Pereras’ dream to get Hayleys’ 51% may still be far, but they certainly seem to have secured board control of the company with the recent additions to Hayleys’ director board, announced on Thursday in a stock exchange filing.
The trio who got fresh appointments as directors are Lalin Samarawickrama, Ranil Pathirana and M.D.S. Goonatilleke, all identified to be in the Perera camp by being directors in their other companies. Both Pereras – Dhammika and Nimal (non related) are set to consolidate control at the third largest conglomerate in the country with the new board.
The balance director board of Hayleys comprises Mohan Pandithage (Chairman), M.R. Zaheed, Rajitha Kariyawasam, J. A. G. Anandaraja, Dhammika Perera, Nimal Perera, Harsha Cabraal, Mahesha Ranasoma and S.C Ganegoda. A Senaratna, T Jayasekera and Lalith Godamunne resigned during the past months. Last year Dhammika Perera acting in concert with his tile firm Royal Ceramics, triggered the Takeovers and Mergers code in Hayleys in January this year, crossing the 30% threshold for a mandatory offer, but this offer at Rs.380 (by Dhammika and Royal Ceramics) to acquire the remaining shares of the company was accepted by only a handful of Hayleys shareholders amounting to 0.1% as the independent auditors had said it wasn’t attractive. Analysts say that the Jayasundera Trust which is the second largest shareholder of the company holding just over 11% isn't likely to sell. Hayleys’ Employees’ Share Option Scheme has 9% is also a major hurdle to the Pereras achieving 51%. “The interesting question now being asked is how independent can the (new) independent directors be when they are directors in Dhammika’s Perera’s other companies,” one analyst said |
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