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| Sunday, 28 July 2002 |
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| News Business Features Editorial
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Namunukula Plantations considers restructuring Namunukula Plantations Ltd. (NPL) will levy a reduced management fee of Rs 27 million, inclusive of taxes, for the year ended March 31, 2000, against an eligible charge of Rs 65 million. NPL has informed shareholders that it had taken this stand in view of the financial position of the company, consequent to the depressed rubber market, low tea crop and the increase in its debt. The board of directors has considered a financial restructure. NPL, for the year ended March 2002, showed a loss of Rs 57.5 million, against a profit of Rs 27.2 million during the previous financial year. NPL, which comes under the Keells umbrella, is the third plantation company to restructure its management fee. The others were Udapussalawa and Hapugastanne plantations (under the James Finlay group) when these companies went for rights issues in 2000. NPL's management agent is Keells Plantation Management Services (Private) Ltd. (KPMS). Shareholders have been told that a comprehensive proposal to restructure the company was being formulated by the board, which included discussions with the Government and KPMS. The board had decided that the conversion of the convertible debentures of Rs 150 million issued to KPMS which fell due for conversion to ordinary shares on June 15, 2002 be deferred. KPMS had consented to the deferment and has also agreed to waive the interest, if any, due from the company on the convertible debentures from June 15, 2002. |
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