This is a website dedicated to those who worked or were associated with a great Sri Lankan company, formerly known as Imperial Chemical Industries (Export) Ltd., which became Chemical Industries (Colombo) Ltd., in 1964.
The company commenced operations by manufacturing agricultural pipes and marketing a range of locally manufactured paints. Today, CIC has expanded into Agri Businesses, Animal Feed, Farm Produce, Veterinary Medicine, Day Old Chicks, Agro Chemicals, Adhesives, Consumer Products, Industrial Raw Materials, Pharmaceuticals, Packaging, Herbal Products and Health and Personal Care Products. Its on-going progress as a leading Company in Sri Lanka is recorded on the CIC website http://www.cic.lk
A warm welcome to all ex- and present CIC staff and that of our associate Company Chemanex. This is your page to put down your thoughts and your recollections of two organisations where we once met, made great friends and still carry memories of a time in Sri Lanka which is so sadly lost to those of us now living in all corners of the world. We invite all ex-employees - and their friends and relatives! - to regale us with your tales and send us your photos from times gone by. There are a few already on our album; how handsome and pretty we all looked, THEN!
To those still working at CIC/Chemanex, send us an e-mail and tell us how things are going there. We would love to hear from you! All your suggestions and contributions to make this a great website will be warmly welcomed. Keep us up to date on what is happening within the two companies and in your personal/working lives. If you have any photos you would like to share, please send them with a bit of background information. We would love to publish them.
From time to time, we come visiting and try to re-establish contact with as many colleagues as possible. Our secret dream is to have one big family gathering in Sri Lanka one day and make the companies foot the bill! We can make it happen, if you share our enthusiasm. So make your voices heard!
From time to time, we get emails from those outside CIC/Chemanex; staff from other companies who worked in the same buildings and made friends with us. So this page is an opportunity for their recollections as well, the ones who passed us daily in the corridors and lifts, made eyes at "our" girls and we at theirs, of Harrisons & Crossfield, Gaffoor, Chartered Bank and Hemas Buildings. No doubt they will have many stories to tell that will decorate the rich tapestry of life we experienced at both work and play.
The articles and links are meant for ALL of you. Your contributions and feedback will be a tribute to great two Companies and their staff, living and dead. The least we hope to do through these pages is to remember as many of them as possible and acknowledge the contributions they have, and continue to make. We sincerely hope you share our dream.
Contact Email: elmoper@bigpond.net.au
The company commenced operations by manufacturing agricultural pipes and marketing a range of locally manufactured paints. Today, CIC has expanded into Agri Businesses, Animal Feed, Farm Produce, Veterinary Medicine, Day Old Chicks, Agro Chemicals, Adhesives, Consumer Products, Industrial Raw Materials, Pharmaceuticals, Packaging, Herbal Products and Health and Personal Care Products. Its on-going progress as a leading Company in Sri Lanka is recorded on the CIC website http://www.cic.lk
A warm welcome to all ex- and present CIC staff and that of our associate Company Chemanex. This is your page to put down your thoughts and your recollections of two organisations where we once met, made great friends and still carry memories of a time in Sri Lanka which is so sadly lost to those of us now living in all corners of the world. We invite all ex-employees - and their friends and relatives! - to regale us with your tales and send us your photos from times gone by. There are a few already on our album; how handsome and pretty we all looked, THEN!
To those still working at CIC/Chemanex, send us an e-mail and tell us how things are going there. We would love to hear from you! All your suggestions and contributions to make this a great website will be warmly welcomed. Keep us up to date on what is happening within the two companies and in your personal/working lives. If you have any photos you would like to share, please send them with a bit of background information. We would love to publish them.
From time to time, we come visiting and try to re-establish contact with as many colleagues as possible. Our secret dream is to have one big family gathering in Sri Lanka one day and make the companies foot the bill! We can make it happen, if you share our enthusiasm. So make your voices heard!
From time to time, we get emails from those outside CIC/Chemanex; staff from other companies who worked in the same buildings and made friends with us. So this page is an opportunity for their recollections as well, the ones who passed us daily in the corridors and lifts, made eyes at "our" girls and we at theirs, of Harrisons & Crossfield, Gaffoor, Chartered Bank and Hemas Buildings. No doubt they will have many stories to tell that will decorate the rich tapestry of life we experienced at both work and play.
The articles and links are meant for ALL of you. Your contributions and feedback will be a tribute to great two Companies and their staff, living and dead. The least we hope to do through these pages is to remember as many of them as possible and acknowledge the contributions they have, and continue to make. We sincerely hope you share our dream.
Contact Email: elmoper@bigpond.net.au
On the death of Margaret Thatcher - April 2013
CIC NEWS UPDATE
CIC Holdings FY16 revenue up 13% to Rs. 26.6b; PAT up 57% to Rs. 1.63b
CIC Holdings Group has achieved a growth in revenue of 13% to Rs. 26.67 billion in the financial year ended 31 March 2016 and an after tax profit of Rs. 1.63 billion, up by 57% over the previous year. Group pre-tax profit grew by 41.6% to Rs. 2.01 billion. Net profit attributable to equity holders of the company rose by 77.7% to Rs. 1.35 billion.
CIC Holdings Plc Chairman Harsha Amarasekera said in addition to the organic growth from the existing business ventures, the Group has invested Rs. 2 billion in growth sectors enhancing the future earnings potential of the group.
“Increased earnings and timely risk management initiatives enhanced the asset quality by improving the Net Asset Value per Share from Rs. 75.14 to Rs. 93.44, a 24 % increase. Concurrently, the Board also increased the dividend per share from Rs. 3.0 to Rs. 4.0, which in turn contributed to a dividend yield of 4%,” the CIC Chairman said in his review in the 2015/16 Annual Report. “This combined with a capital appreciation for the share of 26% resulted in a Total Shareholder Return (TSR) of 31%. Return on Equity (ROE) was at 15% compared to 12% the previous year, confirming our strategy to enhance future earnings potential,” Amarasekera added.
The Debt to Equity ratio stood at 120% for 2015/2016 as opposed to 117% for the previous financial year, a factor which is closely monitored by the Board. “It is indeed gratifying to note the consistent improvement in profitability and growth sustained over the past eight quarters,” the Chairman emphasised.
Encouraged by the progress achieved, CIC has chartered a new trajectory for growth which is multifaceted, building on the Group’s core competencies and considerable strengths developed over three decades. The new strategies formulated entrenched the group presence in the agriculture and livestock, healthcare and consumer sectors.
Working together with external consultants, CIC also critically assessed their business portfolios, current positioning and how the CIC Group is perceived. The Chairman said it became clear that sharpening the corporate vision and mission and better defining and grouping of its diverse businesses were a prerequisite to strengthening CIC’s true identity as a well-diversified conglomerate.
“Consequently, we have modified and rearranged the Group structure into five clear business segments in order to enhance group synergies and to facilitate a sharper focus on potential areas of high growth. As part of the same process, we have also re-defined our corporate vision and mission statement as it’s now depicted in this report. Further as the business grows and diversifies into new sectors, stretching the corporate brand CIC across an innumerable and diverse range of products and services will not be optimal or possible,” Amarasekera said.
According to him the new structure enables each business segment to have its own identity and brands for individual product lines with a higher level of visibility for the individual brands. The brands will be discrete, each one holding a distinct promise of quality and value for the end user. Where relevant, the CIC logo will be retained in an overarching capacity to provide continuity and reassurance.
CIC also implemented several structural changes during FY16 to ensure that all business sectors are well positioned for growth. Relocating the PVA manufacturing facility in Ratmalana to the Godagama Industrial Zone was an important step; one which has been in the contemplation of the Company for several years and this move mitigates potential environmental and social issues in an urban neighbourhood. This has made available approximately 4 acres of land in an urban area which could be sold or developed. The relocation project required an investment of Rs.400 million and resulted in capacity expansion of 100% which is expected to commence its pay off from this financial year.
Amarasekera said the Board identified areas for growth and investment immediately following the turnaround in the performance of the Group in 2014/15 prioritising the many options available based on the potential value created for shareholders and Group synergies. Accordingly, the Group invested Rs.1 billion on building facilities for drying and storage of maize in Talawa and Siyambalanduwa, with an aggregate capacity of 50,000 MT, synergising the value chain from agriculture input distribution to the feed milling business within the Agri Produce and Livestock Solutions sectors.
“This venture epitomises CIC’s philosophy of creating broader stakeholder value and is aligned with the Ministry of Agriculture’s Food Production National Program 2016 – 2018, where maize is a crop aimed at self-sufficiency and the Sustainability Development Goals of poverty alleviation, zero hunger and reduced inequalities too are addressed. The project also supports around 10,000 farmers in these two rural communities through buy back guarantees and provision of technical support to maximise yields. We also strengthened the value proposition to farmers by facilitating crop protection insurance and banking services,” Chairman said.
Strategic investments
Another strategic investment approved by the CIC Board was a further Rs.1 billion for cultivation of vegetables in greenhouses using the latest technology. Higher value vegetables will be grown for export supporting the country’s export drive and building CIC’s reputation as an exporter of high quality vegetables. The investment in greenhouses seeks to mitigate the impact of adverse weather, land and labour shortage which regularly hampers the output of the agriculture sector.
Chairman has told shareholders via his review in the 2016 Annual Report that the Pharmaceuticals sector indicates significant potential for growth with a steady income throughout the year as indicated by the country’s demographics and changing wealth patterns. The CIC group’s pharmaceutical manufacturing plant produces generic lifestyle medications used on a continuous basis, including medications for diabetes, hypertension, cholesterol and gastric reflux among others. Given the increasing focus on availability of affordable generic drugs, this investment also supports the national healthcare agenda and saves valuable foreign exchange for the country. CIC is also investing a sum of approximately Rs.100 million in constructing a purpose built facility for storage of pharmaceuticals in Ekala, filling a lacuna in CIC’s infrastructure to support growth of this vital business segment.
“Meeting stringent standards of our principals, this facility will enable us to widen the range of products marketed by the Group. Pharmaceuticals being a key growth sector at CIC, we will now be well positioned to ensure its continued expansion,” Amarasekera said.
He pointed out that a solid financial position, decades of diverse industry insights, strong relationships globally with principals and locally with farmers, distributors and regulators provide a sound foundation for growth. “Our businesses are also in sectors important from an economic and social perspective to the country such as agriculture, healthcare and industrial solutions vital for the country’s progress. We have emerged from the losses incurred in 2013/14 as a stronger group, delivering increasing value to stakeholders and we are ready for further investment,” the Chairman said.
Growth plans
“ Projects commenced this year will enhance earnings of the Group in the coming year and we also expect to implement further plans for growth during the coming year,” he added. Amarasekera also says in Chairman’s Review “Our course is clear – we expect to be one of the top three players in the country in every business we are engaged in.” According to him the CIC Board will continue to drive performance from the centre supported by strong reporting and risk management processes for objective decision making. “Our new identity will facilitate greater visibility and brand building, driving the value of each individual business and the conglomerate as a whole,” he added.
In order to further drive and build value, the CIC Board has approved an ESOP scheme aimed at the top management of the Group. The Resolution in respect of the same will be placed before the Shareholders immediately after the AGM. “The Board is confident that this would pave the way for even greater commitment from the Management to improve the results of the Group, CIC Chairman Amarasekera said.
The CIC Holdings Plc’s Board of Directors comprises of S.H. Amarasekera (Chairman), S.P.S. Ranatunga (Managing Director/CEO), M.P. Jayawardena, R.S. Captain, P.WM.B.B. Marambe, R.N. Asirwatham, S.M. Enderby, A.V.P. Silva, R.C.W.M.R.D. Nugawela, K.B. Kotagama and D.S. Weerakkody.
CIC Holdings Group has achieved a growth in revenue of 13% to Rs. 26.67 billion in the financial year ended 31 March 2016 and an after tax profit of Rs. 1.63 billion, up by 57% over the previous year. Group pre-tax profit grew by 41.6% to Rs. 2.01 billion. Net profit attributable to equity holders of the company rose by 77.7% to Rs. 1.35 billion.
CIC Holdings Plc Chairman Harsha Amarasekera said in addition to the organic growth from the existing business ventures, the Group has invested Rs. 2 billion in growth sectors enhancing the future earnings potential of the group.
“Increased earnings and timely risk management initiatives enhanced the asset quality by improving the Net Asset Value per Share from Rs. 75.14 to Rs. 93.44, a 24 % increase. Concurrently, the Board also increased the dividend per share from Rs. 3.0 to Rs. 4.0, which in turn contributed to a dividend yield of 4%,” the CIC Chairman said in his review in the 2015/16 Annual Report. “This combined with a capital appreciation for the share of 26% resulted in a Total Shareholder Return (TSR) of 31%. Return on Equity (ROE) was at 15% compared to 12% the previous year, confirming our strategy to enhance future earnings potential,” Amarasekera added.
The Debt to Equity ratio stood at 120% for 2015/2016 as opposed to 117% for the previous financial year, a factor which is closely monitored by the Board. “It is indeed gratifying to note the consistent improvement in profitability and growth sustained over the past eight quarters,” the Chairman emphasised.
Encouraged by the progress achieved, CIC has chartered a new trajectory for growth which is multifaceted, building on the Group’s core competencies and considerable strengths developed over three decades. The new strategies formulated entrenched the group presence in the agriculture and livestock, healthcare and consumer sectors.
Working together with external consultants, CIC also critically assessed their business portfolios, current positioning and how the CIC Group is perceived. The Chairman said it became clear that sharpening the corporate vision and mission and better defining and grouping of its diverse businesses were a prerequisite to strengthening CIC’s true identity as a well-diversified conglomerate.
“Consequently, we have modified and rearranged the Group structure into five clear business segments in order to enhance group synergies and to facilitate a sharper focus on potential areas of high growth. As part of the same process, we have also re-defined our corporate vision and mission statement as it’s now depicted in this report. Further as the business grows and diversifies into new sectors, stretching the corporate brand CIC across an innumerable and diverse range of products and services will not be optimal or possible,” Amarasekera said.
According to him the new structure enables each business segment to have its own identity and brands for individual product lines with a higher level of visibility for the individual brands. The brands will be discrete, each one holding a distinct promise of quality and value for the end user. Where relevant, the CIC logo will be retained in an overarching capacity to provide continuity and reassurance.
CIC also implemented several structural changes during FY16 to ensure that all business sectors are well positioned for growth. Relocating the PVA manufacturing facility in Ratmalana to the Godagama Industrial Zone was an important step; one which has been in the contemplation of the Company for several years and this move mitigates potential environmental and social issues in an urban neighbourhood. This has made available approximately 4 acres of land in an urban area which could be sold or developed. The relocation project required an investment of Rs.400 million and resulted in capacity expansion of 100% which is expected to commence its pay off from this financial year.
Amarasekera said the Board identified areas for growth and investment immediately following the turnaround in the performance of the Group in 2014/15 prioritising the many options available based on the potential value created for shareholders and Group synergies. Accordingly, the Group invested Rs.1 billion on building facilities for drying and storage of maize in Talawa and Siyambalanduwa, with an aggregate capacity of 50,000 MT, synergising the value chain from agriculture input distribution to the feed milling business within the Agri Produce and Livestock Solutions sectors.
“This venture epitomises CIC’s philosophy of creating broader stakeholder value and is aligned with the Ministry of Agriculture’s Food Production National Program 2016 – 2018, where maize is a crop aimed at self-sufficiency and the Sustainability Development Goals of poverty alleviation, zero hunger and reduced inequalities too are addressed. The project also supports around 10,000 farmers in these two rural communities through buy back guarantees and provision of technical support to maximise yields. We also strengthened the value proposition to farmers by facilitating crop protection insurance and banking services,” Chairman said.
Strategic investments
Another strategic investment approved by the CIC Board was a further Rs.1 billion for cultivation of vegetables in greenhouses using the latest technology. Higher value vegetables will be grown for export supporting the country’s export drive and building CIC’s reputation as an exporter of high quality vegetables. The investment in greenhouses seeks to mitigate the impact of adverse weather, land and labour shortage which regularly hampers the output of the agriculture sector.
Chairman has told shareholders via his review in the 2016 Annual Report that the Pharmaceuticals sector indicates significant potential for growth with a steady income throughout the year as indicated by the country’s demographics and changing wealth patterns. The CIC group’s pharmaceutical manufacturing plant produces generic lifestyle medications used on a continuous basis, including medications for diabetes, hypertension, cholesterol and gastric reflux among others. Given the increasing focus on availability of affordable generic drugs, this investment also supports the national healthcare agenda and saves valuable foreign exchange for the country. CIC is also investing a sum of approximately Rs.100 million in constructing a purpose built facility for storage of pharmaceuticals in Ekala, filling a lacuna in CIC’s infrastructure to support growth of this vital business segment.
“Meeting stringent standards of our principals, this facility will enable us to widen the range of products marketed by the Group. Pharmaceuticals being a key growth sector at CIC, we will now be well positioned to ensure its continued expansion,” Amarasekera said.
He pointed out that a solid financial position, decades of diverse industry insights, strong relationships globally with principals and locally with farmers, distributors and regulators provide a sound foundation for growth. “Our businesses are also in sectors important from an economic and social perspective to the country such as agriculture, healthcare and industrial solutions vital for the country’s progress. We have emerged from the losses incurred in 2013/14 as a stronger group, delivering increasing value to stakeholders and we are ready for further investment,” the Chairman said.
Growth plans
“ Projects commenced this year will enhance earnings of the Group in the coming year and we also expect to implement further plans for growth during the coming year,” he added. Amarasekera also says in Chairman’s Review “Our course is clear – we expect to be one of the top three players in the country in every business we are engaged in.” According to him the CIC Board will continue to drive performance from the centre supported by strong reporting and risk management processes for objective decision making. “Our new identity will facilitate greater visibility and brand building, driving the value of each individual business and the conglomerate as a whole,” he added.
In order to further drive and build value, the CIC Board has approved an ESOP scheme aimed at the top management of the Group. The Resolution in respect of the same will be placed before the Shareholders immediately after the AGM. “The Board is confident that this would pave the way for even greater commitment from the Management to improve the results of the Group, CIC Chairman Amarasekera said.
The CIC Holdings Plc’s Board of Directors comprises of S.H. Amarasekera (Chairman), S.P.S. Ranatunga (Managing Director/CEO), M.P. Jayawardena, R.S. Captain, P.WM.B.B. Marambe, R.N. Asirwatham, S.M. Enderby, A.V.P. Silva, R.C.W.M.R.D. Nugawela, K.B. Kotagama and D.S. Weerakkody.
Jayantha Rajapakse honoured by School of Agriculture, Kundasale
Jayantha Mangala Rajapakse, a former Agrochemicals Sales Representative, was honored this year as one of the distinguished past students of Sri Lanka School of Agriculture, during the centenary celebrations of the school.
Like many other Evergreeens, Jayantha went on to achieve great heights in the agrochemicals industry in Sri Lanka. He is a successful businessman being the Managing Director of Unipower, specialising in fertilizer and high end agricultural inputs.
Translated excerpts from Jayantha's autobiography "Amawaka Anduru Ne" of his CIC days are posted on the website under Articles
Jayantha Mangala Rajapakse, a former Agrochemicals Sales Representative, was honored this year as one of the distinguished past students of Sri Lanka School of Agriculture, during the centenary celebrations of the school.
Like many other Evergreeens, Jayantha went on to achieve great heights in the agrochemicals industry in Sri Lanka. He is a successful businessman being the Managing Director of Unipower, specialising in fertilizer and high end agricultural inputs.
Translated excerpts from Jayantha's autobiography "Amawaka Anduru Ne" of his CIC days are posted on the website under Articles
Another CIC Star appointed SL High Commissioner to Singapore
The newly appointed High Commissioner of Sri Lanka to the Republic of Singapore, Mr. Nimal Weeraratne, presented his credentials to His Excellency Tony Tan Keng Yam, President of the Republic of Singapore on Thursday, 26th November 2015. The ceremony was held at the Istana, the office and the official residence of the President of Singapore where the High Commissioner was welcomed with a Guard of Honour upon his arrival.
After the welcome ceremony, High Commissioner Weeraratne presented his credentials to President Tony Tan. The First Lady of Singapore, Mrs. Weeraratne and senior officials of the Ministry of Foreign Affairs of Singapore were present at the meeting. In his remarks, the High Commissioner conveyed warm greetings and best wishes of President Maithripala Sirisena and those of Prime Minister Ranil Wickremesinghe to the Singaporean President which was warmly reciprocated.
Referring to the bilateral relations between Sri Lanka and Singapore, High Commissioner Weeraratne said the two countries enjoy excellent relations. Sri Lanka would like to enhance the existing cooperation with Singapore, especially in the fields of trade, investment and economic cooperation, capacity building and training, infrastructure and urban development, he said. The High Commissioner also conveyed Sri Lanka’s appreciation to Singapore of its assistance on national reconciliation efforts, and expressed hope that Sri Lanka could learn a lot from Singapore in this respect.
High Commissioner Weeraratne was a legal practitioner, held several senior executive positions in the private sector and was a senior partner at law firm Varners, Sri Lanka prior to this assignment.
The newly appointed High Commissioner of Sri Lanka to the Republic of Singapore, Mr. Nimal Weeraratne, presented his credentials to His Excellency Tony Tan Keng Yam, President of the Republic of Singapore on Thursday, 26th November 2015. The ceremony was held at the Istana, the office and the official residence of the President of Singapore where the High Commissioner was welcomed with a Guard of Honour upon his arrival.
After the welcome ceremony, High Commissioner Weeraratne presented his credentials to President Tony Tan. The First Lady of Singapore, Mrs. Weeraratne and senior officials of the Ministry of Foreign Affairs of Singapore were present at the meeting. In his remarks, the High Commissioner conveyed warm greetings and best wishes of President Maithripala Sirisena and those of Prime Minister Ranil Wickremesinghe to the Singaporean President which was warmly reciprocated.
Referring to the bilateral relations between Sri Lanka and Singapore, High Commissioner Weeraratne said the two countries enjoy excellent relations. Sri Lanka would like to enhance the existing cooperation with Singapore, especially in the fields of trade, investment and economic cooperation, capacity building and training, infrastructure and urban development, he said. The High Commissioner also conveyed Sri Lanka’s appreciation to Singapore of its assistance on national reconciliation efforts, and expressed hope that Sri Lanka could learn a lot from Singapore in this respect.
High Commissioner Weeraratne was a legal practitioner, held several senior executive positions in the private sector and was a senior partner at law firm Varners, Sri Lanka prior to this assignment.
Former CICer Susantha Fernando new Chairman of NIBM
Susantha Fernando has assumed duties as Chairman of the National Institute of Business Management (NIBM). He was appointed to this position by Hon. Mahinda Samarasinghe, Minister of Vocational Training and Skills Development.
An Accountant by profession Mr. Fernando had his Education at Holy Cross College Kaluthara and St. Peters College Colombo and had his higher Education in the United Kingdom. He has a wealth of experience both in the Private and Public sectors. He is the founder Managing Director of bartleet Finance sector. During his tenure the Company grew at a rapid pace becoming one of the best managed Finance companies.
He was also the chairman of Sri Lanka Bureau of Foreign Employment during 2001-2004 period and was instrumental in developing the sector to new heights in a short period. He served as a member of the National Labour advisory Council during this period.
Having completed his Accountancy studies in the United Kingdom he worked in that Country in the Accountancy field. Subsequently he was the Financial Controller for a U.S Based Company in Australia with responsibility for the Asia Pacific region and returned to Sri Lanka in 1983 to join the Bartleet Group.
He was actively involved in development of Cricket particularly in the Kalutara District and was the President of the Kalutara District Cricket Association for 5 years. In addition he has also served as Vice President of Old Boys Association of St. Peter's College, Colombo.
Susantha Fernando has assumed duties as Chairman of the National Institute of Business Management (NIBM). He was appointed to this position by Hon. Mahinda Samarasinghe, Minister of Vocational Training and Skills Development.
An Accountant by profession Mr. Fernando had his Education at Holy Cross College Kaluthara and St. Peters College Colombo and had his higher Education in the United Kingdom. He has a wealth of experience both in the Private and Public sectors. He is the founder Managing Director of bartleet Finance sector. During his tenure the Company grew at a rapid pace becoming one of the best managed Finance companies.
He was also the chairman of Sri Lanka Bureau of Foreign Employment during 2001-2004 period and was instrumental in developing the sector to new heights in a short period. He served as a member of the National Labour advisory Council during this period.
Having completed his Accountancy studies in the United Kingdom he worked in that Country in the Accountancy field. Subsequently he was the Financial Controller for a U.S Based Company in Australia with responsibility for the Asia Pacific region and returned to Sri Lanka in 1983 to join the Bartleet Group.
He was actively involved in development of Cricket particularly in the Kalutara District and was the President of the Kalutara District Cricket Association for 5 years. In addition he has also served as Vice President of Old Boys Association of St. Peter's College, Colombo.
Lal de Alwis Honoured by Japanese Government
The Government of Japan today announced the conferment of “The order of the Rising Sun, Gold Rays with Rosette” upon Lal De Alwis in recognition of his significant contribution in strengthening and deepening Japan and Sri Lanka relations.
A congratulatory message was sent by Fumio Kishida, Minister of Foreign affairs in Japan today upon the announcement stating “Please accept my sincerest congratulations on the conferment of ‘The Order of the Rising Sun, Gold Rays with Rosette’, in recognition of your outstanding contribution, and my best wishes for your continued good health and happiness”.
De Alwis graduated in Business Management in 1976 and holds a Diploma in Professional Diplomacy and World Affairs which he obtained in 2011 conducted by the Bandaranaiyake International Training Institute.
De Alwis followed two training programmes organized in Japan by the Asian Productivity Organization and was able to transfer this technology to many private sector companies and government organizations through seminars conducted by the Japan Sri Lanka Technical Cultural Association (JASTECA).
In 1983, he also followed the Association for Overseas Technical Scholarship (AOTS)programme for Cross – Cultural Management (PCCM) in Japan and was instrumental in introducing the 5S management practices in Sri Lanka. Since then, he has been supporting JASTECAin organizing seminars, workshops and also conducting an annual award scheme known as the Taiki Akimoto 5S awards and Kaizen Awards which have grown in popularity among many organizationsand industries in Sri Lanka.
Accordingly, Lal De Alwis has played a key role in promoting JASTECA activities for the last 30 years resulting in the Association being graded as one of the best AOTS Alumni Societies in the world by AOTS.
He also played a pioneering role together with the late Ian Dias Abeysinghe in establishing the Sri Lanka alumni of AOTS and ABKD known as the Asia Cultural Association in 1965 for the purpose of channeling technical training opportunities to Sri Lankans.
In February 1984, De Alwis together with Abeysinghe and assisted by four others established the Japan Sri Lanka Technical Cultural Association (JASTECA).In 1985, He was elected as the Secretary General of the JASTECA and became its president in 1984, 1989, 1990 and 1991.
In 1989, he was unanimously elected to chair the World Convention of AOTS Alumni Societies held in Yokohama, Japan. On his initiative as the Chairman of the World Convention of AOTS an independent fund known as the WNF was established to assist developing countries. He is currently the Vice Patron of JASTECA and a Trustee of the JASTECA Trust.
He was also instrumental in securing the assistance of the Asian Flight Oral Cancer organization based in Tokyo headed by Professor KanichiSeto to fight against oral cancer among Sri Lankans resulting in the cure of over 250 victims. In recognition of his outstanding service in promoting Japanese productivity techniques in Sri Lanka and enhancing bilateral relationship between the two countries, he was awarded the Japanese Foreign Minister’s Commendation in 2014.
De Alwis is a well-known business leader and has served as Managing Director and CEO of several prominent companies in Sri Lanka. In rendering his valuable service in the Sri Lanka’s business arena, also served as the President of the National Chamber of Commerce of Sri Lanka for a period of 2 years from 2009 to 2011.He was also elected to chair the Joint Chambers Business Forum comprising of all the trade chambers of Sri Lanka.(Colombo Gazette Nov 03 2015)
CIC Holdings records turnaround performance in 2014/2015
Rebounds from loss of Rs. 1.1 b in FY 14 to profit of Rs. 1 b in FY15
CIC Holdings PLC recorded an impressive performance for the financial year ending 31 March 2015. Group profit after tax (PAT) was recorded at Rs. 1040.84 million, a strong improvement over last year’s loss of Rs. 1,126.84 million. The Group recorded revenue growth of 3%, a continuing business turnover growth of 9% and profit before tax of Rs. 1,423.12 million, demonstrating a turnaround business performance.
CIC’s Agriculture and Livestock division and its Consumer and Pharmaceutical division contributed to 60% and 25% of the group’s total revenue respectively. The company’s improvement in profitability from a loss of Rs. 847.25 million to a profit of Rs. 512.55 million is a testimony to its strength and ability to implement effective change.
CIC Holdings’ profitability has also had a positive impact on the Group’s operating cash flow. The group interest cost has reduced by more than 50% and this saving goes beyond interest rate reductions and can be attributed to careful financial management.
No dividend was declared in the previous year; however, two interim dividend payments of Rs. 1 per share were paid in September 2014 and March 2015.
CIC’s impressive performance is part of a new direction and strategy for growth that the Group has undertaken. Commenting on CIC’s performance, CIC Holdings PLC Chairman S.H. Amarasekera stated: “The Board of Directors has re-strategised the way forward for CIC and embarked on a much needed restructuring programme during the period under review. Our focus was on ensuring sustainable business growth and long-term returns. The past year has been immensely challenging and has tested the resilience of both the company and the group. Now we are well on track to performing at an even higher level in the year ahead. CIC Holdings will continue to focus on innovation, product development, market development and technology to drive our business forward.”
CIC Holdings PLC Managing Director/CEO S.P.S. Ranatunga stated: “Our success in this financial year is due to expertise of the Board and the dedication and hard work of the CIC team. I would also like to extend our appreciation to our stakeholders, banking partners and shareholders who supported us in our efforts to deliver an exceptional financial performance this year.”
As part of its future plans, CIC Holdings PLC will continue to focus on strengthening its core competencies in key sectors which have been selected for their growth potential. These sectors include fertiliser, rice, seeds and farms, feeds and poultry, crop care, industrial solutions, healthcare and strategic businesses.
Dulux Pentalite reaffirms supremacy with enhanced ProCover Technology
Dulux Pentalite, the cutting edge decorative paint from global industry leader AkzoNobel Paints was recently re-launched with an enhanced brand delivery at a spectacular event attended by over 900 industry partners. The re-launch is the result of further innovation of the product by parent company AkzoNobel, who have studied the specific Sri Lankan context and consumer needs in order to provide a superior formula tailor made for the local market.
With its resources and global industry insights, AkzoNobel Paints has brought to bear its advanced resources to develop and produce the enhanced Dulux Pentalite. The new product’s success surpasses the high performance of its own predecessor and the brand continues to lead the market. The main development factor is based on AkzoNobel Paints’ Pro-Cover Technology, which assures the best coverage and opacity as well as dilution range and whiteness. The product also boasts a higher thinning ability of 40% in contrast to the market norm of just 20%.
Speaking on the re-launch, Rajitha Perera, Marketing Manager, Akzo Nobel Paints Lanka (Pvt) Ltd explained, "Dulux Pentalite has garnered the confidence of customers throughout the years. It is a best in class product that has proven itself to be both technologically advanced as well as environmentally efficient. The new formula gives Pentalite an edge in that it is designed specifically for the Sri Lankan environment and takes into account standard practices such as dilution during painting. The New Pentalite delivers high coverage while maintaining opacity, making it an ideal solution for the local consumers needs."
CIC to export pharmaceuticals
CIC Holdings PLC is aiming to strike a joint venture (JV) partnership with a foreign party to manufacture and export pharmaceuticals for the region, officials said. “This (pharmaceuticals) is one of our thrust sectors. We are currently in discussion with a foreign party on a JV,” Samantha Ranatunga, Managing Director/CEO CIC Holdings told Business Times.
He added that Healthcare is a core area in which CIC sees considerable future growth and strong business potential. He added that with the changing economic and regulatory landscape, for healthcare and pharmaceuticals companies, lies in domestic manufacturing and distribution. “We are currently negotiating with various third-party manufacturers to create our own brands in order to be ready for these changes when they occur; this is in addition to our own manufacturing facility in CIC subsidiary, CIC Lifesciences.” He added that CIC is now working with a consulting firm in India to introduce the technology to manufacture non-penicillin based pharmaceuticals in Sri Lanka.
Mr. Ranatunga added that CIC wants to do a similar venture with its ‘Link’ and ‘Sudantha’ brands (in Link Natural Products (Pvt) Ltd. “We want to export our products (branded products) to the Middle East, China and the European Union.
” He added that CIC has an interesting pipeline of breakthrough products, which will be launched in the ensuing years. “Streamlining of distribution and launching a new hair oil range, continuing clinical trials to test efficacy of key products with the medical community, were some of the main initiatives during this year. The products have also attracted a lot of overseas interest which is now being looked at through an internationalisation strategy.”
CIC’s agriculture and livestock arm which contributes nearly 63 per cent of the group’s revenue is also looking to participate in a liquid milk revolution in the country. CIC Holdings will go to African locations with Middle East partnerships for agricultural farming, Mr. Ranatunga added.
“We’re planning to go to Kenya, Ethiopia and Tanzania with horticulture and rice production through our partners in the Middle East,” he said, adding that they want to grow cereals and vegetables in these projects by next year.
He said that CIC is discussing with two partners – one in Qatar and another in Saudi Arabia – in this regard. Mr. Ranatunga said that in a bid to beat the uncertainties of the weather, the company has made a strategic decision to shift to value addition in their products and large dairy projects. “We are the largest exporter of high quality rice. We also increased exports in banana and other fruits. We’re going into other areas such as fruit varieties, mangoes, pineapples, etc.
The company’s Rs. 600 million dairy milk processing operation in Dambulla now has around 25,000 litre capacity per day and all the products are be used for local consumption. He also said that CIC’s Hingurakgoda Farm and newly commissioned Siddapura and Muthuwella farms are expected to cater the growing demand of dairy industry in the country.
CIC Holdings PLC is aiming to strike a joint venture (JV) partnership with a foreign party to manufacture and export pharmaceuticals for the region, officials said. “This (pharmaceuticals) is one of our thrust sectors. We are currently in discussion with a foreign party on a JV,” Samantha Ranatunga, Managing Director/CEO CIC Holdings told Business Times.
He added that Healthcare is a core area in which CIC sees considerable future growth and strong business potential. He added that with the changing economic and regulatory landscape, for healthcare and pharmaceuticals companies, lies in domestic manufacturing and distribution. “We are currently negotiating with various third-party manufacturers to create our own brands in order to be ready for these changes when they occur; this is in addition to our own manufacturing facility in CIC subsidiary, CIC Lifesciences.” He added that CIC is now working with a consulting firm in India to introduce the technology to manufacture non-penicillin based pharmaceuticals in Sri Lanka.
Mr. Ranatunga added that CIC wants to do a similar venture with its ‘Link’ and ‘Sudantha’ brands (in Link Natural Products (Pvt) Ltd. “We want to export our products (branded products) to the Middle East, China and the European Union.
” He added that CIC has an interesting pipeline of breakthrough products, which will be launched in the ensuing years. “Streamlining of distribution and launching a new hair oil range, continuing clinical trials to test efficacy of key products with the medical community, were some of the main initiatives during this year. The products have also attracted a lot of overseas interest which is now being looked at through an internationalisation strategy.”
CIC’s agriculture and livestock arm which contributes nearly 63 per cent of the group’s revenue is also looking to participate in a liquid milk revolution in the country. CIC Holdings will go to African locations with Middle East partnerships for agricultural farming, Mr. Ranatunga added.
“We’re planning to go to Kenya, Ethiopia and Tanzania with horticulture and rice production through our partners in the Middle East,” he said, adding that they want to grow cereals and vegetables in these projects by next year.
He said that CIC is discussing with two partners – one in Qatar and another in Saudi Arabia – in this regard. Mr. Ranatunga said that in a bid to beat the uncertainties of the weather, the company has made a strategic decision to shift to value addition in their products and large dairy projects. “We are the largest exporter of high quality rice. We also increased exports in banana and other fruits. We’re going into other areas such as fruit varieties, mangoes, pineapples, etc.
The company’s Rs. 600 million dairy milk processing operation in Dambulla now has around 25,000 litre capacity per day and all the products are be used for local consumption. He also said that CIC’s Hingurakgoda Farm and newly commissioned Siddapura and Muthuwella farms are expected to cater the growing demand of dairy industry in the country.
Chris Edwards wins award from SLCPI
A regular member of the Evergreen network and a "god-father" to many CIC employees past and present, Chris Edwards, was recognised for his outstanding contribution to the pharmaceutical industry in Sri Lanka recently. At a glittering ceremony in Colombo (see below), Mr Edwards was presented with a Lifetime Award by the incoming President of the Sri Lanka Chamber of the Pharmaceutical Industry, yet another distinguished Evergreen, Colonel Chandra Jayaratne.
Congratulations Mr Edwards, a thoroughly deserved award for a lifetime of dedication not only to the pharmaceutical industry but also for your immense, mostly unobtrusive, advice and support for those who have sought you at times of personal crises.
A regular member of the Evergreen network and a "god-father" to many CIC employees past and present, Chris Edwards, was recognised for his outstanding contribution to the pharmaceutical industry in Sri Lanka recently. At a glittering ceremony in Colombo (see below), Mr Edwards was presented with a Lifetime Award by the incoming President of the Sri Lanka Chamber of the Pharmaceutical Industry, yet another distinguished Evergreen, Colonel Chandra Jayaratne.
Congratulations Mr Edwards, a thoroughly deserved award for a lifetime of dedication not only to the pharmaceutical industry but also for your immense, mostly unobtrusive, advice and support for those who have sought you at times of personal crises.
Chandra Jayaratne - SLCPI President for 2014
Speaking at the Annual Awards Ceremony, which is a traditional part of the Sri Lanka Chamber of Pharmaceutical Industry’s Annual General Meeting, the newly appointed president, Colonel Chandra Jayaratne said that the Chamber has always favoured a price regulatory mechanism in the pharmaceutical industry. “Contrary to statements made in some sections of the media we would like a regulatory system put in place like that which existed in the 80s and 90s,” he said.
Colonel Jayaratne also made an appeal to the Consumer Affairs Authority to pay due attention to the explosion of costs over the last 15 years notably in electricity, salaries, fuel, storage and transportation. He also said that the Registration and Regulatory costs levied by the CDDRA have gone through the roof for reasons they could not fathom because there have been no improvement whatsoever in the service provided to support such an increase. “These costs have increased approximately 500% over the past 15 years. The SLCPI has submitted our proposal after a deep and a real life authentic study for which we are awaiting the response from the CAA.”
The Annual Awards Ceremony and Fellowship Dinner of the Sri Lanka Chamber of Pharmaceutical Industries (SLCPI) which customarily followed the AGM, was held at the Grand Crystal Ballroom of Hotel TaJ Samudra last Friday (27th) and was attended by Minister of Health Maithripala Sirisena, Consumer Affairs Authority Chairman Rumy Marzook and Director Generalof Health Services Dr. Palitha Mahipala.
The new Presidentof the SLCPI urged the membership to unite as one, the only way that would give them the required clout to meet the manifold threats facing the industry to an extent never seen before. He emphasised that the best protection would be to look inwards with a view to policing themselves before being policed by outsiders. He requested the membership to consciously engage in a thorough review of their business practices such as logistics, pricing, labeling and other legal requirements to ensure that there was no room for loopholes that would not only harm the industry, but would inadvertently cause damage to patients and other stakeholders it serviced.
He said that he would work with the new council to create multiple committees, which would be available to the membership in times of need, to offer them quick resolutions to problems if and when they arose. “We will do all we can to prevent member companies from feeling helpless in times of adversity. Within the next few weeks and days, our member companies would be informed as to who they should contact in case of a problem with any of the State Authorities such as Customs, Import Control, etc., as a problem solving measure whichever the case may be,” he said.
Colonel Jayarathne thanked Dr. Amal Harsha de Silva, Acting Additional Secretary of Health (Medical Services) and Director Medical Technology and Supplies as well as other dignitaries who graced the event for their presence and support. The new President pledged the SLCPIs co-operation in fulfilling the all-important need to receive timely registrations for dossiers submitted to the CDDRA. He also requested the Acting Additional Secretary to create a level playing field for all companies and to ensure fair play at all times.
The SLCPI Chief also took the opportunity to state that the Chamber is wholehearted in their support of the Government’s efforts to implement the National Medicinal Drugs Regulatory Policy (NMDRP). “We as a responsible body have appealed to reconsider ONLY TWO clauses of the policy document i.e. the need clause and the cost effective clause, which would adversely affect the viability and thevery existence of the pharmaceutical industry as a profitable sector in the country’s economy, and prevent pharmaceutical companies from conducting business as they have continued to do in the past,” he said. It is only because of the fundamental importance of these two clauses in the drug policy that the SLCPImake an appeal to the relevant authorities to reconsider their phrasing which in its current form can cost the industry the very viability of its existence.
Speaking at the Annual Awards Ceremony, which is a traditional part of the Sri Lanka Chamber of Pharmaceutical Industry’s Annual General Meeting, the newly appointed president, Colonel Chandra Jayaratne said that the Chamber has always favoured a price regulatory mechanism in the pharmaceutical industry. “Contrary to statements made in some sections of the media we would like a regulatory system put in place like that which existed in the 80s and 90s,” he said.
Colonel Jayaratne also made an appeal to the Consumer Affairs Authority to pay due attention to the explosion of costs over the last 15 years notably in electricity, salaries, fuel, storage and transportation. He also said that the Registration and Regulatory costs levied by the CDDRA have gone through the roof for reasons they could not fathom because there have been no improvement whatsoever in the service provided to support such an increase. “These costs have increased approximately 500% over the past 15 years. The SLCPI has submitted our proposal after a deep and a real life authentic study for which we are awaiting the response from the CAA.”
The Annual Awards Ceremony and Fellowship Dinner of the Sri Lanka Chamber of Pharmaceutical Industries (SLCPI) which customarily followed the AGM, was held at the Grand Crystal Ballroom of Hotel TaJ Samudra last Friday (27th) and was attended by Minister of Health Maithripala Sirisena, Consumer Affairs Authority Chairman Rumy Marzook and Director Generalof Health Services Dr. Palitha Mahipala.
The new Presidentof the SLCPI urged the membership to unite as one, the only way that would give them the required clout to meet the manifold threats facing the industry to an extent never seen before. He emphasised that the best protection would be to look inwards with a view to policing themselves before being policed by outsiders. He requested the membership to consciously engage in a thorough review of their business practices such as logistics, pricing, labeling and other legal requirements to ensure that there was no room for loopholes that would not only harm the industry, but would inadvertently cause damage to patients and other stakeholders it serviced.
He said that he would work with the new council to create multiple committees, which would be available to the membership in times of need, to offer them quick resolutions to problems if and when they arose. “We will do all we can to prevent member companies from feeling helpless in times of adversity. Within the next few weeks and days, our member companies would be informed as to who they should contact in case of a problem with any of the State Authorities such as Customs, Import Control, etc., as a problem solving measure whichever the case may be,” he said.
Colonel Jayarathne thanked Dr. Amal Harsha de Silva, Acting Additional Secretary of Health (Medical Services) and Director Medical Technology and Supplies as well as other dignitaries who graced the event for their presence and support. The new President pledged the SLCPIs co-operation in fulfilling the all-important need to receive timely registrations for dossiers submitted to the CDDRA. He also requested the Acting Additional Secretary to create a level playing field for all companies and to ensure fair play at all times.
The SLCPI Chief also took the opportunity to state that the Chamber is wholehearted in their support of the Government’s efforts to implement the National Medicinal Drugs Regulatory Policy (NMDRP). “We as a responsible body have appealed to reconsider ONLY TWO clauses of the policy document i.e. the need clause and the cost effective clause, which would adversely affect the viability and thevery existence of the pharmaceutical industry as a profitable sector in the country’s economy, and prevent pharmaceutical companies from conducting business as they have continued to do in the past,” he said. It is only because of the fundamental importance of these two clauses in the drug policy that the SLCPImake an appeal to the relevant authorities to reconsider their phrasing which in its current form can cost the industry the very viability of its existence.
B R L Fernando - From humble beginnings to heady heights
A highly-respected business leader in Sri Lanka who spearheaded CIC Holdings’ transformation from a chemicals-oriented company into a leading conglomerate, B.R.L. Fernando stepped down from his position as Non-Executive Chairman of CIC Holdings last month.
Fernando served the company in various senior management positions for 36 years and helped it become one of the largest conglomerates in Sri Lanka during his time at the helm, as its Managing Director/CEO from 1988 to 1995 and Chairman from 1995 to 2009.
Fernando, who leaves a substantial legacy at CIC, will continue to serve on the boards of some of CIC Holdings’ subsidiary companies, while turning his attention to a new challenge – changing the landscape of the horticulture sector in Sri Lanka.
Following are excerpts of an interview with Fernando, in which he shares his journey to the top, tracing his life story from humble beginnings to heady heights:
Q: Can you single out a major milestone in your 36-year career at CIC Holdings?
A: The major milestone was the change of CIC from a chemical-oriented company to an agri-based one. That was a major change, because earlier ICI – Imperial Chemical Industries – was the major shareholder in CIC and the company vision was to distribute the range of commodity chemicals ICI manufactured. ICI had a full range of chemicals it manufactured in the UK and brought here; we were the distributing arm. Before CIC was setup it was called ICI Export. It was subsequently Ceylonised in 1964 with the majority of the shares given to Sri Lankans. By the 1980s, the writing was on the wall with the major chemicals companies facing huge challenges from regional players.
Q: What was your role in this transition?
A: I joined CIC as a junior accountant, mainly to a chemical business. Immediately thereafter, with the liberalisation of the economy, we found the chemicals business was drying up and turnover was declining. By the 1990s, we were essentially becoming a paint company. Pentalite, Dulux and Duco were ICI brands; we were manufacturing paints through an associate company and marketing the paints in Sri Lanka.
Q: By this time you were MD/CEO of the company?
A: I was MD in 1987. In the early ’90s we bought into the fertiliser business from Ceylon Tobacco Company. People were quite sceptical, because they thought the fertiliser business was more synonymous with CTC and we should not impose the CIC name on this product, but I felt CIC was a much better known name in the agriculture sector because of the wide range of pesticides that we marketed. The change was thus effected. I do not think we looked back from that decision and within about 10 years, we were the market leader. The fertiliser business was not alien to CIC or ICI; ICI was the major supplier of fertiliser into this country before the fertiliser industry was nationalised and it was then that the other parties came in.
Q: What do you consider as the turning point in your career?
A: The turning point in my career was when I joined CIC; before that I was in a corporation for three years and at Browns for four years. When I joined I didn’t think I would stay this long, nor did I think I would become Chairman. It was a job that interested me and the people with whom I had to work were very good. I was very fortunate right through my career in the type of people that I met. When I was in the Industrial Development Board at the beginning, my bosses were James Lanerolle, Eric Silva, Somapala Gunadheera and before that C. Mylvaganam. They were absolute top-level civil servants.
Afterwards, at Fishery Harbours Corporation, there I had contact with people like M.L.D. Caspersz and Dr. Sena Wickramasooriya, and Wilfred Wijekulasuriya was Chairman. Then there was the Port Engineer Alwis. They were all top-level people with whom I associated and they were very encouraging and supportive of the young accountant.
At Browns I joined a company called Engineering Services. There I learned how the foundry, machinery, boring machines, milling machines and lathes work. It was essentially a jobbing company and I was able to interact with the engineers and see how each one of these machines was used. From that experience I gathered a lot of engineering knowledge.
From there I moved to Associated Battery Manufacturers. As opposed to the low-tech industry which was jobbing, that was a high tech industry using very sophisticated equipment. I got to grips with the use of mechanised handling, which widened my horizons in the industrial sector. I remember with a lot of gratitude people like Edmund Cooray and M.V. Theagarajah, who were my bosses at Browns, and Leslie Sebastian who was the General Manager at ABM. At Browns they promoted me as Group Cost Accountant and I moved into ABM as Administration Manager, so when I came to CIC I had substantial experience. At CIC I was privileged to work with people like S.K. Wickremesinghe who was Chairman, Chris De Saram who subsequently became Managing Director and S. Srikanthan who was Finance Director.
CIC had a record of recruiting good quality graduates and was one of the larger employers of graduates. We had a good set of staff and the background information that I gathered in my previous jobs came to the fore.
Q: What legacy do you leave at CIC and for the agriculture sector in general?
A: I think the legacy that I leave at CIC is fairly substantial, even if I say it myself, because we shifted the company from a chemicals company which moved into paints at which time ICI acquired a direct interest in the paint business. CIC then had virtually no business other than a very small chemicals business. When we started the agri business, we took on the fertiliser business and then started the seeds business; we took on the 1,450-acre Hingurakgoda farm and then took on Pelwehera, another 650 acres, and changed the landscape of agriculture in this country. I think CCI’s science orientation helped largely to get value addition in these farms.
At Hingurakgoda, there were 850 acres of paddy lands and the average yield was 58 bushels per acre. At Maha they cultivated about 350 acres and at Yala they cultivated 200 acres, using 550 acres a year. The land utilisation ratio was less than 60%.
We increased Maha cultivation to 850 acres and Yala cultivation to 500 acres and moved the yield from 58 bushels to 160 bushels per acre.
Because of CIC’s infusion, I firmly believe that providing better quality seeds to the farming community from that time onwards added at least Rs. 1 billion to rural farmers every year by way of improved yields due to better quality seeds. The net result is that Sri Lanka’s average yields, which was little under four tons, is now about 4.2 tons. I would say the impetus for that increase was driven largely by CIC. That was a very substantial change we made to rural communities.
The other area was the purchase of the Feed business from the American multinational Cargill Ltd., where we struck a huge bargain and acquired assets worth nearly Rs. 1 billion for a mere Rs. 130 million. Today, it is a vibrant business benchmarking quality feed and prices to the poultry farmer. This was because I put in a top quality manager who turned around the project from day one.
The other major change was to link our agricultural sector with the 2,500-year-old Ayurvedic tradition in the Sri Lankan civilisation. We secured majority shares in Link Natural Products and added a lot of value utilising the knowledge resources available within the company.
Q: Have you completely retired as of end August 2014?
A: I’ve relinquished office as the Chairman of the quoted companies. I still continue to remain as the Non-Executive Chairman of some of the subsidiary companies such as the Feeds company and the agri business company.
Q: Now that you’ve got a lot more time on your hands, what will you be doing?
A: I do a lot of gardening and a lot of experiments at my house. I have 21 fruiting trees up here. I think with the R&D that I have been doing here, I can change the landscape of the horticulture sector in this country. However, I do not have a real handle of a place so I am looking around to get some place to push these ideas across. Hopefully I will get something moving in a month or two.
Q: Going back to the early years, could you tell us about your childhood and your family?
A: I come from a lower middle income family. My father was a Government clerical servant working in the Railway. I was the eldest of 11 children. Anybody will say ‘we never had enough,’ but I can tell you, ‘we really never had enough’.
I was fortunate because my father had been to S. Thomas’ College before and in 1950 I got into STC. When they went private, it was hard because my parents certainly could not afford to pay the fees. I remember my last two years’ fees were not paid when I left college. I am grateful to STC for having kept me on, even though I was not a good student. One of the first things I did when I started working was pay the arrears of fees I owed S. Thomas’. My other siblings went to Visaka and St. Peter’s. The youngest two studied; the youngest is an accountant and the other a maths graduate. The others started working after their O/Ls.
Life was very difficult; very, very difficult. I am sure my mother went hungry on a lot of days. She used to have a few chickens in the back garden, just to supplement the family nutrition needs, and used to grow many plants. We were fortunate that we had a place to stay in Wellawatte, which belonged to my grandfather.
It was a life full of deprivation. It was tough and even now I feel for my mother. She was a real driving force. She died about three years ago. In the latter years she used to tell me I had worked for long enough and would ask me to retire and relax.
Q: What legacy do you leave at CIC and for the agriculture sector in general?
A: I think the legacy that I leave at CIC is fairly substantial, even if I say it myself, because we shifted the company from a chemicals company which moved into paints at which time ICI acquired a direct interest in the paint business. CIC then had virtually no business other than a very small chemicals business. When we started the agri business, we took on the fertiliser business and then started the seeds business; we took on the 1,450-acre Hingurakgoda farm and then took on Pelwehera, another 650 acres, and changed the landscape of agriculture in this country. I think CCI’s science orientation helped largely to get value addition in these farms.
At Hingurakgoda, there were 850 acres of paddy lands and the average yield was 58 bushels per acre. At Maha they cultivated about 350 acres and at Yala they cultivated 200 acres, using 550 acres a year. The land utilisation ratio was less than 60%. We increased Maha cultivation to 850 acres and Yala cultivation to 500 acres and moved the yield from 58 bushels to 160 bushels per acre.
Because of CIC’s infusion, I firmly believe that providing better quality seeds to the farming community from that time onwards added at least Rs. 1 billion to rural farmers every year by way of improved yields due to better quality seeds. The net result is that Sri Lanka’s average yields, which was little under four tons, is now about 4.2 tons. I would say the impetus for that increase was driven largely by CIC. That was a very substantial change we made to rural communities.
The other area was the purchase of the Feed business from the American multinational Cargill Ltd., where we struck a huge bargain and acquired assets worth nearly Rs. 1 billion for a mere Rs. 130 million. Today, it is a vibrant business benchmarking quality feed and prices to the poultry farmer. This was because I put in a top quality manager who turned around the project from day one.
The other major change was to link our agricultural sector with the 2,500-year-old Ayurvedic tradition in the Sri Lankan civilisation. We secured majority shares in Link Natural Products and added a lot of value utilising the knowledge resources available within the company.
Q: Have you completely retired as of end August 2014?
A: I’ve relinquished office as the Chairman of the quoted companies. I still continue to remain as the Non-Executive Chairman of some of the subsidiary companies such as the Feeds company and the agribusiness company.
Q: Now that you’ve got a lot more time on your hands, what will you be doing?
A: I do a lot of gardening and a lot of experiments at my house. I have 21 fruiting trees up here. I think with the R&D that I have been doing here, I can change the landscape of the horticulture sector in this country. However, I do not have a real handle of a place so I am looking around to get some place to push these ideas across. Hopefully I will get something moving in a month or two.
Q: Going back to the early years, could you tell us about your childhood and your family?
A: I come from a lower middle income family. My father was a Government clerical servant working in the Railway. I was the eldest of 11 children. Anybody will say ‘we never had enough,’ but I can tell you, ‘we really never had enough’.
I was fortunate because my father had been to S. Thomas’ College before and in 1950 I got into STC. When they went private, it was hard because my parents certainly could not afford to pay the fees. I remember my last two years’ fees were not paid when I left college. I am grateful to STC for having kept me on, even though I was not a good student. One of the first things I did when I started working was pay the arrears of fees I owed S. Thomas’. My other siblings went to Visaka and St. Peter’s. The youngest two studied; the youngest is an accountant and the other a maths graduate. The others started working after their O/Ls.
Life was very difficult; very, very difficult. I am sure my mother went hungry on a lot of days. She used to have a few chickens in the back garden, just to supplement the family nutrition needs, and used to grow many plants. We were fortunate that we had a place to stay in Wellawatte, which belonged to my grandfather.
It was a life full of deprivation. It was tough and even now I feel for my mother. She was a real driving force. She died about three years ago. In the latter years she used to tell me I had worked for long enough and would ask me to retire and relax.
Q: How was school life?
A: School life was quite good because my father had a reputation at S. Thomas’. When I joined College, he had three records and I remember Canon De Saram telling me, “Sri Lanka produced two athletes; Duncan White and your father. Both were freaks.” But my father got married at 19 and that was the end of his athletics.
I still keep a very strong connection with S. Thomas’ and I have run five carnivals by myself and with Mrs. Siva Obeyesekera, whom most Thomians consider part of the Thomian family, to raise funds for STC. A lot of Thomians know me as the ‘Carnival Guy’. I try to contribute to College in whatever way that I can. I have put aside a little money into a trust to try and build it up so that we can give scholarships to needy children at STC. My daughter was at Holy Family Convent and I have setup a trust there too, to help with teachers’ salaries.
I think our education system needs to be completely overhauled. If you look at Sri Lanka, we were essentially a trading country and if you look at our civilisation, our culture and economy, I think we survived as a country and as a civilisation because Sri Lankans were clever.
That open, liberal approach to everything needs to be resurrected. With the global village and the challenges that people are facing, the innate ability of our people will be stifled if the education system is not re-engineered. If we are to progress as a civilisation, culture, language and religion, I think we need to have greater liberality and encourage people to use their innate abilities and leverage the skills they have, which have helped to sustain this country over the last 2,500 years of recorded history. I believe this civilisation was much older than that. Once again I reiterate we have survived because we were clever.
Today, everybody is trying to steal competitive advantage and that is not good for the future. We need to start recognising merit, start recognising people first past the post, give people the necessary wherewithal to acquire skills and then leverage those skills to get benefits into the economy. We need to recognise different skills sets and reward them accordingly.
Q: How did your entry into the corporate world come about?
A: I sat for my A/Ls and left college in 1963. I didn’t do well. At that time it was very tough to get into the universities and I was not an extremely good student. Then I got a job planting. My father’s brother, B.L.W. Fernando, was the Auditor General and I went to tell him that I have got this job. He said: “What? What nonsense is that? What are you trying to do? Planting is reserved for the dud sons of the rich.” Perhaps an unfair comment, as I see it now. He then gave me such a shelling that I said I would sit for the A/Ls again.
When I got through the A/Ls, he found me a place to do articles – at A. I. Macan Markar & Co. I am really grateful to Alavi Macan Markar. At that time people used to take a premium when they took an article clerk. It was Rs. 1,000 then. My uncle wrote a letter to Alavi saying my parents could not afford to pay it. Alavi took me because of my uncle’s letter and I am grateful to him and the people I worked with there, like John Diandas and Tom Navaratne, who were then partners of Macan Markar & Co.
I still remember John telling me, “Lakshman, my aim is to make you a good accountant.” Later I did a function for John for his 50 years’ celebration and he said, “Lakshman, I remember telling you I wanted to make you a good accountant and I am certainly not disappointed!”
Q: Could you tell us about your family?
A: My wife Nelun is an only child and we met at a carnival. We have known each other for the last 52 years, since I was 17 and she was 14, and we’ve been married for 42 years. We have three children, Rushika, Rukshan and Reshane. My eldest is in the States. She did a degree in mathematics and physics in the US, and then a MSc and MPhil and followed a PhD programme, all at Columbia University, New York. She went into investment banking after that and was Vice President – Technology at Goldman Sachs. When she had her second child, she decided to chuck it; but now that the child is two, she has started working again – this time at J P Morgan.
My second was at S. Thomas’ and rowed for College. He did a degree in the UK and subsequently an MBA in Australia. He is an Australian citizen but he has dual citizenship and is back here, working at CIC. The third was also at S. Thomas’ and again rowed for College and obtained national recognition. I sent him to Houston and he did a degree there in Information Technology. He is now the Supply Chain Manager at Airtel. He was the Manager of the Sri Lankan Rowing Team in China this month. My daughter was a very good and keen student but the boys took it in their stride. They were not pushed but I know my wife saw that they did their work.
Q: When you were growing up, what were your dreams?
A: I wouldn’t say that we had major goals and achievements. Like children of that era, we were fairly non-focused on what we had to achieve. Today the world is so competitive that children have to have some sort of goal orientation. I think parents drive them too hard to get that orientation and as a result, they are very narrow-focused. I do not think that is a good thing. Overall I don’t think the people of that era were very goal-oriented.
Q: Looking back, do you have any regrets?
A: Not really. I think I have achieved much more than what I ever anticipated. I’ve educated the three children and they’re all on their feet. They are very law-abiding, good citizens and I think that’s a huge achievement in itself.
Q: What are your dreams for Sri Lanka?
A: I would look at Sri Lanka as evolving into a very vibrant democracy and the aspirations of the people to be global players in various areas would be realised; that with the demographic changes that are taking place and the population growth being lower, we would have a good standard of living. Hopefully we will have much greater planning of our water and land resources and the utilisation of these resources, and better facilities for education. I don’t necessarily articulate that education should be controlled by the State. The parents know what the children really want in terms of education. I might want to push my children to achieve what I could not achieve.
Q: What is your advice to corporate leaders today?
A: I think that corporate leaders have to look at how they can help education, help uplift people’s living standards and help generate a better work ethic and productivity in this country. At Hingurakgoda, we helped to run a school. There we gave a library and a computer lab and paid a teacher to do English language classes. Language skills are a very vital cog in our system. The liberality that is needed for this country to progress is also important. I think the country will prosper – the Government is dreaming of a $ 7,000 economy in the short term. I am sure we will achieve this, but we need to strengthen recognition of merit, a level playing field for all our citizens and the application of the law without favour.
================
BRL joined CIC after I left the company and hence I did not have the pleasure of meeting him. However, I read the above interview with great interest. As Ana has said, BRL had humble beginnings. Therefore his achievements are all the more impressive. I do not recall that ICI paints were manufactured by an Associate company (Paints and General Industries Ltd----P &GI). I don't think that either ICI or CIC had shares in P&GI. As things turned out CIC seems to have become a subsidiary of P &GI.
It will be of interest that in 2014 P&GI were the majority shareholders (some 53%) of CIC Holdings. Those interested should surf the internet and read about CIC Holdings, including its shareholdings. Arichandran
Eric, as you may be aware, Sohli Captain is one of the five richest men in Sri Lanka today. Mr. Edwards will know more about him, as I think he knows Captain's daughter who is also in the business. I am surprised to hear that CIC has become a subsidiary of P&GI! Wonder what happened to
M.D.S.Perera who used to come there almost daily representing P&GI. On another note, my instinct is that if Mr. Arichandran never left CIC, he would have been a candidate for Chairmanship and CIC would have gone in another direction. Ana.
Ana, I too am aware of Sohli Captain and his daughter being in the top tier of billionaires in the country and certainly Mr.Edwards will know more about the duo. It is difficult to come to terms with the change in status quo of CIC vis-a-vis P&GI. MDS Perera was a daily visitor to CIC and did a splendid task as CEO-heard that he is into meditation now. Food for thought for us too!! I agree if Mr.Arichandran had continued his tryst with ICI/CIC the saga would have most likely been different in the backdrop of his charisma. Well in the final analysis we have to come to terms with reality. Eric
Eric, the tide has turned - CIC becoming a subsidiary of P&GI. It will be interesting to know what triggered such a reversal! Paths
Paths, You are right-with Billionaire Sohli Captain still steering ship the reversal was inevitable. To us who were with ICI/CIC it is hard to comprehend the gradual transition from the 1950's when ICI had a monopoly in a range of products imported from UK much to the envy of other companies. Well Time has sped by and the ground situation has irrevocably changed. Eric
Mr.Arichandran, it was interesting to peruse your comments/notes on ICI/CIC through the years. CIC has now become a subsidiary of P&GI-it is hard to sink in but that is the reality. Eric
To complete the picture: Chemanex is a subsidiary of CIC and hence by deduction is a subsidiary of P &GI. Yes--Sohli Captain is a cultured gentleman. I recall playing against him in the Public Schools Tennis Tournament in 1950. I played for Royal and he represented S' Thomas, Mt. Lavinia. It was a long match that I won. K.A
Reminds me of a remark by Ranjith Ganemulla, during the height of paint shortages... remember the spare parts books and permits!! When late ARNdeF wanted a special colour or something, it was always an order, whereas Sohli would always temper it with a "please"!! Remember how well he treated his former classmate/schoolmate Michael, who was his (SEC's) peon'? BTW, Captain’s family has the largest shareholding of JKHoldings as well. Ana
Mr.Arichandran, thanks for summing it up well-the transition from ICI to its current status quo where CIC & CNX are under P&GI. Now, it is only the memories of those yesteryears at ICI/CIC that remain etched in our minds. Congratulations on winning the Tennis encounter versus Sohli Captain (STC) in 1950. It was an era when we witnessed some outstanding players including yourself on the national scene. Eric
Dear Mr Arichandran It's good to see your contributions and your keen interest in the transformation of CIC to its present state. And congratulations on defeating Sohli on the Tennis field though he seems to have beaten everybody on the Financial field ! What can we say - He is the Captain ! As a pioneer in the evolution of ICI/CIC you must be viewing some of the developments of the Company you nurtured with a sense of sentimentality. All of us share these strong feelings very particularly because of the comradeship we enjoyed and which we still cherish. Paths
Good to see Hector Halangoda in the Management Team of CIC as a Divisional Director. Way to go! Ana
Great news about Hector Halangoda's elevation. Paths
Elmo/Ana, it was a very interesting read on Hector Halangoda-his rise to the top tier is most laudable.He was not flamboyant but a quiet and efficient worker during our time.
