Dankotuwa Porcelain to sign Afghanistan deal, hopes to enter Far East, Africa
View(s):Dankotuwa Porcelain on the back of sealing a deal with Egyptian-based Al-Dahbya group is to enter into a similar deal with Afghanistan, officials said. Dankotuwa Porcelain CEO Wasaba Jayasekara told the Business Times that this month the company will sign a sales agreement with a company in Afghanistan to supply exclusive designs of its products. The Al Dahbya deal is worth US$350,000 (Rs. 50 million) and the Afghanistan deal will also fetch the company significant revenue, he said. While the Al Dahbya partnership will help Dankotuwa Porcelain to further expand its presence in the Mediterranean regions, the company is already eyeing the Far East and Africa for similar deals, Mr. Jayasekera said. “We want to go to Korea and in Africa; we are trying to enter into partnerships,” he said adding that the company’s Chief Marketing Officer Shevanthi de Alwis is already in South Africa and will be visiting Ghana to explore opportunities.
Celebrating 33 years of success this year, the company is on a major revamp in a bid to rationalise all its operational aspects, he said. “We are restructuring all aspects in the company – from the management, mechanisms, sales channel to the entire set up.” The firm exports its signature excellence to over 25 countries in five continents. Meanwhile in order to reduce operational costs, the company’s Board of Directors has resolved to amalgamate with its wholly owned subsidiary Taprobane Capital Ltd with the former being the surviving entity. In a filing to the Colombo Stock Exchange, DPL said management of both companies is of the opinion that it would be administratively and financially beneficial to amalgamate and to operate as one company.
The DPL Board is satisfied that the amalgamated company DPL will satisfy the solvency test immediately upon the proposed move becoming effective on May 31 or on such other date as may be determined by the Registrar General of Companies. The Board of Directors of the amalgamated company comprises Rajan Asirwatham, A.G. Weerasinghe, Mangala Boyagoda, Sanjeev Gardiner, Priyantha Maddumage, Sarinda Unamboowe, Revantha Devasurendra and Murali Prakash. Ceylon Century Investments Plc holds 58.36 per cent stake in DPL and related party Ceylon Leather Products Plc holds 8.3 per cent.