Dr. Ali Asger Shabbir Gulamhusein and his spouse Danushya Mediwake Wethasinghe Gulamhusein’s controlled entity Adam Investments yesterday purchased an 8.9% stake in Ceylon & Foreign Trades PLC via a private crossing on the CSE for Rs. 100 million.
The block amounting to 12.5 million shares was done at Rs. 8 each, up from Rs. 7.10, CFT’s Wednesday’s closing price. The shares were sold by CFT Director Ali Asger Shabbir.
Adam Investments is also a leading investor in the Colombo stock market and its purchase of 9% stake in CFT is one of several strategic transactions initiated by Dr. Ali Asger Shabbir Gulamhusein and Danushya Mediwake Wethasinghe Gulamhusein.
Adam Investments is a member of the Adam Group of Companies which is contemplating sharing its future success with the public through a proposed IPO. The details of the public offer are being discussed with the financial advisors and regulators at present. CFT, the flagship company has a subsidiary which is a freight forwarding company and an associate company which is a public quoted company, On’ally Holdings PLC popularly known as Unity Plaza.
Dr. Gulamhusein serves as Chairman of the board of Adam Investments Ltd. He holds a PhD from Tokyo, Japan and a Degree from King’s College London, UK. He has been bestowed with the prestigious title of “Deshabandhu Manawahithawadhi Lankaputhra” and also serves as advisor to the Ministry of Justice, Ministry of Co-operatives and Internal Trade and as a Justice of Peace (all island). Danushya Gulamhusein is the great-granddaughter of Sir William Gopallawa, Sri Lanka’s first President and last Governor General. Wethasinghe Gulamhusein has served as an Executive Director of Adam Investments from the inception of the company. She holds a degree in Psychology and Business Management (UK) and also serves as an advisor to the Ministry of Justice and the Ministry of Co-operatives and Internal Trade.
Adam Investments Ltd. was incorporated in 2011, to focus on key growth industries that play a pivotal role in the country’s economy. The companies that function under Adam Investments are;
Adam Apparels Ltd., a premier manufacturer and exporter of garments for leading global fashion labels. For three decades this company has contributed to the largest export earning industry in the island, which despite local and international challenges, has continued to grow steadily year-on-year.
Adam Metals Ltd. which is one of the oldest manufacturers of metal hardware items in the island is expertly positioned today to take advantage of the rapidly booming construction and infrastructure development projects in the island.
Network Communications Ltd. is the group’s IT / Electronics arm. With the rapid urbanisation of the island and the government’s systematic drive to push the ICT industry forward, Network Communications shows a very promising future as a key player in a growing ICT industry in future Sri Lanka.
The group recently inaugurated two new companies, namely Adam Automobiles (Pvt) Ltd. and Adam Air Conditioners Ltd. In 2011/2012, Sri Lanka saw its largest ever volume of vehicle imports.
Thus, Adam Automobiles Ltd. was conceived with the aim to provide spare parts and services to cater to the rapidly increasing demand for these items. 2012 saw a drop in importation of consumer electronics except for three items, which were, TVs, mobile phones and air conditioners. Since the group is already engaged in the importation of TVs and mobile phones through Network Communications (Pvt) Ltd., Adam Air Conditioners Ltd. was inaugurated to tap the growing demand for air conditioning systems in the country and the company has already placed purchase orders and opened L/Cs to import air conditioners from China. Ceylon & Foreign Trades PLC goes back to 1949; one year after the country gained independence from British rule, when a group of pioneering businessmen banded together to form this company. The company, which began operations by exporting traditional Ceylonese commodities gradually, expanded and consolidated its status as an import/export house of repute. A major development following increasing activity of the company was the broad basing of its ownership and it assumed the status of a Public Limited Liability Company in 1978. The company’s major exports were tea, rubber and coconut during the first and second phases of its operations, which were also the major export products of the country.
During the last one and half decades, the CFT group diversified its operations to enter the field of spice and desiccated coconut exports. The export trade forms the backbone of the country’s economy and it is with justifiable pride that CFT could claim to be a stakeholder in the task of earning vital foreign exchange to the country for decades. An important facet of CFT’s operations have not merely enabled it to gain a degree of domestic fame for its stability and reliability but also to establish itself as an export house of repute among overseas buyers on the basis of its honourable conduct in fulfilling its contractual obligations to its buyers in various parts of the world.
source - www.ft.lk
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