SANASA Development Bank PLC appoints Galgamuwa as General Manager/CEO
SANASA Development Bank has informed the Colombo Stock Exchange (CSE) of M.T. Galgamuwa being appointed as General Manager/CEO with effect from 01st December 2012.
“Mr. Galgamuwa possesses over 40 years of banking experience, 25 years of which at senior management level, specializing it Treasury Management, Merchant Banking and Fund Management activities both in the local and several overseas markets. He has previously held the positions of The Country Treasurer, ANZ Grindlays Bank, Sri Lanka, Treasurer, U.A.E. ANZ Banking Group, country Treasurer, Mashreq Bank, Sri Lanka and Head of Treasury, Nations Trust Bank. He has also worked as the Consultant Treasurer, Ceylon Petroleum Corporation under a Treasury re-structuring mandate awarded to NDB Investment Bank.
He was also the Head of Treasury and CEO of National Wealth Corporation, a government owned/Fund Management Company / Investment Bank, during which time he served on the board of Shell Gas Lanka Ltd as the Government nominee director,” the company said in the CSE announcement.
It said that he was the Head of Group Treasury, Melstacorp Ltd, (Investment arm of the Distilleries Group) prior at assuming duties at the Bank.
Merchant Bank clarifies
In clarification to the CSE, the Merchant Bank has said that at its 412th Board meeting held on 01st November 2012, the Board approved the investment of Rs 79,282,901 in the proposed rights issue of MBSL Insurance Co. Ltd at a price of Rs 1 per right, suject to exploring the possibility of a partial renouncement of MBSL’s rights at a premium.
“The Board of Directors have not taken any decision as yet to dispose of MBSL’s stake in MBSL Insurance Co. Ltd.,” the statement added.
Sunshine Holdings disclosure
The Board of Directors of Sunshine Holdings PLC made a disclosure to the CSE saying that the company and Tata Global Beverages Limited (Tata) currently hold 51 per cent and 49 per cent respectively of the shareholding in Estate Management Services (Private) Limited (EMSL), which in turn holds 53.75 per cent of the shareholding in Watawala Plantations PLC (WPL) and 100 per cent of the shareholding in Watawala Marketing Limited (WML).
“The Board of Directors has entered into discussions with Pyramid Wilmar (Private) Limited (Pyramid), a company incorporated in Sri Lanka and engaged in the agri business, on exploring the possibility to entering into a joint venture with Pyramid enabling EMSL to obtain Pyramid’s expertise and know how in the management and operation of plantations and to use Pyramid’s distribution network to market and promote the products of WPL and WML,” the statement added.
Pyramid is a joint venture company owned by Wressless Holdings Limited to Singapore and Wilmar International Limited (Wilmar) or Singapore, the announcement said, noting that Wilmar is a company listed on the Singapore Stock Exchange and is one of the leding agribusiness houses in the Asian region.
“Wilmar is engaged in the business of oil palm cultivation, oil seed crushing, sugar milling and refining and has an extensive distribution network covering over 50 countries such as China, India, Indonesia, Brazil, Russia etc.,” it said, noting that a further announcement will be made in the event discussions are successfully completed to the mutual satisfaction of the company, Tata and Pyramid and an agreement in principal is reached between the said parties.
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