Richard Pieris and Company Plc’s longstanding Director and senior corporate lawyer Paul Ratnayeke resigned last week completing what corporate analysts described as a “mass exodus” of directors from the Board since July last year.
Previously longstanding Independent Non-Executive Director Prof. Lakshman R. Watawala, Independent Non-Executive Directors Prof. Kapila Goonasekera and Dr. Anura Ekanayake resigned.
Dr. Ekanayake, Prof. Watawala and Prof. Goonasekera served in the Related Party Transactions Review Committee as well as the Audit Committee. The trio served in the Nominations Committee and Dr. Ekanayake and Prof. Watawala served in the Remuneration Committee.
In FY 2015/16, corporate analysts were surprised by RPC subsidiary Kegalle Plantations declaring an unusually high Rs. 45 per share dividend amounting to Rs. 1.125 billion despite a dip in profits.
Following the exits, the remaining Directors on the RPC Board are Dr. Sena Yaddehige (Chairman), his son Shaminda Yaddehige (Executive Director and Chief Operating Officer), Sunil Liyanage and V. Perera while H.J. De Costa is the only remaining Independent Non-Executive Director with Prasanna Fernando and J.C. Korale being Independent Directors.
For the nine months ended 31 December 2016, RPC Group turnover grew by 13% to Rs. 36.3 billion and operating profit by 22% to Rs. 3.8 billion. Post-tax profit was up 34% to Rs. 2.5 billion and net profit attributable to equity holders of the parent rose by 27% to Rs. 2.28 billion.
Last week Fitch Ratings affirmed Richard Pieris & Company Plc’s (RICH) National Long-Term rating at ‘A(lka)’ with a Stable Outlook. Fitch has also affirmed the national ratings on RICH’s outstanding senior unsecured debentures at ‘A(lka)’. RICH’s rating reflects the group’s strong diversification and market leadership in most end-markets and its established operations, Fitch added.
» CCS.N0000 ( Ceylon Cold Stores)
» Sri Lanka plans to allow tourists from August, no mandatory quarantine
» When Will It Be Safe To Invest In The Stock Market Again?
» Dividend Announcements
» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්රතික්ෂේප කළ ගණිතඥයා
» SEYB.N0000 (Seylan Bank PLC)
» Here's what blind prophet Baba Vanga predicted for 2016 and beyond: It's not good
» The Korean Way !
» In the Meantime Within Our Shores!
» What is Known as Dementia?
» SRI LANKA TELECOM PLC (SLTL.N0000)
» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
» Equinox ( වසන්ත විෂුවය ) !
» COMB.N0000 (Commercial Bank of Ceylon PLC)
» REXP.N0000 (Richard Pieris Exports PLC)
» RICH.N0000 (Richard Pieris and Company PLC)
» Do You Have Computer Vision Syndrome?
» LAXAPANA BATTERIES PLC (LITE.N0000)
» What a Bank Run ?
» 104 Technical trading experiments by HUNTER
» GLAS.N0000 (Piramal Glass Ceylon PLC)
» Cboe Volatility Index
» AHPL.N0000
» TJL.N0000 (Tee Jey Lanka PLC.)
» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
» Bitcoin and Cryptocurrency
» CSD.N0000 (Seylan Developments PLC)
» PLC.N0000 (People's Leasing and Finance PLC)
» Bakery Products ?
» NTB.N0000 (Nations Trust Bank PLC)
» Going South
» When Seagulls Follow the Trawler
» Re-activating
» අපි තමයි හොඳටම කරේ !
» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
» SAMP.N0000 (Sampath Bank PLC)
» APLA.N0000 (ACL Plastics PLC)
» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
» Banks, Finance & Insurance Sector Chart
» VPEL.N0000 (Vallibel Power Erathna PLC)
» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
» WATA - Watawala
» KFP.N0000(Keels Food Products PLC)
» Capital Trust Broker in difficulty?
» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
» What Industry Would You Choose to Focus?
» Should I Stick Around, or Should I Follow Others' Lead?