The Access Group is planning to bring international vehicle brands under the umbrella of its latest acquisition, Sathosa Motors, officials said. “We’re looking at other international brands to bring under the Sathosa umbrella. Within this month we’re hoping to sign a deal with a premier international vehicle brand,” Sumal Perera, Chairman Access told the Business [...]

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The Sundaytimes Sri Lanka

Access eyes int’l vehicle brands for Sathosa Motors

By Duruthu Edirimuni Chandrasekera
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The Access Group is planning to bring international vehicle brands under the umbrella of its latest acquisition, Sathosa Motors, officials said.

“We’re looking at other international brands to bring under the Sathosa umbrella. Within this month we’re hoping to sign a deal with a premier international vehicle brand,” Sumal Perera, Chairman Access told the Business Times. He said this brand will coplement Sathosa Motors’ current brand, Isuzu. He said that Access already signed a deal with Sunny – a Chinese construction and machine and equipment manufacturer.

Access acquired Sathosa Motors last February. Mr. Perera said the company has significant potential to contribute to the growth of Access. “We hope to benefit from the envisaged synergies in the coming years.” The Sathosa Motors portfolio includes the import and sale of Isuzu commercial vehicles.

“We’re also eyeing construction contract opportunities abroad” Mr. Perera added. While conceding that during the next two to three years the company will see growth, he stressed that their limiting factor is human resource challenge. “Right now, capacity building is our main challenge,” he added.

Access’ revenue in 2011/12 recorded a100 per cent and 98 per cent growth over the previous year at group and company level with Rs. 7.3 billion and Rs. 7 billion, respectively. Profits attributable to the equity holders of the parent were Rs. 1.7 billion and Rs. 1.4 billion respectively at the group and company leve.

The company is cash rich with cash and cash equivalents of Rs. 1.6 billion and Rs. 1.1 billion at the group and company level, Mr. Perera said, adding that this is also reflected in the healthy current asset ratio of 2.5 times and 2.7 times at the group and company level.

“Our subsidiary, Access Realties (Pvt) Ltd will soon begin construction on Access Tower 2, yet another state of the art office complex. It’ll have 25 stories and will cost Rs 2.7 billion,” Mr. Perera said, adding that this will be completed in 24 months.




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