Nimal Perera resigns as Royal Ceramic MD; Wants to Re-enter Stock Broking

By Ishara Gamage

Sri Lanka's outgoing Royal Ceramic PLC's (RCL) Managing Director and one-time high net worth investor Nimal Perera, a close confidante of business tycoon Dhammika Perera said that he will re-enter the stock broking business with an acquisition of the struggling existing stock brokerage.

After 13 years of continued services as a CEO/Managing Director of the Royal Ceramic PLC, Nimal Perera has resigned from the company on Tuesday (7th) to build his own business in stock broking, money broking, and manufacturing sector.

He said during his 13 year period, company's assets grew from Rs 500 million to present
Rs 5 billion levels and profitability also grew from Rs 40 million level to Rs 4 billion level.

"Now I'm 58 years old and there will be only a few more years to work before the retirement. So, I decided to build my own businesses with my two sons who were nearing completion of their overseas higher education," he told Ceylon FT.

He said he will soon acquire the existing stock brokerage and money brokerage and plans to enter a suitable manufacturing business.

In 2013 March Perera was first reported as entering the stock broking industry again together with RCL through a deal to buy 51 % control of New World Securities Ltd (NWS). He bought a 32 per cent stake under his personal account whilst RCL purchased a 19 %.

Perera continues to hold the Mercantile Produce Brokers Ltd (MPB) which he bought through his investment arm Don Wilbert Capital for Rs 200 million in 2014.

Nimal Perera last year sold his controlling shareholding of Kalamazoo Systems PLC, a provider of printing solutions for Rs 36 million.

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