Sunday 2 April 2017

Most Regional Plantation Companies (RPCs) in the dumps, study shows

By Sunimalee Dias

The government has carried out an assessment of the Regional Plantation Companies (RPCs) and found them to be performing far below expectations. The committee appointed by Prime Minister Ranil Wickremesinghe to study the lease agreements and way forward of the RPCs headed by R. Paskaralingam has carried out an assessment of the plantations. Since privatisation of the plantations in 1992 it has been found today that while most companies were not performing to expectations others were still maintaining them well though productivity has dropped in almost all of the RPCs.

Estates were said to have dropped productivity in most cases due to abject neglect and lack of leadership.

Erratic application of fertilizer in estates was also found in addition to the fact that nurseries in most were not properly maintained. A shortage of workers and in some estates, the reports indicate that replanting was not carried out for nearly a decade.

Further, the findings based on site visits to the different plantations by authorized agents appointed by the said committee, have noted that a number of factories on the estates were not properly maintained and that crop diversification was called for. Estate bungalows belonging to the Superintendent and Assistant Superintendents were also lacking in basic necessities and were far below expectations with unkempt gardens and surroundings. Roads within the estates were also found to be in poor conditions in addition to overgrown weeds rampant on the plantations. However, the assessors (visiting agents) had also commended certain plantations for maintaining the same standards as in the past and even adopting the outgrower model to encourage workers to increase production.

In fact it was interesting to find that in certain estates the “Appus” donned a white coat with brass buttons so indeed workers were well looked after and productivity on such estates were said to have improved as well with prices of these teas also fetching high rates, it was revealed.

But overall standards on the RPCs have fallen.
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Top investor Dr. Senthilverl key player in listless CSE

By Duruthu Edirimuni Chandrasekera

Dr. T. Senthilverl has been quite an active high networth investor (HNWI), the only silver lining in an otherwise Colombo stock market so far this year, trading data showed.

Possibly in the top two HNWIs in the Colombo Stock Exchange (CSE), he entered the top 20 shareholder’s list at Expolanka Holdings PLC during the first quarter of this year. He had six million shares and was at number 10 with 0.31 per cent at Expolanka PLC.

At Sunshine Holdings he’s the topmost shareholder with 23.45 per cent.

At Vallibel Power Erathna, Dr. Senthilverl has increased his stake during 3Q17. He brought his total stake up to 138 million shares as at last December which is an 18.47 per cent stake.

On February 23, through Sampath Bank PLC, Dr. T Senthilverl sold to Metropolitan Resource Holdings PLC 11.1 per cent in Bogawantalawa Tea Estates PLC from his 13.5 per cent in February 2011.

At Amana Takaful he’s the second largest shareholder with 6.47 per cent while at People’s Leasing, he has 1.96 million shares and is the 17th largest owner with 0.1 per cent.

Dr. Senthilverl has 50,168,553 shares which is a 6.72 per cent at Vallibel Power Erathna. At Union Bank he’s the sixth largest shareholder with 1.5 per cent.

He has 90,600 shares at Lanka Tiles totalling 0.17 per cent stake in the company.
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