka. He was the Head of Investment Banking at Hatton National Bank PLC and was the CEO of HNB Securities Ltd. Under his leadership HNB Securities was restructured to become one of the leading primary dealers in the country. Ramanan was instrumental in bringing all investment banking capabilities within HNB under one umbrella. In 2009, he left his fulltime employment to set up his own investment-banking outfit Capital TRUST Financial along with Capital TRUST Holdings. Currently, he has taken strategic stakes in both public and private companies and actively engages with the investee companies to unlock underlying values. Ramanan is currently the Managing Director/CEO of People’s Merchant Finance PLC where his direct holding amounts to 10% and Managing Director/CEO of Capital TRUST Financial. On acquiring a material interest in Industrial Asphalts (Ceylon) PLC, Ramanan has also been appointed as the Managing Director/CEO of the company. Ramanan is a CFA charter holder, Management Accountant (ACMA-UK) and obtained his MBA from University of Chicago Booth School of Business. Industrial Asphalts (Ceylon) PLC was established in 1964 by a team of Sri Lankans with an audacious dream to convert what was essentially a foreign manufacturing capability into a Sri Lankan capability. Their dream was to bring to life products and services in the bitumen space which were comparable with the best in the world but ‘Made in Sri Lanka’. Their dream gave birth to ASPH’s first name recall brands such as Britex, NOLEAK, Sealkote and Autosyl. ASPH’s focus has been in protective coating products and bitumen based products. All of ASPH’s manufactured products were formulated by Sri Lankans for the Sri Lankan markets. In controlled and independent tests carried out on ASPH’s products, we are proud of the fact that these Sri Lankan formulae meet and surpass the products offered by multinational companies.