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The year under review was a watershed in the history of the company. Due to adversity faced, the Board decided to take drastic steps to re-invent the business and go back to basics in terms of a leaner and better governed structure, CIC Holdings Managing Director and CEO S.P.S Ranatunga told shareholders.
“Our Company had enjoyed many years of profitability relying predominantly on an agriculture related business model and organic growth in ancillary business areas.
The financial strain brought about in the agriculture sector due to unpredictable weather conditions and other policy related issues, made it abundantly clear that the company was placing itself at serious risk unless some hard business decisions were taken to re-engineer the business,” Ranatunga told shareholders.
The company sorely needed to chart a new course which would ensure that the company could quickly return to its traditional reputation of being a profitable venture built on solid fundamentals.
The Board of Directors having thoroughly considered and discussed the issues faced by the Company concluded that the Company needed a fundamental change in the business model. In order to facilitate a systematic constructive change process a firm of outside consultants was hired.
- See more at: http://www.dailynews.lk/?q=business/cic-holdings-scales-down-operations#sthash.iAc3hv13.dpuf
“Our Company had enjoyed many years of profitability relying predominantly on an agriculture related business model and organic growth in ancillary business areas.
The financial strain brought about in the agriculture sector due to unpredictable weather conditions and other policy related issues, made it abundantly clear that the company was placing itself at serious risk unless some hard business decisions were taken to re-engineer the business,” Ranatunga told shareholders.
The company sorely needed to chart a new course which would ensure that the company could quickly return to its traditional reputation of being a profitable venture built on solid fundamentals.
The Board of Directors having thoroughly considered and discussed the issues faced by the Company concluded that the Company needed a fundamental change in the business model. In order to facilitate a systematic constructive change process a firm of outside consultants was hired.
- See more at: http://www.dailynews.lk/?q=business/cic-holdings-scales-down-operations#sthash.iAc3hv13.dpuf