Elmo, thanks for your comments on the transition process when we now behold CIC/CNX in a lower tier as it were-for me as an ICI entrant I find it hard to come to grips with the transformation.However one has to accept reality in a fast changing world and leave behind sentimentality. Great news-that you were able to enjoy CIC 'lunumiris' in OZ whilst I am a regular patron of CIC white suduru samba, a popular take here amongst the Lankans.
Harking back to the 'good old days' selling ICI Paints and Alkathene Pipe specially in the North was easygoing in view of the huge demand. If 'lunumiris' was to be sold it would have been great "puller"-it would have gone well with the crab/prawn curries & parippu that was a delicacy in the North and at the Jaffna Hotel down Hospital Street !
Those were the days ! Eric
A highly-respected business leader in Sri Lanka who spearheaded CIC Holdings’ transformation from a chemicals-oriented company into a leading conglomerate, B.R.L. Fernando stepped down from his position as Non-Executive Chairman of CIC Holdings last month.
Fernando served the company in various senior management positions for 36 years and helped it become one of the largest conglomerates in Sri Lanka during his time at the helm, as its Managing Director/CEO from 1988 to 1995 and Chairman from 1995 to 2009.
Fernando, who leaves a substantial legacy at CIC, will continue to serve on the boards of some of CIC Holdings’ subsidiary companies, while turning his attention to a new challenge – changing the landscape of the horticulture sector in Sri Lanka.
Following are excerpts of an interview with Fernando, in which he shares his journey to the top, tracing his life story from humble beginnings to heady heights:
Q: Can you single out a major milestone in your 36-year career at CIC Holdings?
A: The major milestone was the change of CIC from a chemical-oriented company to an agri-based one. That was a major change, because earlier ICI – Imperial Chemical Industries – was the major shareholder in CIC and the company vision was to distribute the range of commodity chemicals ICI manufactured. ICI had a full range of chemicals it manufactured in the UK and brought here; we were the distributing arm. Before CIC was setup it was called ICI Export. It was subsequently Ceylonised in 1964 with the majority of the shares given to Sri Lankans. By the 1980s, the writing was on the wall with the major chemicals companies facing huge challenges from regional players.
Q: What was your role in this transition?
A: I joined CIC as a junior accountant, mainly to a chemical business. Immediately thereafter, with the liberalisation of the economy, we found the chemicals business was drying up and turnover was declining. By the 1990s, we were essentially becoming a paint company. Pentalite, Dulux and Duco were ICI brands; we were manufacturing paints through an associate company and marketing the paints in Sri Lanka.
Q: By this time you were MD/CEO of the company?
A: I was MD in 1987. In the early ’90s we bought into the fertiliser business from Ceylon Tobacco Company. People were quite sceptical, because they thought the fertiliser business was more synonymous with CTC and we should not impose the CIC name on this product, but I felt CIC was a much better known name in the agriculture sector because of the wide range of pesticides that we marketed. The change was thus effected. I do not think we looked back from that decision and within about 10 years, we were the market leader. The fertiliser business was not alien to CIC or ICI; ICI was the major supplier of fertiliser into this country before the fertiliser industry was nationalised and it was then that the other parties came in.
Q: What do you consider as the turning point in your career?
A: The turning point in my career was when I joined CIC; before that I was in a corporation for three years and at Browns for four years. When I joined I didn’t think I would stay this long, nor did I think I would become Chairman. It was a job that interested me and the people with whom I had to work were very good. I was very fortunate right through my career in the type of people that I met. When I was in the Industrial Development Board at the beginning, my bosses were James Lanerolle, Eric Silva, Somapala Gunadheera and before that C. Mylvaganam. They were absolute top-level civil servants.
Afterwards, at Fishery Harbours Corporation, there I had contact with people like M.L.D. Caspersz and Dr. Sena Wickramasooriya, and Wilfred Wijekulasuriya was Chairman. Then there was the Port Engineer Alwis. They were all top-level people with whom I associated and they were very encouraging and supportive of the young accountant.
At Browns I joined a company called Engineering Services. There I learned how the foundry, machinery, boring machines, milling machines and lathes work. It was essentially a jobbing company and I was able to interact with the engineers and see how each one of these machines was used. From that experience I gathered a lot of engineering knowledge.
From there I moved to Associated Battery Manufacturers. As opposed to the low-tech industry which was jobbing, that was a high tech industry using very sophisticated equipment. I got to grips with the use of mechanised handling, which widened my horizons in the industrial sector. I remember with a lot of gratitude people like Edmund Cooray and M.V. Theagarajah, who were my bosses at Browns, and Leslie Sebastian who was the General Manager at ABM. At Browns they promoted me as Group Cost Accountant and I moved into ABM as Administration Manager, so when I came to CIC I had substantial experience. At CIC I was privileged to work with people like S.K. Wickremesinghe who was Chairman, Chris De Saram who subsequently became Managing Director and S. Srikanthan who was Finance Director.
CIC had a record of recruiting good quality graduates and was one of the larger employers of graduates. We had a good set of staff and the background information that I gathered in my previous jobs came to the fore.
Q: What legacy do you leave at CIC and for the agriculture sector in general?
A: I think the legacy that I leave at CIC is fairly substantial, even if I say it myself, because we shifted the company from a chemicals company which moved into paints at which time ICI acquired a direct interest in the paint business. CIC then had virtually no business other than a very small chemicals business. When we started the agri business, we took on the fertiliser business and then started the seeds business; we took on the 1,450-acre Hingurakgoda farm and then took on Pelwehera, another 650 acres, and changed the landscape of agriculture in this country. I think CCI’s science orientation helped largely to get value addition in these farms.
At Hingurakgoda, there were 850 acres of paddy lands and the average yield was 58 bushels per acre. At Maha they cultivated about 350 acres and at Yala they cultivated 200 acres, using 550 acres a year. The land utilisation ratio was less than 60%.
We increased Maha cultivation to 850 acres and Yala cultivation to 500 acres and moved the yield from 58 bushels to 160 bushels per acre.
Because of CIC’s infusion, I firmly believe that providing better quality seeds to the farming community from that time onwards added at least Rs. 1 billion to rural farmers every year by way of improved yields due to better quality seeds. The net result is that Sri Lanka’s average yields, which was little under four tons, is now about 4.2 tons. I would say the impetus for that increase was driven largely by CIC. That was a very substantial change we made to rural communities.
The other area was the purchase of the Feed business from the American multinational Cargill Ltd., where we struck a huge bargain and acquired assets worth nearly Rs. 1 billion for a mere Rs. 130 million. Today, it is a vibrant business benchmarking quality feed and prices to the poultry farmer. This was because I put in a top quality manager who turned around the project from day one.
The other major change was to link our agricultural sector with the 2,500-year-old Ayurvedic tradition in the Sri Lankan civilisation. We secured majority shares in Link Natural Products and added a lot of value utilising the knowledge resources available within the company.
Q: Have you completely retired as of end August 2014?
A: I’ve relinquished office as the Chairman of the quoted companies. I still continue to remain as the Non-Executive Chairman of some of the subsidiary companies such as the Feeds company and the agri business company.
Q: Now that you’ve got a lot more time on your hands, what will you be doing?
A: I do a lot of gardening and a lot of experiments at my house. I have 21 fruiting trees up here. I think with the R&D that I have been doing here, I can change the landscape of the horticulture sector in this country. However, I do not have a real handle of a place so I am looking around to get some place to push these ideas across. Hopefully I will get something moving in a month or two.
Q: Going back to the early years, could you tell us about your childhood and your family?
A: I come from a lower middle income family. My father was a Government clerical servant working in the Railway. I was the eldest of 11 children. Anybody will say ‘we never had enough,’ but I can tell you, ‘we really never had enough’.
I was fortunate because my father had been to S. Thomas’ College before and in 1950 I got into STC. When they went private, it was hard because my parents certainly could not afford to pay the fees. I remember my last two years’ fees were not paid when I left college. I am grateful to STC for having kept me on, even though I was not a good student. One of the first things I did when I started working was pay the arrears of fees I owed S. Thomas’. My other siblings went to Visaka and St. Peter’s. The youngest two studied; the youngest is an accountant and the other a maths graduate. The others started working after their O/Ls.
Life was very difficult; very, very difficult. I am sure my mother went hungry on a lot of days. She used to have a few chickens in the back garden, just to supplement the family nutrition needs, and used to grow many plants. We were fortunate that we had a place to stay in Wellawatte, which belonged to my grandfather.
It was a life full of deprivation. It was tough and even now I feel for my mother. She was a real driving force. She died about three years ago. In the latter years she used to tell me I had worked for long enough and would ask me to retire and relax.
Q: What legacy do you leave at CIC and for the agriculture sector in general?
A: I think the legacy that I leave at CIC is fairly substantial, even if I say it myself, because we shifted the company from a chemicals company which moved into paints at which time ICI acquired a direct interest in the paint business. CIC then had virtually no business other than a very small chemicals business. When we started the agri business, we took on the fertiliser business and then started the seeds business; we took on the 1,450-acre Hingurakgoda farm and then took on Pelwehera, another 650 acres, and changed the landscape of agriculture in this country. I think CCI’s science orientation helped largely to get value addition in these farms.
At Hingurakgoda, there were 850 acres of paddy lands and the average yield was 58 bushels per acre. At Maha they cultivated about 350 acres and at Yala they cultivated 200 acres, using 550 acres a year. The land utilisation ratio was less than 60%. We increased Maha cultivation to 850 acres and Yala cultivation to 500 acres and moved the yield from 58 bushels to 160 bushels per acre.
Because of CIC’s infusion, I firmly believe that providing better quality seeds to the farming community from that time onwards added at least Rs. 1 billion to rural farmers every year by way of improved yields due to better quality seeds. The net result is that Sri Lanka’s average yields, which was little under four tons, is now about 4.2 tons. I would say the impetus for that increase was driven largely by CIC. That was a very substantial change we made to rural communities.
The other area was the purchase of the Feed business from the American multinational Cargill Ltd., where we struck a huge bargain and acquired assets worth nearly Rs. 1 billion for a mere Rs. 130 million. Today, it is a vibrant business benchmarking quality feed and prices to the poultry farmer. This was because I put in a top quality manager who turned around the project from day one.
The other major change was to link our agricultural sector with the 2,500-year-old Ayurvedic tradition in the Sri Lankan civilisation. We secured majority shares in Link Natural Products and added a lot of value utilising the knowledge resources available within the company.
Q: Have you completely retired as of end August 2014?
A: I’ve relinquished office as the Chairman of the quoted companies. I still continue to remain as the Non-Executive Chairman of some of the subsidiary companies such as the Feeds company and the agribusiness company.
Q: Now that you’ve got a lot more time on your hands, what will you be doing?
A: I do a lot of gardening and a lot of experiments at my house. I have 21 fruiting trees up here. I think with the R&D that I have been doing here, I can change the landscape of the horticulture sector in this country. However, I do not have a real handle of a place so I am looking around to get some place to push these ideas across. Hopefully I will get something moving in a month or two.
Q: Going back to the early years, could you tell us about your childhood and your family?
A: I come from a lower middle income family. My father was a Government clerical servant working in the Railway. I was the eldest of 11 children. Anybody will say ‘we never had enough,’ but I can tell you, ‘we really never had enough’.
I was fortunate because my father had been to S. Thomas’ College before and in 1950 I got into STC. When they went private, it was hard because my parents certainly could not afford to pay the fees. I remember my last two years’ fees were not paid when I left college. I am grateful to STC for having kept me on, even though I was not a good student. One of the first things I did when I started working was pay the arrears of fees I owed S. Thomas’. My other siblings went to Visaka and St. Peter’s. The youngest two studied; the youngest is an accountant and the other a maths graduate. The others started working after their O/Ls.
Life was very difficult; very, very difficult. I am sure my mother went hungry on a lot of days. She used to have a few chickens in the back garden, just to supplement the family nutrition needs, and used to grow many plants. We were fortunate that we had a place to stay in Wellawatte, which belonged to my grandfather.
It was a life full of deprivation. It was tough and even now I feel for my mother. She was a real driving force. She died about three years ago. In the latter years she used to tell me I had worked for long enough and would ask me to retire and relax.
Q: How was school life?
A: School life was quite good because my father had a reputation at S. Thomas’. When I joined College, he had three records and I remember Canon De Saram telling me, “Sri Lanka produced two athletes; Duncan White and your father. Both were freaks.” But my father got married at 19 and that was the end of his athletics.
I still keep a very strong connection with S. Thomas’ and I have run five carnivals by myself and with Mrs. Siva Obeyesekera, whom most Thomians consider part of the Thomian family, to raise funds for STC. A lot of Thomians know me as the ‘Carnival Guy’. I try to contribute to College in whatever way that I can. I have put aside a little money into a trust to try and build it up so that we can give scholarships to needy children at STC. My daughter was at Holy Family Convent and I have setup a trust there too, to help with teachers’ salaries.
I think our education system needs to be completely overhauled. If you look at Sri Lanka, we were essentially a trading country and if you look at our civilisation, our culture and economy, I think we survived as a country and as a civilisation because Sri Lankans were clever.
That open, liberal approach to everything needs to be resurrected. With the global village and the challenges that people are facing, the innate ability of our people will be stifled if the education system is not re-engineered. If we are to progress as a civilisation, culture, language and religion, I think we need to have greater liberality and encourage people to use their innate abilities and leverage the skills they have, which have helped to sustain this country over the last 2,500 years of recorded history. I believe this civilisation was much older than that. Once again I reiterate we have survived because we were clever.
Today, everybody is trying to steal competitive advantage and that is not good for the future. We need to start recognising merit, start recognising people first past the post, give people the necessary wherewithal to acquire skills and then leverage those skills to get benefits into the economy. We need to recognise different skills sets and reward them accordingly.
Q: How did your entry into the corporate world come about?
A: I sat for my A/Ls and left college in 1963. I didn’t do well. At that time it was very tough to get into the universities and I was not an extremely good student. Then I got a job planting. My father’s brother, B.L.W. Fernando, was the Auditor General and I went to tell him that I have got this job. He said: “What? What nonsense is that? What are you trying to do? Planting is reserved for the dud sons of the rich.” Perhaps an unfair comment, as I see it now. He then gave me such a shelling that I said I would sit for the A/Ls again.
When I got through the A/Ls, he found me a place to do articles – at A. I. Macan Markar & Co. I am really grateful to Alavi Macan Markar. At that time people used to take a premium when they took an article clerk. It was Rs. 1,000 then. My uncle wrote a letter to Alavi saying my parents could not afford to pay it. Alavi took me because of my uncle’s letter and I am grateful to him and the people I worked with there, like John Diandas and Tom Navaratne, who were then partners of Macan Markar & Co.
I still remember John telling me, “Lakshman, my aim is to make you a good accountant.” Later I did a function for John for his 50 years’ celebration and he said, “Lakshman, I remember telling you I wanted to make you a good accountant and I am certainly not disappointed!”
Q: Could you tell us about your family?
A: My wife Nelun is an only child and we met at a carnival. We have known each other for the last 52 years, since I was 17 and she was 14, and we’ve been married for 42 years. We have three children, Rushika, Rukshan and Reshane. My eldest is in the States. She did a degree in mathematics and physics in the US, and then a MSc and MPhil and followed a PhD programme, all at Columbia University, New York. She went into investment banking after that and was Vice President – Technology at Goldman Sachs. When she had her second child, she decided to chuck it; but now that the child is two, she has started working again – this time at J P Morgan.
My second was at S. Thomas’ and rowed for College. He did a degree in the UK and subsequently an MBA in Australia. He is an Australian citizen but he has dual citizenship and is back here, working at CIC. The third was also at S. Thomas’ and again rowed for College and obtained national recognition. I sent him to Houston and he did a degree there in Information Technology. He is now the Supply Chain Manager at Airtel. He was the Manager of the Sri Lankan Rowing Team in China this month. My daughter was a very good and keen student but the boys took it in their stride. They were not pushed but I know my wife saw that they did their work.
