FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post



Poll

Can there be another Covid-19 wave in Sri Lanka?

Sathosa Motors looks to diversify under Access Engineering control Vote_lcap68%Sathosa Motors looks to diversify under Access Engineering control Vote_rcap 68% [ 178 ]
Sathosa Motors looks to diversify under Access Engineering control Vote_lcap18%Sathosa Motors looks to diversify under Access Engineering control Vote_rcap 18% [ 47 ]
Sathosa Motors looks to diversify under Access Engineering control Vote_lcap13%Sathosa Motors looks to diversify under Access Engineering control Vote_rcap 13% [ 35 ]

Total Votes : 260

STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» NAMU/WATA super gain
by Kaptivajkss Today at 12:43 am

» LOFC Direction
by RAVI1980 Yesterday at 9:47 pm

» BAIRAHA FARMS PLC (BFL.N0000)
by Pbv Yesterday at 9:33 pm

» Bloodbath is Coming ? Correction is Coming ? අලුත් ගෲප් හදාගෙන අපි genuine කියලා එන පරණ මහත්(හොරුන්) වරුන් ගෙන් බේරෙන්න
by stockchaser Yesterday at 9:32 pm

» LANKA REALTY INVESTMENTS PLC -ASCO
by Pbv Yesterday at 9:16 pm

» LOLC waiting for LOFC 100+ and CLC 100+
by Sapudev Yesterday at 9:15 pm

» Key Plantation Company Fair Values - KOTA, TPL and KVAL with very High Upside
by Kaptivajkss Yesterday at 8:31 pm

» LLUB comparison between 2016- 2021 Same EPS Trading at Huge discount
by Kaptivajkss Yesterday at 8:11 pm

» TILE / LWL / RCL
by Thushara Ayya Yesterday at 5:16 pm

» HSenid IPO
by rukshan1234 Yesterday at 5:14 pm

» Month end impact on LOFC and CLC
by Swissinvest Yesterday at 3:05 pm

» Water For All - CIND
by ErangaDS Yesterday at 2:20 pm

» U.S. inflation is one of the highest in the world
by ResearchMan Yesterday at 2:09 pm

» Oil Plummets
by ResearchMan Yesterday at 2:07 pm

» ASPI Trend
by hotstock Yesterday at 12:45 pm

» GEMS at LOW price TYRE. RICH.
by Chathur Yesterday at 11:30 am

» KOTAGALA PLANTATION PLC (KOTA.N0000)
by jehan008 Fri Nov 26, 2021 11:36 pm

» HEMAS HOLDINGS PLC (HHL.N0000)
by LAMDA Fri Nov 26, 2021 11:35 pm

» CFLB hidden gem
by LAMDA Fri Nov 26, 2021 11:34 pm

» Hidden Gem - GLAS - 40/- Soon
by LAMDA Fri Nov 26, 2021 11:29 pm

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sathosa Motors looks to diversify under Access Engineering control

Sathosa Motors looks to diversify under Access Engineering control

Go down  Message [Page 1 of 1]

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Isuzu will remain core business, sees possibilities in engineering/construction related areas

Access Engineering Limited which last February acquired the controlling interest of Sathosa Motors PLC sees the acquisition as an opportunity for diversification enabling the future growth of the company, Sathosa shareholders have been told in the companyannual report.

Access Chairman, Sumal Perera, who previously served as non-executive Chairman of Sathosa Motors under the control of the previous Japanese controlling interest has now become its Managing Director/CEO.

Perera has told shareholders in his Managing Director’s report that in March this year the Itochu Corporation of Japan have sold its full stake in the company to Access Engineering at Rs.235 per share.

Subsequently, Access had made a mandatory offer to other shareholders and as at date acquired 81.55% of Sathosa Motors.

Mr. Ajita de Zoysa, previously Chairman of AMW has been made Sathosa’s new Non-Executive Chairman. Perera said that de Zoysa’s experience in the commercial and automobile field in Sri Lanka "is in my opinion second to none and (we) look forward to his guidance and advice in this new era of the company."

Mr. A.I. Lovell has been made Deputy Chairman of the company with the other directors comprising Perera’s colleagues on the Access board.

Sathosa Motors which was set up in 1962 when the CWE obtained the Isuzu agency in Sri Lanka now plans to expand this business into the major cities in the country and also look at complementary business with sustainable growth potential, Perera has told shareholders.

The Sathosa annual report says that Sathosa Motors considers Access buying into the company as an opportunity for diversification while Access considers the acquisition a good strategic investment and plans to acquire and partner with reputed brands/agencies for engineering and construction related products without being solely dependent on the Isuzu brand which will continue to be the core business.

The year ended March 31, 2012 saw Sathosa Motors posting gross turnover of Rs.1.9 billion, a pre-tax profit of Rs.245.7 million and an after-tax profit of Rs.175.8 million.

The company’s Executive DirectorTilak Gunasekera said that the Isuzu was the country’s leading vehicle brand for the light duty commercial categories.

The year under review had seen their new vehicle department recording a net turnover of Rs.1.53 billion selling 427 units with their business volumes up 35.53% and the number of vehicles sold 29% up from the previous year.

Gunasekera said that the Isuzu N Series Reward has a monthly sale of over 35 units which is a satisfactory figure against the stiff competition they faced.

"Despite the entry of cheaper Indian and Chinese manufactured vehicles, the company managed to maintain a steady market share throughout the year," Gunasekera said.

"The Isuzu brand currently has well over 100,000 vehicles on the roads of Sri Lanka which alone speaks brand’s high acceptance in the local market."

The company has revalued its property at Peliyagoda with the land valued at Rs.120 million, the buildings at Rs.20 million and plant and machinery at Rs.3.5 million. However these values have not been incorporated into the accounts during the year under review.

The directors have proposed a final dividend of Rs.5 per share for approval by shareholders at the company’s AGM later this month.

Access Engineering held 77.1% of Sathosa Motors as at March 311, 2012, followed by Lakshmans Housing and Construction (10.07%) and Mr. R.N. Nanayakkara (2.79%).

The net asset value per share of the company was up to Rs.98.64 during the year under review from Rs.74.51 a year earlier and the share traded at a high of Rs.469 and a low of Rs.160.20 during the year. This compared to a trading range of Rs.265 to Rs.112.50 the previous year.

`The directors of the company are: Messrs. Ajita de Zoysa (Chairman), Sumal Perera (MD), Tilak D. Gunasekera (Executive Director), M.M.N. de Silva, R.J.S. Gomez, J.C. Joshua, S.H.S. Mendis (Alternate to J.C. Joshua), S.D. Munasinghe (Alternate to R.J.S. Gomez) and A.I. Lovell.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=56205

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum