Overseas Realty appoints Ajit Jayaratne as new Chairman

• S.P. Tao’s son appointed as Non-Executive Director

Overseas Realty (Ceylon) PLC yesterday announced the appointment of Ajit Mahendra De Silva Jayaratne as the new Chairman of the company, with effect from October 27, 2021, following the demise of S.P. Tao, Founder and Chairman of Overseas Realty (Ceylon) PLC.

Prior to being appointed as Chairman of the company, Jayaratne was an Independent Non-Executive Director of the company since 2005. He is also Chairman of the Audit Committee. Jayaratne graduated from the University of Southampton, U.K. with a BSc degree in Economics. Thereafter, he qualified as a Fellow of the Institute of Chartered Accountants of U.K. Returning to Sri Lanka, he became a member of the Institute of Chartered Accountants of Sri Lanka. He served at Forbes & Walker Limited for most of his working life, culminating in being appointed as Chairman of the company, a position he held for several years.

During his period of service at Forbes & Walker, he was appointed to the boards of several public and private companies. He also served as Chairman of the Colombo Stock Exchange, Finance Commission and Ceylon Chamber of Commerce. Upon retiring from the private sector, he was appointed as Sri Lanka’s High Commissioner to Singapore.

Upon completing his term in Singapore and returning to Sri Lanka, he continues to serve on the boards of several public companies. Meanwhile, the company also announced the appointment of Ben Nien Tao, the son of S.P. Tao, as a NonExecutive Director of Overseas Realty (Ceylon) PLC, with effect from October 27, 2021. Ben Tao is a Director of Shing Kwan Group of Companies and holds an indirect shareholding of 1,063,519,897 shares in the company. Ben Tao served as Alternate Director to S.P. Tao and upon his demise, he ceased to be an Alternate Director, with effect from August 24, 2021. Singapore-based real estate specialist Shing Kwan Group is the majority shareholder of Overseas Realty (Ceylon) PLC, the premier property investment, development and management company in Sri Lanka, owning the iconic World Trade Centre and Havelock City Developments.