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Two options left for concerned shareholders of Adam investments

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By Hiran H.Senewiratne

The shareholder certificate of any listed company is the most important document that every single shareholder possesses in the event of a de-listing of a company from the CSE and that could be used as proof to recover funds invested in the stocks, Head of Marketing of CSE Niroshan Wijesundara told the Island Financial Review recently.

“In the event of a delisting of a company,  with the share certificate, such investors have two options i.e. either offer those existing shares to the same company and recover money or sell it to another outside party and recover that money, ” Wijesundera said.  

‘He said that three companies namely Adam Investments , Ceylon and Foreign Traders and Adam Capital have applied for delisting. “Therefore, investors could do either one of the two options, which would be considered as private transfers and would have nothing to do with the CSE,” Wijesundera said.

The Island Financial Review spoke to him in the backdrop of Adam investments Plc, one of the oldest listed companies in the CSE has applied to de-list its company along with two other companies namely; Ceylon and Foreign Traders and Adam Capital belongs to the same entity.

Some shareholders are upset over what would happen to their funds that have been invested via the stock exchange  in the event of being removed or delisting from the CSE list.

According to shareholders, new management came into being in 2017 and  from 2018 onward the company never published/issued nor received  a single annual report or a  quarterly report, which was mandatory for every listed company in the CSE to publish results of the company . 

Further, the last Annual General Meeting was held in 2018. With those developments the company was warned by the CSE. Therefore, the company has applied to move out of the CSE in 2019, but still pending its decision, investors said.

The Company holds shares of privately held companies operating in various industries, such as apparel, metal, network communication and automobile, and in quoted equity shares in the CSE.

Minority shareholder John Abeydeera told the Island Financial Review that he has invested Rs four million from 2018 onwards the company has not published a single annual report nor quarterly results.

Chairman Dr. Ali Asger Shabbir Gulamhusein had promised to put the company in order but so far nothing has been materialised,” he said.

Another shareholder J.S.M Rauff said that he had bought 184,627 shares now it could be valued for Rs two million . Since 2018 the company has been mismanaged by the board of directors and their management is stuck because trading is not happening with the stock market, he said.

When the Island Financial Review tried to contact Chairman  Ali Asger Shabbir Gulamhusein he did not respond to queries about the status quo of the company. 

Company  Secretary Dilusha Gamage said she had already left the company couldn’t comment anything about the company.

Former Director of the company Dr Larry Adams said that he couldn’t comment on the company as he left it many years ago.   



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SLTMobitel-PEOTV and DP Education launch ‘Videsa DP Education’

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SLT-MOBITEL, the National ICT, Telecommunications and Mobile Services Provider has teamed up with DP Education, to launch ‘Videsa DP Education’, a dedicated educational channel on CH.215 of SLTMobitel–PEOTV, ensuring school children from Grade Five to Advanced Level have access to a high-quality learning experience with Rewind TV.

The revolutionary services of SLTMobitel-PEOTV includes ‘Videsa’ a series of educational channels hosted on the platform, that comprise of 06 TV channels dedicated to individual grades covering grades 06 to 11, that enhance the knowledge sharing with curriculum-centered lessons from a panel of reputed teachers. DP Education, a unique online learning platform, leverages digital solutions to deliver quality education to empower students. Together, Videsa and DP Education, enrich the educational arena further with the ‘Videsa DP Education’ channel, a dedicated television space for the students at home.

This path-breaking partnership is a commitment by SLTMobitel–PEOTV to support the education of children, whose options are limited due to the challenges convergence posed by the COVID-19 pandemic. The initiative will use the home TV screen and mobile devices as a ubiquitous medium to impart knowledge providing access to quality education for students across the country.

Commenting on the initiative, Rohan Fernando, Group Chairman, SLT said, “We understand that parents are now faced with the challenge of keeping their children safe during the pandemic as well as having to deal with the ongoing disturbances to their children’s education. As a solution to ensure that their learning remains uninterrupted, we have already introduced six different channels for Grade 6 to Grade 11 students through our Videsa digital platform. Our latest initiative and partnership with DP Education has now enabled us to launch a dedicated channel with unique learning experiences in key subjects such as Mathematics, Science and English for students from Grade 5 to Advanced Level with the Rewind TV facility. We are appreciative of the exceptional efforts extended by Mr. Dammika Perera and his team at DP Education and are grateful for the opportunity to connect the two learning platforms together in unison to create a revolutionary learning experience for our children”.

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Thornton and Dane’s combined projects portfolio tops Rs 5.9 billion

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Thornton Engineering, the Nextventures owned civil engineering company, has announced the acquisition of a 100% stake in Dane Engineering (Pvt) Ltd. for Rs 350 million, creating a construction business with a combined portfolio of Rs 5.9 billion.

The new entity, Thornton and Dane Engineering, expects to add new construction projects with a cumulative value of Rs 5 billion within the current financial year, nearly doubling its projects portfolio, the Company said in its announcement.

“We are excited at the post-acquisition prospects for the new company, because we strongly believe that it is a good example for the concept of the whole being greater than the sum of its parts,” said Thornton and Dane Director Dinesh Schaffter. “The combined strengths of Thornton and Dane create a formidable as well as extremely flexible engineering company that is capable of executing projects of varying scope and scale.”

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Capacity-building programs for SMEs

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Sri Lanka Chamber of Small and Medium Industries (SLCSMI), the apex body for SMEs in Sri Lanka has been at the forefront in supporting the SMEs during the pandemic. The chamber took several measures since the pandemic first hit the country in the first quarter of 2020. The Webinar series “Way Forward for SMEs” was a grand success among other initiatives, which was conducted with the participation of prominent scholars, leading business personalities as well as top rankers of state and private sector organizations.

The president of SLCSMI, Prof. Rohan De Silva said: “We are always there to represent and support the SMEs in the country and that’s our prime duty. During the first wave, we understood the need to share the knowledge and provide psychological support for the business owners to withstand the difficult times and that’s how the webinar series was born. Our initiative was well received by the businesses and our audience was not limited to Sri Lanka alone, as we witnessed participants from around 12 countries.”

Prof. Rohan further said that the chamber has looked at the possibilities of providing sustainable solutions to the SMEs beyond merely conducting knowledge sharing sessions and the Executive Committee has decided to introduce a range of Capacity Building programs to develop the SMEs. These programs include different solutions to address various gaps among the SMEs and the chamber intends to issue a valuable certificate for the participants of these programs.

The chamber has partnered with the Asia Pacific Institute of Money and Entrepreneurship Development (iMED) to design and deliver the programs and the details of the Programs will be unveiled at the launching event scheduled to be held on the 25th of September.

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