Singer Sri Lanka ownership change effects changes in subsidiary’s board

The change in ownership structure at Singer Sri Lanka PLC has effected a change in the director board of its subsidiary Singer Finance (Lanka) PLC.
 Senior banker Aravinda Perera has been appointed the Chairman of Singer Finance PLC, the company informed the Colombo Stock Exchange last week.
 A filing by the company said the appointment was effective from October 2nd, 2017.

 In addition, M.P.A. Salgado, J.M.J. Perera, D.G. Talpahewa and L.S.S Perera have been appointed to the Singer Finance board with effect from the same date. The new appointments come in the wake of resignations by Russell De Mel, John Hyun, Jagath Dissanayake and Iman Perea.

Further, Chandana Samarasinghe and S. Ramanathan resigned as alternate directors to Jagath Dissanayake and John Huyn respectively with the resignation of the latter two directors.

 Subsequently Chandana Samarasinghe has been appointed as alternate director to D.G. Talpahewa and S. Ramanathan has been appointed as alternate director to L.S.S. Perera.

The filing said approval has been granted by the Central Bank for the said appointments.

 Accordingly, the director board of Singer Finance now comprises of Aravinda Perera (Chairman-Non-Independent), Independent Non-Executive Director J.A.Setukavalar and M.P.A. Salgado. Director/CEO R.S.Wijeweera (Alternate Director to T.A.Amarasuriya), Non-Independent Non-Executive Directors Gavin Walker (Alternate Director K.K.L.P. Yatiwella), D.G.Talpahewa and L.S.S.Perera.

A diversified conglomerate acquired 61 percent stake of Singer Sri Lanka PLC in September for Rs.10.9 billion, making it the single largest acquisition for a listed company in Sri Lanka in recent times.