Q: When you were growing up, what were your dreams?
A: I wouldn’t say that we had major goals and achievements. Like children of that era, we were fairly non-focused on what we had to achieve. Today the world is so competitive that children have to have some sort of goal orientation. I think parents drive them too hard to get that orientation and as a result, they are very narrow-focused. I do not think that is a good thing. Overall I don’t think the people of that era were very goal-oriented.
Q: Looking back, do you have any regrets?
A: Not really. I think I have achieved much more than what I ever anticipated. I’ve educated the three children and they’re all on their feet. They are very law-abiding, good citizens and I think that’s a huge achievement in itself.
Q: What are your dreams for Sri Lanka?
A: I would look at Sri Lanka as evolving into a very vibrant democracy and the aspirations of the people to be global players in various areas would be realised; that with the demographic changes that are taking place and the population growth being lower, we would have a good standard of living. Hopefully we will have much greater planning of our water and land resources and the utilisation of these resources, and better facilities for education. I don’t necessarily articulate that education should be controlled by the State. The parents know what the children really want in terms of education. I might want to push my children to achieve what I could not achieve.
Q: What is your advice to corporate leaders today?
A: I think that corporate leaders have to look at how they can help education, help uplift people’s living standards and help generate a better work ethic and productivity in this country. At Hingurakgoda, we helped to run a school. There we gave a library and a computer lab and paid a teacher to do English language classes. Language skills are a very vital cog in our system. The liberality that is needed for this country to progress is also important. I think the country will prosper – the Government is dreaming of a $ 7,000 economy in the short term. I am sure we will achieve this, but we need to strengthen recognition of merit, a level playing field for all our citizens and the application of the law without favour.
================
BRL joined CIC after I left the company and hence I did not have the pleasure of meeting him. However, I read the above interview with great interest. As Ana has said, BRL had humble beginnings. Therefore his achievements are all the more impressive. I do not recall that ICI paints were manufactured by an Associate company (Paints and General Industries Ltd----P &GI). I don't think that either ICI or CIC had shares in P&GI. As things turned out CIC seems to have become a subsidiary of P &GI.
It will be of interest that in 2014 P&GI were the majority shareholders (some 53%) of CIC Holdings. Those interested should surf the internet and read about CIC Holdings, including its shareholdings. Arichandran
Eric, as you may be aware, Sohli Captain is one of the five richest men in Sri Lanka today. Mr. Edwards will know more about him, as I think he knows Captain's daughter who is also in the business. I am surprised to hear that CIC has become a subsidiary of P&GI! Wonder what happened to
M.D.S.Perera who used to come there almost daily representing P&GI. On another note, my instinct is that if Mr. Arichandran never left CIC, he would have been a candidate for Chairmanship and CIC would have gone in another direction. Ana.
Ana, I too am aware of Sohli Captain and his daughter being in the top tier of billionaires in the country and certainly Mr.Edwards will know more about the duo. It is difficult to come to terms with the change in status quo of CIC vis-a-vis P&GI. MDS Perera was a daily visitor to CIC and did a splendid task as CEO-heard that he is into meditation now. Food for thought for us too!! I agree if Mr.Arichandran had continued his tryst with ICI/CIC the saga would have most likely been different in the backdrop of his charisma. Well in the final analysis we have to come to terms with reality. Eric
Eric, the tide has turned - CIC becoming a subsidiary of P&GI. It will be interesting to know what triggered such a reversal! Paths
Paths, You are right-with Billionaire Sohli Captain still steering ship the reversal was inevitable. To us who were with ICI/CIC it is hard to comprehend the gradual transition from the 1950's when ICI had a monopoly in a range of products imported from UK much to the envy of other companies. Well Time has sped by and the ground situation has irrevocably changed. Eric
Mr.Arichandran, it was interesting to peruse your comments/notes on ICI/CIC through the years. CIC has now become a subsidiary of P&GI-it is hard to sink in but that is the reality. Eric
To complete the picture: Chemanex is a subsidiary of CIC and hence by deduction is a subsidiary of P &GI. Yes--Sohli Captain is a cultured gentleman. I recall playing against him in the Public Schools Tennis Tournament in 1950. I played for Royal and he represented S' Thomas, Mt. Lavinia. It was a long match that I won. K.A
Reminds me of a remark by Ranjith Ganemulla, during the height of paint shortages... remember the spare parts books and permits!! When late ARNdeF wanted a special colour or something, it was always an order, whereas Sohli would always temper it with a "please"!! Remember how well he treated his former classmate/schoolmate Michael, who was his (SEC's) peon'? BTW, Captain’s family has the largest shareholding of JKHoldings as well. Ana
Mr.Arichandran, thanks for summing it up well-the transition from ICI to its current status quo where CIC & CNX are under P&GI. Now, it is only the memories of those yesteryears at ICI/CIC that remain etched in our minds. Congratulations on winning the Tennis encounter versus Sohli Captain (STC) in 1950. It was an era when we witnessed some outstanding players including yourself on the national scene. Eric
Dear Mr Arichandran It's good to see your contributions and your keen interest in the transformation of CIC to its present state. And congratulations on defeating Sohli on the Tennis field though he seems to have beaten everybody on the Financial field ! What can we say - He is the Captain ! As a pioneer in the evolution of ICI/CIC you must be viewing some of the developments of the Company you nurtured with a sense of sentimentality. All of us share these strong feelings very particularly because of the comradeship we enjoyed and which we still cherish. Paths
Good to see Hector Halangoda in the Management Team of CIC as a Divisional Director. Way to go! Ana
Great news about Hector Halangoda's elevation. Paths
Elmo/Ana, it was a very interesting read on Hector Halangoda-his rise to the top tier is most laudable.He was not flamboyant but a quiet and efficient worker during our time.
Elmo, thanks for your comments on the transition process when we now behold CIC/CNX in a lower tier as it were-for me as an ICI entrant I find it hard to come to grips with the transformation.However one has to accept reality in a fast changing world and leave behind sentimentality. Great news-that you were able to enjoy CIC 'lunumiris' in OZ whilst I am a regular patron of CIC white suduru samba, a popular take here amongst the Lankans.
Harking back to the 'good old days' selling ICI Paints and Alkathene Pipe specially in the North was easygoing in view of the huge demand. If 'lunumiris' was to be sold it would have been great "puller"-it would have gone well with the crab/prawn curries & parippu that was a delicacy in the North and at the Jaffna Hotel down Hospital Street !
Those were the days ! Eric
After joining CIC as a Management Trainee, Tilak Karunaratne went on to become a leading businessman in Sri Lanka. In late 2011, he was appointed Chairman of the country's Securities and Exchange Commission. In mid-August 2012, after serving only eight months in the position, he submitted his resignation citing political pressure brought upon him.
Below are extracts of an interview given by him to a Sri Lankan newspaper.
Q: What made you accept the position in the first place?
Well, I’ve known the President for a long long time. We’ve been in the same party for a long time together. We’ve been buddies and in a way that we’ve worked together to strengthen the party when it was in the doldrums and to bring it back to power. But unfortunately, I had to leave when Anura Bandaranaike joined the UNP in 1994. I’m a very close friend of Anura and at that time I thought I shouldn’t let my friend down and crossed over whereas, the President decided to stay on. When you look back, I would say he took the right decision. Anyway, since I rejoined the party, the President had been offering me many posts. Before Admiral Wasantha Karannagoda went to Japan as an Ambassador, he offered me that post. However, I very politely turned down (the offer) saying that I want to be in Sri Lanka and I’ve other involvements. Anyway, I’m no diplomat. You can see from the way I behave. I’m not inclined to satisfy all the parties which is part of the game in diplomacy.
Then after some time, before Harry Jayawardena was appointed Chairman of Ceylon Petroleum Corporation (CPC), he offered me that post. Again, I said very politely I don’t want, because petroleum has been a den of thieves and rogues. And I did not want to go and make my henchmen. Then, there was a vacancy in the High Commissioners Post in London and the President offered me that. Again I rejected that offer. So I’ve been constantly saying no to all the offers that came my way.
However, last year, when the President came as the Chief Guest to the 125th Year Anniversary celebrations of Ananda College on my invitation (as I’m the President of the Old Boys Association), he said “Tilak, don’t say no this time. I think this is an ideal opportunity for you. You have been an investor for a long time in the stock market and you know the workings of the stock market, therefore accept the position as SEC Chairman.”
Since, I’ve been saying no to him all this time I was at the time reluctant to say no to him, so I said, give me 48 hours to decide. So I thought about it and consulted my wife and children about it who were not in favour of it at all. But, still I thought about it and I said I will accept it and work purely in an honorary capacity. No job, no car, no chauffeur, no petrol, no mobile phone, nothing….and I also said that I want my independence and I said I would like to do as per the objectives of the SEC Commission’s Act and want to achieve those objectives impartially without fear or favour. So the President said “no issues Tilak, at all. I know the way you conduct yourselves and just sign it”. So on December 7, last year, I assumed duties.
Q: When do you think you faced your first obstacle after you took over?
At the first commission meeting itself, I knew what was happening. There were some investigations which had been put into cold storage. So when Director, Investigations came and reported that he had not been doing very much during the last six months or so, I asked him why? And he said I was made to understand that I should not proceed with these investigations! So I asked the Commission Members whether there was a Commission decision like that. They said no, but said an unofficial indication was given that we must go slow on those. Then I said No and this can’t happen like that because as a regulator, it’s our job to bring to book the wrongdoers in the capital market and therefore we have to restructure.
All the Commission Members, to their credit, agreed to this and we opened all these files. And that got ‘lot of people’ worried. If they are innocent, they do not have to worry, you know? So from that day in January, they have been working to somehow discourage me with the investigations through various close friends of mine whom they had contacts with. I don’t want to pick names but some of them who came to me were very powerful people who said, “Tilak, you know, go slow on these, he is a pal of mine. They’ve invested a lot, so you know, take it easy kind of thing”. So I said, I’ve come here to do a job and I cannot go easy or slow on anything. I am fast tracking in fact! That made them very annoyed. And from that time, they’ve spared no pains to push me out. I never gave it or entertained their pleas since investigations were necessary.
Q: Was all the management staff of SEC cooperative to the stance you took?
By and large they were cooperative. But, I might say that our Director Investigations was not very cooperative. That’s another story which I don’t want to elaborate on. Overall, he was very slow on the draw. So therefore I appointed a ‘surveillance committee’. The idea behind this was rather than one man handling it, I picked two other directors and we formed a committee so that this committee could go into the inquiries.
Q: Can you update on the inquiries the Committee has heard so far?
Now actually, most of the inquiries are at their final stages and there are 17 ongoing inquiries including the NSB – TSB deal.
Q: Despite the statistics that show that broker firms still have a large pool of unutilized credit, it is learnt that some broker houses have been demanding further credit expansion. Can you elaborate why?
Yes. It is only a very few brokers and not all, who have been working hand in glove with this ‘mafia people’ who have been agitating for credit. Actually there is almost Rs. 7 billion of unutilized funds in the system that is still available. But, some of these brokers have fully used and even exceeded their limits. So they have been clamouring for more credit.
Q: What happened at the recent meetings you had with the President and Dr. P B Jayasundera?
Yes. the President called up the brokers, these ‘so called’ investors, Chairman and Commission Members of SEC, Chairman and Directors of CSE for a meeting. We didn’t know what it was about but we were asked to come. However, when we went there we found that the ‘other side’ was asked to come with a powerpoint presentation. It was made by Dilith Jayaweera. But we were never told about this presentation beforehand and we thought it would just be a discussion involved.
One more thing, I don’t think the President was aware of this at all and I don’t blame him at all. But, even the seating arrangements, the brokers were called in first and they occupied the main head table. Except for me and the CSE Chairman, Krishan Balendra, whom I quickly got to sit next to me, except the two of us and the stockbrokers, none of other stakeholders were seated on the main table. My commissioners and the CSE directors were all over the floor. So you see, that is not the way to treat respectable people. I don’t know who made these seating arrangements but it clearly showed that it is going to be one-sided.
Then the President invited Dilith to make the presentation and the presentation itself was a full blown attack on us. Very unreasonable and unjustifiable attack on the SEC with full of hatred and venom. I replied to as much as I can, because I was the last man to speak after listening to all of this patiently where some investors and brokers also spoke. But, because their’s was a powerpoint presentation and mine was a verbal presentation, I could not meet everything. The playing field was not level.
After that meeting, Dr. Jayasundera had another meeting as a follow up to the previous meeting. In that meeting, both Mr. Krishan Balendra and I didn’t speak and the brokers spoke. That meeting was more or less on the budget proposals, the pre-budget meeting.
Q: How was your meeting with COPE?
We got huge endorsement from the COPE. Normally they do not give any government institution such endorsement. The Chairman of COPE, Dew Gunasekera, at the time came to me congratulating saying that we have done an excellent job. He wanted me to continue and assured their fullest support. I told them what I wanted was more teeth. The present SEC Act, which is way too old, compared to the regulatory Acts in the Asian region, has to be amended as a priority to give more independence to the regulatory body.
Q: Some allege that during your tenure, you had concentrated too much on the regulatory aspect and not the development aspects which led to the pressure being exerted. How would you respond to this criticism?
That is not true at all. Despite my short stint of eight months, some of the things that we have done to develop the market, what is in the pipeline and what needs to be done for the future were far more greater than what has been done during the same span of time previously. We have done a lot to develop the market. On the other hand, the regulatory aspect is also important. Going into the wrong deals and inquiring and restraining them are also important. Then only foreign investors will come.
Q: Was the SEC contemplating on taking legal action against the offenders?
Yes, we could have filed action against them if we found that they were guilty. Another impediment we have is that according to our jurisdiction, such malpractices can only be heard in criminal courts and not civil courts. As you know it is hard to prove a case under criminal action compared to the civil cases. In the other countries, we have both.
Q: Some say that you were over regulating the market which created a sense of fear psychosis?
It’s a myth created by this stock market mafia. I totally reject that. We have not come with anything. From the time I took over, we have been relaxing rules. Regarding the credit rule, earlier it was T+5 then we went up to T+30 and recently we even relaxed it upto T+120.
Q: Some say that you were not diplomatic and secretive about the investigations?
That’s completely false. We have been secretive. Even when COPE asked me to come up with the names, we have not revealed anybody and we have been secretive.
Q: Any final thoughts?
I would like to thank all the members of my staff including my commission members for all the support they gave me to achieve the objectives of my organization. I am also thankful and grateful to the Chairman and Directors, the Chief Executive and members of the staff of the Colombo Stock Exchange who helped me to carry out my duties during my tenure. Except for one or two all the others have been 100% behind me and very enthusiastic and very keen to work for the betterment of the organization. It was a great time we had together and I was very happy to have been there
Below are extracts of an interview given by him to a Sri Lankan newspaper.
Q: What made you accept the position in the first place?
Well, I’ve known the President for a long long time. We’ve been in the same party for a long time together. We’ve been buddies and in a way that we’ve worked together to strengthen the party when it was in the doldrums and to bring it back to power. But unfortunately, I had to leave when Anura Bandaranaike joined the UNP in 1994. I’m a very close friend of Anura and at that time I thought I shouldn’t let my friend down and crossed over whereas, the President decided to stay on. When you look back, I would say he took the right decision. Anyway, since I rejoined the party, the President had been offering me many posts. Before Admiral Wasantha Karannagoda went to Japan as an Ambassador, he offered me that post. However, I very politely turned down (the offer) saying that I want to be in Sri Lanka and I’ve other involvements. Anyway, I’m no diplomat. You can see from the way I behave. I’m not inclined to satisfy all the parties which is part of the game in diplomacy.
Then after some time, before Harry Jayawardena was appointed Chairman of Ceylon Petroleum Corporation (CPC), he offered me that post. Again, I said very politely I don’t want, because petroleum has been a den of thieves and rogues. And I did not want to go and make my henchmen. Then, there was a vacancy in the High Commissioners Post in London and the President offered me that. Again I rejected that offer. So I’ve been constantly saying no to all the offers that came my way.
