The coming weeks will see four new directors at C.W. Mackie’s (CWM) being installed by its new owners Lankem Ceylon PLC while Tommy Ellawela will remain as its chairman for reasons of conformity, according to CWM sources.
“All the present directors - P.L. Pinto, R. Ranasinghe, (the Company Secretary), A. Jayaratne, A. Hingorani and Harsha Amarasekara will remain,” a Lankem source said.
He said that CWM has provisions for 10 directors and Lankem will be putting in their nominees, numbering four into the board. “The company is well run, but the new changes will be done in a bid to represent the new ownership,” the Lankem source said.
The mandatory offer made by Lankem to the shareholders of CWM, which expired last Friday saw 0.052% of shareholders accepting the offer.
Aarhus United A/S, a Danish firm, which held a 30.09% stake in CWM and Ceylon Trading Company, a locally incorporated firm which held further 26.47% stake through 9.56 million shares, sold out to LCP in an Rs 712 million deal in January. |
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