|
|
 |
 |
| Sunday, 9 February 2003 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
Pramuka Merchant Corp. change hands The shares of Pramuka Merchant Corporation, held by Pramuka Holdings and Rohan Perera, which comprised 54 per cent of the company's share capital, have been bought by the investment company, Mercury Investments Holdings (Pvt) Ltd. As a result, Pramuka Merchant Corporation has severed all its links with the Pramuka Group and its former Chairman Rohan Perera. The change of shareholding resulted in reconstituting the Board of Directors. The new management has appointed five directors - Frank A.W. Irugalbandara (Chairman), D.W. Fernando (Managing Director), A.B. Sarath Herath, B.D.D.R. Mellawa (Director and General Manager) and Nela M. De Zoysa. Though the previous Board had 13 directors, the present Board wanted to nominate only five for the time being, to evaluate and accommodate requests from other investors for Board positions, sources said. Extensive discussions are now being held with interested parties including an overseas investor. The investors were said to be impressed with the infrastructure of Pramuka Merchant Corporation, which includes an established network of 11 branches, client base, 125 trained staff members, as well as fee-based business activities, which is an added strength. The Board has appointed Sarath Wickramanayake as a Consultant to the Board. Wickramanayake is a well-known personality in the financial sector and a competent merchant banker who had served internationally for more than 18 years. He will be guiding the affairs of the company on a new direction from the present crisis situation. The holding company and the newly appointed Board of Directors are confident of restructuring the business of Pramuka Merchant Corporation. The directors have taken the necessary steps to change the name of Pramuka Merchant Corporation in the near future after fulfilling the statutory requirements. They also solicit the cooperation of their clients to enable the company to honour its commitments upon implementation of their future business plans. The recent suspension of business and the announcement of liquidation of the Pramuka Savings and Development Bank (PSDB) by the Central Bank of Sri Lanka caused immense hardships to Pramuka Merchant Corporation. Pramuka Merchant Corporation and PSDB were under the umbrella of the Pramuka Group. The backlash of the closure of PSDB was severe on Pramuka Merchant Corporation due to both organisations bearing the common word 'Pramuka' in their business names as well as both organisations being headed by Rohan Perera as Chairman and to the perception among clients that the financial strength of Pramuka Merchant Corporation may erode with the closure of PSDB. Pramuka Merchant Corporation has been in business since March 1997. Its head office and city office are located at Kollupitiya while there are 10 other branches. Although the company was performing well since inception, it has become the victim of the much talked about Pramuka Bank saga. |
|
News | Business | Features
| Editorial | Security Produced by Lake House |