However, last year, when the President came as the Chief Guest to the 125th Year Anniversary celebrations of Ananda College on my invitation (as I’m the President of the Old Boys Association), he said “Tilak, don’t say no this time. I think this is an ideal opportunity for you. You have been an investor for a long time in the stock market and you know the workings of the stock market, therefore accept the position as SEC Chairman.”
Since, I’ve been saying no to him all this time I was at the time reluctant to say no to him, so I said, give me 48 hours to decide. So I thought about it and consulted my wife and children about it who were not in favour of it at all. But, still I thought about it and I said I will accept it and work purely in an honorary capacity. No job, no car, no chauffeur, no petrol, no mobile phone, nothing….and I also said that I want my independence and I said I would like to do as per the objectives of the SEC Commission’s Act and want to achieve those objectives impartially without fear or favour. So the President said “no issues Tilak, at all. I know the way you conduct yourselves and just sign it”. So on December 7, last year, I assumed duties.
Q: When do you think you faced your first obstacle after you took over?
At the first commission meeting itself, I knew what was happening. There were some investigations which had been put into cold storage. So when Director, Investigations came and reported that he had not been doing very much during the last six months or so, I asked him why? And he said I was made to understand that I should not proceed with these investigations! So I asked the Commission Members whether there was a Commission decision like that. They said no, but said an unofficial indication was given that we must go slow on those. Then I said No and this can’t happen like that because as a regulator, it’s our job to bring to book the wrongdoers in the capital market and therefore we have to restructure.
All the Commission Members, to their credit, agreed to this and we opened all these files. And that got ‘lot of people’ worried. If they are innocent, they do not have to worry, you know? So from that day in January, they have been working to somehow discourage me with the investigations through various close friends of mine whom they had contacts with. I don’t want to pick names but some of them who came to me were very powerful people who said, “Tilak, you know, go slow on these, he is a pal of mine. They’ve invested a lot, so you know, take it easy kind of thing”. So I said, I’ve come here to do a job and I cannot go easy or slow on anything. I am fast tracking in fact! That made them very annoyed. And from that time, they’ve spared no pains to push me out. I never gave it or entertained their pleas since investigations were necessary.
Q: Was all the management staff of SEC cooperative to the stance you took?
By and large they were cooperative. But, I might say that our Director Investigations was not very cooperative. That’s another story which I don’t want to elaborate on. Overall, he was very slow on the draw. So therefore I appointed a ‘surveillance committee’. The idea behind this was rather than one man handling it, I picked two other directors and we formed a committee so that this committee could go into the inquiries.
Q: Can you update on the inquiries the Committee has heard so far?
Now actually, most of the inquiries are at their final stages and there are 17 ongoing inquiries including the NSB – TSB deal.
Q: Despite the statistics that show that broker firms still have a large pool of unutilized credit, it is learnt that some broker houses have been demanding further credit expansion. Can you elaborate why?
Yes. It is only a very few brokers and not all, who have been working hand in glove with this ‘mafia people’ who have been agitating for credit. Actually there is almost Rs. 7 billion of unutilized funds in the system that is still available. But, some of these brokers have fully used and even exceeded their limits. So they have been clamouring for more credit.
Q: What happened at the recent meetings you had with the President and Dr. P B Jayasundera?
Yes. the President called up the brokers, these ‘so called’ investors, Chairman and Commission Members of SEC, Chairman and Directors of CSE for a meeting. We didn’t know what it was about but we were asked to come. However, when we went there we found that the ‘other side’ was asked to come with a powerpoint presentation. It was made by Dilith Jayaweera. But we were never told about this presentation beforehand and we thought it would just be a discussion involved.
One more thing, I don’t think the President was aware of this at all and I don’t blame him at all. But, even the seating arrangements, the brokers were called in first and they occupied the main head table. Except for me and the CSE Chairman, Krishan Balendra, whom I quickly got to sit next to me, except the two of us and the stockbrokers, none of other stakeholders were seated on the main table. My commissioners and the CSE directors were all over the floor. So you see, that is not the way to treat respectable people. I don’t know who made these seating arrangements but it clearly showed that it is going to be one-sided.
Then the President invited Dilith to make the presentation and the presentation itself was a full blown attack on us. Very unreasonable and unjustifiable attack on the SEC with full of hatred and venom. I replied to as much as I can, because I was the last man to speak after listening to all of this patiently where some investors and brokers also spoke. But, because their’s was a powerpoint presentation and mine was a verbal presentation, I could not meet everything. The playing field was not level.
After that meeting, Dr. Jayasundera had another meeting as a follow up to the previous meeting. In that meeting, both Mr. Krishan Balendra and I didn’t speak and the brokers spoke. That meeting was more or less on the budget proposals, the pre-budget meeting.
Q: How was your meeting with COPE?
We got huge endorsement from the COPE. Normally they do not give any government institution such endorsement. The Chairman of COPE, Dew Gunasekera, at the time came to me congratulating saying that we have done an excellent job. He wanted me to continue and assured their fullest support. I told them what I wanted was more teeth. The present SEC Act, which is way too old, compared to the regulatory Acts in the Asian region, has to be amended as a priority to give more independence to the regulatory body.
Q: Some allege that during your tenure, you had concentrated too much on the regulatory aspect and not the development aspects which led to the pressure being exerted. How would you respond to this criticism?
That is not true at all. Despite my short stint of eight months, some of the things that we have done to develop the market, what is in the pipeline and what needs to be done for the future were far more greater than what has been done during the same span of time previously. We have done a lot to develop the market. On the other hand, the regulatory aspect is also important. Going into the wrong deals and inquiring and restraining them are also important. Then only foreign investors will come.
Q: Was the SEC contemplating on taking legal action against the offenders?
Yes, we could have filed action against them if we found that they were guilty. Another impediment we have is that according to our jurisdiction, such malpractices can only be heard in criminal courts and not civil courts. As you know it is hard to prove a case under criminal action compared to the civil cases. In the other countries, we have both.
Q: Some say that you were over regulating the market which created a sense of fear psychosis?
It’s a myth created by this stock market mafia. I totally reject that. We have not come with anything. From the time I took over, we have been relaxing rules. Regarding the credit rule, earlier it was T+5 then we went up to T+30 and recently we even relaxed it upto T+120.
Q: Some say that you were not diplomatic and secretive about the investigations?
That’s completely false. We have been secretive. Even when COPE asked me to come up with the names, we have not revealed anybody and we have been secretive.
Q: Any final thoughts?
I would like to thank all the members of my staff including my commission members for all the support they gave me to achieve the objectives of my organization. I am also thankful and grateful to the Chairman and Directors, the Chief Executive and members of the staff of the Colombo Stock Exchange who helped me to carry out my duties during my tenure. Except for one or two all the others have been 100% behind me and very enthusiastic and very keen to work for the betterment of the organization. It was a great time we had together and I was very happy to have been there
Harsha Amarasekera takes overas CIC Holdings Chairman
CIC Holdings PLC has named President’s Counsel Harsha Amarasekera as its new Chairman, succeeding Lakshman Fernando after his 26-year tenure. A Non-Executive Director of CIC Holdings PLC since 2005, Amarasekera has been serving as Acting Chairman of the Board since 1 January following the retirement of Lakshman Fernando on 31 December 2013.
Amarasekera will be the fourth Chairman of the diversified agriculture/chemical company, which is considered one of the leading agricultural value addition companies in the country. The company also went through a major restructuring last year.
Amarasekera’s appointment is effective today.
An independent director of several leading companies listed on the Colombo Stock Exchange, Amarasekera is a leading lawyer having a wide practice in the original courts as well as in the appellate courts.
His wide-ranging specialties in the profession cover commercial law, business law, securities law, banking law and intellectual property law.
B.R.L. to retire from CIC, Harsha made Acting Chairman
Senior business leader B.R.L. Fernando is to relinquish his position as Chairman of CIC Holdings Plc with effect from 31 December 2013.
This is following a longstanding 36 years in the company, of which 33 years were as a member of the Board. The CIC Board has recorded its appreciation for the valuable contribution made by Fernando to CIC’s growth.
The company also announced that Harsha Amarasekera, an Independent Non-Executive Director, would be the Acting Chairman from 1 January 2014.
The CIC Board of Directors will comprise the following from 1 January 2014. S.H. Amarasekera (Acting Chairman), S.P.S. Ranatunga (Managing Director/CEO), E.F.G. Amerasinghe, R.N. Asirwatham, R.S. Captain, S.M. Enderby, M.P. Jayawardena and Prof. P.W.M.B.B. Marambe.
Thanks Ana. BRL was my boss in the Accounts Dept. We used to have chats sometimes in the Office and he was quite open about his life and its challenges. A very friendly person and I must say very hard working. Every time I go to Sri Lanka I drop in at CIC to meet him and Hector.
He has performed brilliantly and without any doubt elevated CIC to a very much higher level. Congratulations to Mr Laxhman Fernando - You deserve a break!! Paths
Lakshman was my immediate head when I left CIC in ''77. There were greats before him at CIC; but he was the one who swam through the doldrums to bring CIC to a new era. He is a peculiar personality who took things very easily and calmly to achieve his goals. One can write a volume on Lakshman and those will be an eye opener to many who wants to reach high. Manna
Johnson & Johnson Sri Lanka Expands Business
December 9, 2013
Johnson & Johnson Sri Lanka recently announced the relocation of its business premises to No. 46, Vauxhall Street, Colombo 02. The company has been operating from its offices located at CIC House for the past 40 years and is now moving to a larger space in order to prepare for the expansion of its product portfolio.
Varun Das, Country Manager for Johnson & Johnson Sri Lanka and Maldives said, "We have been providing the Sri Lankan population with a variety of high quality personal products under our different brands such as Johnson’s Baby, Clean and Clear, Neutrogena, Stayfree and Listerine for over 40 years. We consider this move a stepping stone to expand our portfolio as well as our reach in the country."
"With our recent recognition as the No. 1 unlisted brand of the year in the 2013 edition of Brands Annual presented by Media Services, we see so much potential for our varied brands here in Sri Lanka and we are confident that this expansion of our local office will translate well into the expansion and growth of our business as well," he added.
Johnson & Johnson markets medical devices, pharmaceuticals and consumer health goods.
Its numerous brands have been trusted by consumers in 175 countries for over 100 years. J&J reinforces its commitment to provide consumers with the highest quality and safest products by investing in research and development that lead to the creation of products which advance the health and well-being of people around the world.
CIC overseas expansion on hold due to delay in subsidy payments
CIC Holdings PLC is reconsidering plans of expanding overseas on the back of a delay in fertilizer subsidy payments which has impacted its finance cost, sources close to the company said.
The company whose agriculture and livestock arm contributes nearly 63 per cent of the group’s revenue was finalising parties in African locations to forge partnerships for agricultural farming by next year.
“The company was planning to go to Kenya, Ethiopia and Uganda with horticulture and rice production through their partners in the Middle East. And while it was at a preliminary stage, the company had solid plans to identify land in these countries and make a commitment,” a source told the Business Times. CIC was discussing with two partners – one in Qatar and another in Saudi in this regard.
Analysts said that the prolonged trade receivables from the fertilizer subsidy led the group to slow down in importing and distributing fertilizer during the current quarter.
The source said that the delay in subsidy payments, which account for nearly 80 per cent of CIC’s agriculture and livestock sub sector resulted in high interest cost, which led the group to witness a loss of Rs 75.3 million in the first quarter of 2013/14.
Finance cost escalated by 72 per cent year on year to Rs 531.1 million in the said quarter against Rs 308.9 million in the corresponding quarter last year.
This sector is involved in producing agricultural inputs such as seeds, planting material, livestock products, distribution of machineries plus blending and marketing fertilizer.
Ana, Thanks for the news from the CIC pipeline-I guess it is the sensible option to look for "greener pastures' elsewhere due to obvious financial constraints -the 1st Q loss is not something to enthuse about. Eric
Thanks Ana and Eric for the NEWS and comments. CIC launched a product Anoda Nectar in August 2012 at the Processed Foods Trade Fair in Colombo. This product was a very good one. This week at the Profoods fair this year I wanted to buy a few bottles. Alas ! the product has gone out of the market due to the lack of raw material supplies. I gave some comments and suggestions at their stall and I hope the product will be back in the market within a couple of years. Those who were at the stall were unable to comment. Cyril
Hi Cyril, Talking of Anoda Nectar (or Sour Sop), I thought of relating this episode. On Tuesday (27th) we went to a hotel in Sigiriya called 'Kassapa Lion Rock' and were given a welcome drink of Anoda. We were very happy and it was really nice.
That afternoon I was seated in the restaurant and there were two guys (from Ireland) seated at the adjoining table. They called a waiter and asked for the same white drink that they got as the welcome drink. The waiter was not very sure and I put in my two cents worth and got them the Anoda drink. The visitors were quite happy and I had to Google and show them how the fruit looks like.
The surprise came when were having dinner that night. We asked the barman (who is providing all the drinks, including non-alcoholic types), how he prepare the Anoda drink and he showed us this packet of white powder!! We were left wondering whether the wonder drink we got in the morning was suitably flavoured titanium dioxide powder!! Long years back the brand "SMAK" had the Anona Drink in their range, which I think was natural. Any comments? Neil
CIC eyes Kenya, Ethiopia and Uganda for agri-investments
CIC Holdings PLC is in the process of finalising joint venture partners in Africa to invest in agricultural farming, officials said.
“We’re planning to go to Kenya, Ethiopia and Uganda with horticulture and rice production through our partners in the Middle East,” Samantha Ranatunga Managing Director/CEO CIC told the Business Times. He said this is at the preliminary stage and the company is trying to first identify land in these countries. Mr. Ranatunga said CIC wants to start the projects by next year.
He said that CIC is discussing with two partners – one in Qatar and another in Saudi Arabia – in this regard.
CIC’s agriculture and livestock sector stands as the core business contributing nearly 64 per cent of total revenue and 72 per cent of total net earnings in financial year 2012/13. This sector is involved in producing agricultural inputs such as seeds, planting material, livestock products, distribution of machineries plus blending and marketing fertilizer.
Mr. Ranatunga said that in a bid to beat the uncertainties of the weather, the company has made a strategic decision to shift to value addition in their products and large dairy projects. “We are the largest exporter of high quality rice. We also increased exports in banana and other fruits. We’re going into other areas such as fruit varieties, mangoes, pineapples, etc.”
The company’s Rs 600 million dairy milk processing operation in Dambulla will be commissioned in July. “We’re trying to set up a production facility in Dambulla for dairy products,” Mr. Ranatunga said, adding that this facility will have around 25,000 litre capacity per day and all the products will be used for local consumption.
He also said that CIC’s Hingurakgoda Farms and newly commissioned Siddapura and Muthuwella farms are expected to cater to the growing demand of the dairy industry in the country.
The group recorded a net earnings dip of 53 per cent year on year to Rs 55.3 million in the last quarter of the 2012/13 financial year and 73 per cent to Rs 230.9 million for the whole year largely due to a poor performance from its agriculture sector.
Enderby joins CIC board April 12, 2013
Mr. S.M. Enderby has been appointed to the Board of Directors of CIC Holdings PLC as an Independent Non-Executive Director with effect from April 11, the company announced in a Stock Exchange filing on Thursday.
The announcement said that Enderby "has a strong and successful track record in the private equity place with Actis, a leading global emerging market fund" and had during his career worked for the fund in the UK, Thailand, Uganda, Swaziland, Sri Lanka and most recently in India. He retired as a partner of Actis in 2011.
He had led multiple successful private equity transactions, including South Asia Gateway Terminals, Ceylon Oxygen and Millennium Information Technologies in Sri Lanka and also served on the boards of many leading businesses in India and Sri Lanka including JKH, Lion Brewery and Punjab Tractors.
Enderby, with a BSc Econ (Hon) in Economics and Accounting from Queens University, Belfast, is a CIMA member studying for a Master’s degree of Development Studies at the University of Melbourne.
He currently has executive responsibilities in the Hemas Group.
Asia Responsible Entrepreneurship Award
CIC Agri Businesses Managing Director/Chief Executive Keerthi Kotagama received a prestigious International Award for being a Responsible Business Leader in South Asia at the Asia Responsible Entrepreneurship Awards (AREA) held in New Delhi.
