The Distilleries Company of Sri Lanka PLC (DCSL), one of the country’s wealthiest conglomerates, will consider a bonus share issue, the company’s chairman, Mr. D.H.S. Jayawardena, said in response to a shareholder’s request at its annual general meeting last Monday.
The shareholder pointed out that DCSL carries very large reserves – Rs. 22.75 billion reserves and Rs. 37.95 billion retained earnings in its books as at March 31, 2015, and suggested a scrip issue.
Jayawardena responded the matter would be considered.
In response to another question on what the government owes the company on account of profits earned by the Insurance Corporation of Sri Lanka when DCSL was in control, Jayawardena did not give the figure of the sum owed but said that the "government auditor" was sitting on the matter and there had been no progress since "Mayadunne (a previous Auditor General C. Mayadunne) left."
The Supreme Court ordered that the Insurance Corporation which was sold to DCSL be taken back by government but profits earned during DCSL’s tenure be paid back to the company.
"With regard to the Sri Lanka Insurance Corporation Ltd. (SLIC), even after a lapse of six years, we still await the payment of profit earned during DCSL group’s tenure at the helm of SLIC," Jayawardena said in his chairman’s message in the company’s latest annual report.
"We are hopeful that the profit earned, which has to be paid back to us as per the Supreme Court directive, will be reimbursed to us as early as possible."
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The shareholder pointed out that DCSL carries very large reserves – Rs. 22.75 billion reserves and Rs. 37.95 billion retained earnings in its books as at March 31, 2015, and suggested a scrip issue.
Jayawardena responded the matter would be considered.
In response to another question on what the government owes the company on account of profits earned by the Insurance Corporation of Sri Lanka when DCSL was in control, Jayawardena did not give the figure of the sum owed but said that the "government auditor" was sitting on the matter and there had been no progress since "Mayadunne (a previous Auditor General C. Mayadunne) left."
The Supreme Court ordered that the Insurance Corporation which was sold to DCSL be taken back by government but profits earned during DCSL’s tenure be paid back to the company.
"With regard to the Sri Lanka Insurance Corporation Ltd. (SLIC), even after a lapse of six years, we still await the payment of profit earned during DCSL group’s tenure at the helm of SLIC," Jayawardena said in his chairman’s message in the company’s latest annual report.
"We are hopeful that the profit earned, which has to be paid back to us as per the Supreme Court directive, will be reimbursed to us as early as possible."
www.island.lk
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