 Chairman and MD Sunil G. Wijesinha |
“We were able to sign an agreement with the union for three years, upon blessings of the Labour Department, Dankotuwa Porcelain Chairman and Managing Director Sunil G. Wijesinha disclosed to Daily News Business.
The company most probably will not go for liquidation. It was not the collective agreement that we signed and we are optimistically working towards signing it,” he said.
 Porcelain products |
Wijesinha said they are in the process of having discussions with a local investor too, which so far has been very fruitful.
The only concern is to sign a three-year collective agreement to restructure the company without any resistance from unions, Wijesinha said. In 2008, when the company announced the rights issue, unions came out with a strike, which hampered the rights issuing process. The anticipated target for issuing of rights was 240 million and the company finally ended up with issuing only 15 million, which gave light to the liquidation proposal.
Minority shareholders and Company analysts were opposed to the liquidation proposal. Subsequently, a majority voted the proposal out, which led the company to explore other alternatives to resuscitate the company.
source - www.dailynews.lk
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