Welcome news Cyril -tks. I think CIC under BRL Fernando has diversified operations in a very substantial manner. CIC Rice is now available in
Canada- what a journey ? Eric
It is certainly welcome NEWS, as you say BRL should be commended for grooming Keerthi K . When we talk of the present CIC Agribusiness we should not forget where the journey began. It was KOK, CSDES, Dr.OSP, Dr.RAPM and SBR who commenced it by taking part in the SL Government's Food Production Drive promoting rice, soyabean and sugarcane cultivations and growing Caster for Oil extraction at that time. If any Evergreen is in touch with BRL and KK this message should be shared with them. Cyril
You are right; it is most relevant to go back in time and remember those 'greats' who responded to the Government's programme and joined the mainstream. The names you had correctly mentioned had a share in the success story of the present times. Chairman mentioned that KOK had visited SL from his domicile in Oz. SB was a fine chap whose energy and motivation in the agro field were exemplary in addition to being a 'jolly fellow' at our CIC parties. I believe Dr.OSP is in the land beyond; how about Dr.RAPM? The demise of burly Cambridge Blue (Boxing) CSDES was a shock. How many of you are aware that Chris De Saram & K Ganesan opened batting for Royal? Eric
Thanks for endorsing my appreciation of the 'greats' as you correctly termed them. Elmo still owes a visit to KOK in Oz. SB had been jovial whenever he was in a group. When he joined us on tours in the field he kept us going combining serious business and humor. Most of the present bosses apply the condom theory but the five ' greats' had been a contrast. I still keep in touch with RAPM. You may not be aware that when I was Head of Agro Division in Mackwoods RAPM was my Director. His wife passed away few months ago.
By the way, the cricketing partnership of CSDeS and KG at Royal is NEWS to me. Cyril
About the CIC greats you and Cyril concur, I take a moment to remember Lou Adhihetty, a fine cricketer from Wesley. Wasn't he attached to Agro Chemicals at CIC? Ana
Ana, you are 'spot on'. The late Lou Adihetty (Wesley & Cambridge) was a fine cricketer and was in charge of Agro Chemicals Dept too. Lou played many a fine innings for CIC with his brilliant batting which was a treat to watch. Lou who won his Cambridge Blue for Hockey was our custodian when CIC won the Mercantile C Division double in 1966 under my captaincy ably supported by maestro MD Leelasena the Matale wizard,Ivor & Elmo De Silva,Sam Jacob,Joe Roche, J D Rajendram, James Alagaratnam, Francis D'Almeida, S.Kanagalingam. Eric
Ana, you are correct, Lou A was one of the pioneers in the Agro Department although I did not meet him there as I was working at the Coconut Research Institute at that time. If I remember correct he was more on the Plantation Chemicals side and CIC got closer to the farmer after his period. Let us add him to the GREAT FIVE to make it GREAT SIX. Eric, you have come out with a lot of information and let us thank Ana for making you retrieve that. By the way, SBR is in Kandy. I am trying to get his contact details. Cyril
Many thanks for your prompt and cogent contributions to the topic of the GREAT 6-it is a part of CIC history.Ana did goad me to shed more info on that versatile sportsman Lou Adihetty, an icon from Wesley. If you are able to reach SBR pls. keep us 'in the loop'-tks. Eric
CIC Holdings PLC is in the process of finalising joint venture partners in Africa to invest in agricultural farming, officials said.
“We’re planning to go to Kenya, Ethiopia and Uganda with horticulture and rice production through our partners in the Middle East,” Samantha Ranatunga Managing Director/CEO CIC told the Business Times. He said this is at the preliminary stage and the company is trying to first identify land in these countries. Mr. Ranatunga said CIC wants to start the projects by next year.
He said that CIC is discussing with two partners – one in Qatar and another in Saudi Arabia – in this regard.
CIC’s agriculture and livestock sector stands as the core business contributing nearly 64 per cent of total revenue and 72 per cent of total net earnings in financial year 2012/13. This sector is involved in producing agricultural inputs such as seeds, planting material, livestock products, distribution of machineries plus blending and marketing fertilizer.
Mr. Ranatunga said that in a bid to beat the uncertainties of the weather, the company has made a strategic decision to shift to value addition in their products and large dairy projects. “We are the largest exporter of high quality rice. We also increased exports in banana and other fruits. We’re going into other areas such as fruit varieties, mangoes, pineapples, etc.”
The company’s Rs 600 million dairy milk processing operation in Dambulla will be commissioned in July. “We’re trying to set up a production facility in Dambulla for dairy products,” Mr. Ranatunga said, adding that this facility will have around 25,000 litre capacity per day and all the products will be used for local consumption.
He also said that CIC’s Hingurakgoda Farms and newly commissioned Siddapura and Muthuwella farms are expected to cater to the growing demand of the dairy industry in the country.
The group recorded a net earnings dip of 53 per cent year on year to Rs 55.3 million in the last quarter of the 2012/13 financial year and 73 per cent to Rs 230.9 million for the whole year largely due to a poor performance from its agriculture sector.
Enderby joins CIC board April 12, 2013
Mr. S.M. Enderby has been appointed to the Board of Directors of CIC Holdings PLC as an Independent Non-Executive Director with effect from April 11, the company announced in a Stock Exchange filing on Thursday.
The announcement said that Enderby "has a strong and successful track record in the private equity place with Actis, a leading global emerging market fund" and had during his career worked for the fund in the UK, Thailand, Uganda, Swaziland, Sri Lanka and most recently in India. He retired as a partner of Actis in 2011.
He had led multiple successful private equity transactions, including South Asia Gateway Terminals, Ceylon Oxygen and Millennium Information Technologies in Sri Lanka and also served on the boards of many leading businesses in India and Sri Lanka including JKH, Lion Brewery and Punjab Tractors.
Enderby, with a BSc Econ (Hon) in Economics and Accounting from Queens University, Belfast, is a CIMA member studying for a Master’s degree of Development Studies at the University of Melbourne.
He currently has executive responsibilities in the Hemas Group.
Asia Responsible Entrepreneurship Award
CIC Agri Businesses Managing Director/Chief Executive Keerthi Kotagama received a prestigious International Award for being a Responsible Business Leader in South Asia at the Asia Responsible Entrepreneurship Awards (AREA) held in New Delhi.
Welcome news Cyril -tks. I think CIC under BRL Fernando has diversified operations in a very substantial manner. CIC Rice is now available in
Canada- what a journey ? Eric
It is certainly welcome NEWS, as you say BRL should be commended for grooming Keerthi K . When we talk of the present CIC Agribusiness we should not forget where the journey began. It was KOK, CSDES, Dr.OSP, Dr.RAPM and SBR who commenced it by taking part in the SL Government's Food Production Drive promoting rice, soyabean and sugarcane cultivations and growing Caster for Oil extraction at that time. If any Evergreen is in touch with BRL and KK this message should be shared with them. Cyril
You are right; it is most relevant to go back in time and remember those 'greats' who responded to the Government's programme and joined the mainstream. The names you had correctly mentioned had a share in the success story of the present times. Chairman mentioned that KOK had visited SL from his domicile in Oz. SB was a fine chap whose energy and motivation in the agro field were exemplary in addition to being a 'jolly fellow' at our CIC parties. I believe Dr.OSP is in the land beyond; how about Dr.RAPM? The demise of burly Cambridge Blue (Boxing) CSDES was a shock. How many of you are aware that Chris De Saram & K Ganesan opened batting for Royal? Eric
Thanks for endorsing my appreciation of the 'greats' as you correctly termed them. Elmo still owes a visit to KOK in Oz. SB had been jovial whenever he was in a group. When he joined us on tours in the field he kept us going combining serious business and humor. Most of the present bosses apply the condom theory but the five ' greats' had been a contrast. I still keep in touch with RAPM. You may not be aware that when I was Head of Agro Division in Mackwoods RAPM was my Director. His wife passed away few months ago.
By the way, the cricketing partnership of CSDeS and KG at Royal is NEWS to me. Cyril
About the CIC greats you and Cyril concur, I take a moment to remember Lou Adhihetty, a fine cricketer from Wesley. Wasn't he attached to Agro Chemicals at CIC? Ana
Ana, you are 'spot on'. The late Lou Adihetty (Wesley & Cambridge) was a fine cricketer and was in charge of Agro Chemicals Dept too. Lou played many a fine innings for CIC with his brilliant batting which was a treat to watch. Lou who won his Cambridge Blue for Hockey was our custodian when CIC won the Mercantile C Division double in 1966 under my captaincy ably supported by maestro MD Leelasena the Matale wizard,Ivor & Elmo De Silva,Sam Jacob,Joe Roche, J D Rajendram, James Alagaratnam, Francis D'Almeida, S.Kanagalingam. Eric
Ana, you are correct, Lou A was one of the pioneers in the Agro Department although I did not meet him there as I was working at the Coconut Research Institute at that time. If I remember correct he was more on the Plantation Chemicals side and CIC got closer to the farmer after his period. Let us add him to the GREAT FIVE to make it GREAT SIX. Eric, you have come out with a lot of information and let us thank Ana for making you retrieve that. By the way, SBR is in Kandy. I am trying to get his contact details. Cyril
Many thanks for your prompt and cogent contributions to the topic of the GREAT 6-it is a part of CIC history.Ana did goad me to shed more info on that versatile sportsman Lou Adihetty, an icon from Wesley. If you are able to reach SBR pls. keep us 'in the loop'-tks. Eric
CIC sets up satellite research lab in Bangladesh
CIC Holdings’ tissue culture lab is setting up a satellite facility in Bangladesh to support the processing of certain plant species, specifically targeting the expansion into Australia in particular.
The company, detailing its research facilities, said it is currently extending its reach to the region.
In the statement, the company said it leverages its ‘significant prowess’ in research to successfully anticipate wants and needs which are constantly evolving, and to offer products and services which enhance the lives of its customers.
The company noted that it is the only one to own and operate seed and soil laboratories. The company’s seed paddy enterprise has made a significant impact in the local agriculture landscape with the extensive research and trials carried out on the farms, including the introduction of a new variety of rice, the statement added.
The Red Basmati rice has a low glycaemic index, meaning that it releases sugar slowly, making it a healthier option, and is the first to be introduced in the country by any private sector entity.
Strengthening its already existing inventory, a new strain of hybrid corn seed of enhanced quality and yield was registered by CIC during 2011, while over 150 acres of farmland are under cultivation with a premium strain of bananas, which is predominantly marketed locally under the brand ‘CIC Quality Banana’, it said.
CIC Holdings’ tissue culture lab is setting up a satellite facility in Bangladesh to support the processing of certain plant species, specifically targeting the expansion into Australia in particular.
The company, detailing its research facilities, said it is currently extending its reach to the region.
In the statement, the company said it leverages its ‘significant prowess’ in research to successfully anticipate wants and needs which are constantly evolving, and to offer products and services which enhance the lives of its customers.
The company noted that it is the only one to own and operate seed and soil laboratories. The company’s seed paddy enterprise has made a significant impact in the local agriculture landscape with the extensive research and trials carried out on the farms, including the introduction of a new variety of rice, the statement added.
The Red Basmati rice has a low glycaemic index, meaning that it releases sugar slowly, making it a healthier option, and is the first to be introduced in the country by any private sector entity.
Strengthening its already existing inventory, a new strain of hybrid corn seed of enhanced quality and yield was registered by CIC during 2011, while over 150 acres of farmland are under cultivation with a premium strain of bananas, which is predominantly marketed locally under the brand ‘CIC Quality Banana’, it said.
Eric's visit to Sri Lanka - March 2013
Returning to life in BC after a 4 weeks sojourn in SL. I had the pleasure of meeting up with Chairman, Messrs. CS Edwards, Sam Sirimanne & Lal De Alwis. Ranjit Ponnaperuma was kind enough to 'drop in' to say hello hours prior to my departure from Colombo whilst Fareeda did respond to my telephone call.
Neil Kottege accompanied me on my visit to see Chairman and on our return invited me to Otters for a chilled Beer before we parted company. The scorching heat was tough to contend with and at every turn I 'cooled' off with Lion or Carlsberg for good measure!!I had the privilege of meeting two of my classmates (Doctors in UK) after nearly 60 years in the precincts of the Royal Colombo Golf Club. Mr.Edwards hosted me to lunch at the GOH which brought back memories of the good old 'CIC era'.
Elmo gave us the good news of Mr.K Arichandran joining us-KA in an email queried if I could remember the ICI/Ford Rhodes cricket fixture in 1957 where he amassed 159 n.o. and we were bundled out for 101 with only Kingsley Fernando and me entering double figures-those were the days! KA's partner GC Wijesinghe (son of the famous ECB) rattled 71 and bowled with all fury with his burly frame.
Now its time to be back on the CIC wavelength and thanks for keeping me off your list for over 4 weeks.
PS: Met Kennedy son of late ICI/CIC stalwart SD(Solomon) Michael at a funeral in Kanatte-the meeting was providential since John& Pat Arachi and Pushparanee & I are God parents to two of Solomon's siblings. Solomon was Sales Rep. for the Chemicals Dept.under V.Ratnaarjah & John Arachi.
Returning to life in BC after a 4 weeks sojourn in SL. I had the pleasure of meeting up with Chairman, Messrs. CS Edwards, Sam Sirimanne & Lal De Alwis. Ranjit Ponnaperuma was kind enough to 'drop in' to say hello hours prior to my departure from Colombo whilst Fareeda did respond to my telephone call.
Neil Kottege accompanied me on my visit to see Chairman and on our return invited me to Otters for a chilled Beer before we parted company. The scorching heat was tough to contend with and at every turn I 'cooled' off with Lion or Carlsberg for good measure!!I had the privilege of meeting two of my classmates (Doctors in UK) after nearly 60 years in the precincts of the Royal Colombo Golf Club. Mr.Edwards hosted me to lunch at the GOH which brought back memories of the good old 'CIC era'.
Elmo gave us the good news of Mr.K Arichandran joining us-KA in an email queried if I could remember the ICI/Ford Rhodes cricket fixture in 1957 where he amassed 159 n.o. and we were bundled out for 101 with only Kingsley Fernando and me entering double figures-those were the days! KA's partner GC Wijesinghe (son of the famous ECB) rattled 71 and bowled with all fury with his burly frame.
Now its time to be back on the CIC wavelength and thanks for keeping me off your list for over 4 weeks.
PS: Met Kennedy son of late ICI/CIC stalwart SD(Solomon) Michael at a funeral in Kanatte-the meeting was providential since John& Pat Arachi and Pushparanee & I are God parents to two of Solomon's siblings. Solomon was Sales Rep. for the Chemicals Dept.under V.Ratnaarjah & John Arachi.
Preethi retires as Chemanex MD/CEO after 6 year stint
Published : April 2, 2013
Managing Director and CEO Preethi Jayawardena has retired from the Chemanex Plc from last week having served for six years in that position. The Company also announced Jayawardena stepped down from the Board with effect from 31 March.
Jayawardena was first appointed to the Board of Chemanex in May 1994. Chemanex is a subsidiary of CIC Holdings Plc.
A Fellow of the Institute of Chartered Accountants of Sri Lanka and Certified Professional Managers, Jayawardena is also the Non-Executive Chairman of The Finance Company PLC, a Non-Executive Director of CIC Holdings PLC, Keells Food Products PLC, Commercial Bank of Ceylon PLC, and RAM Rating (Lanka) Ltd.
He served at Zambia Consolidated Copper Mines Limited for 13 years and held several senior positions including Head of Treasury. He is Member of the Monetary Policy Consultative Committee of the Central Bank of Sri Lanka and Chairman of the Ceylon National Chamber of Industries
Published : April 2, 2013
Managing Director and CEO Preethi Jayawardena has retired from the Chemanex Plc from last week having served for six years in that position. The Company also announced Jayawardena stepped down from the Board with effect from 31 March.
Jayawardena was first appointed to the Board of Chemanex in May 1994. Chemanex is a subsidiary of CIC Holdings Plc.
A Fellow of the Institute of Chartered Accountants of Sri Lanka and Certified Professional Managers, Jayawardena is also the Non-Executive Chairman of The Finance Company PLC, a Non-Executive Director of CIC Holdings PLC, Keells Food Products PLC, Commercial Bank of Ceylon PLC, and RAM Rating (Lanka) Ltd.
He served at Zambia Consolidated Copper Mines Limited for 13 years and held several senior positions including Head of Treasury. He is Member of the Monetary Policy Consultative Committee of the Central Bank of Sri Lanka and Chairman of the Ceylon National Chamber of Industries