Ramanan acquires controlling stake in ASPH

G. Ramanan acquired an equity stake of 66% in Industrial Asphalts (Ceylon) PLC (CSE code: ASPH) on August 21 at Rs. 201 per share.

The Colombo Stock Exchange has been informed that he would make an offer to the remaining shareholders of ASPH at Rs. 201.00 per share. His objective is to revive a company which has deep roots and was a part of the Sri Lankan psyche.

After taking over as the Managing Director and CEO of ASPH he launched a restructuring exercise covering all activities of the company. These include, adequately resourcing the company's divisions including marketing, production, distribution and administration.

The product range would be expanded to cover the latest innovations and developments in waterproofing, road emulsion and protective coatings. New talent will be brought into the company to strengthen key areas. Export market opportunities will also be actively pursued. The activities of the company would be diversified into related and unrelated areas after careful evaluation of emerging opportunities.

G. Ramanan is an investment banker with more than 20 years of experience at senior level in leading financial institutions in Sri Lanka.

He was the Head of Investment Banking at Hatton National Bank PLC and was the CEO of HNB Securities Ltd. Under his leadership HNB Securities was restructured to become one of the leading primary dealers in the country.

Ramanan was instrumental in bringing all investment banking activities within HNB under one umbrella.

In 2009, he left full-time employment to set up his own investment-banking outfit Capital Trust Financial with Capital Trust Holdings.

At present, he has strategic stakes in public and private companies and actively engages with investee companies to unlock underlying values.

Ramanan is the Managing Director and CEO of People's Merchant Finance PLC where his direct holding amounts to 10% and is also Managing Director and CEO of Capital Trust Financial.

On acquiring a material interest in Industrial Asphalts (Ceylon) PLC, Ramanan was appointed Managing Director and CEO of the Company.

Ramanan is a CFA charter holder and a Management Accountant (ACMA-UK). He obtained his MBA from the University of Chicago Booth School of Business.