Ambeon Holdings

Last updated
Ambeon Holdings PLC
Formerly
  • Walker and Greig (1874-2007)
  • Environmental Resources Investment (2007-2013)
  • Lanka Century Investments (2013-2018)
Company type Public
CSE:  GREG.N0000
ISIN LK0168N00001
Industry
FoundedDecember 29, 1910;113 years ago (1910-12-29)
FounderJohn Walker
Headquarters
Colombo
,
Sri Lanka
Key people
  • Sanjeev Gardiner (Chairman)
  • Ajith Devasurendra (Deputy Chairman)
  • Sajeeva Narangoda (Executive Director)
RevenueIncrease2.svg LKR14,156 million (2022)
Increase2.svg LKR1,376 million (2022)
Increase2.svg LKR2,519 million (2022)
Total assets Increase2.svg LKR22,892 million (2022)
Total equity Increase2.svg LKR10,623 million (2022)
Parent Ambeon Capital PLC
Subsidiaries See text
Website ambeonholdings.com
Footnotes /references
[1]

Ambeon Holdings PLC is a conglomerate holding company based in Sri Lanka. John Walker who established Walker Sons and Company is the founder of the company. In 1874, Walker founded Walker and Greig to supply agricultural machinery to plantations in the hill country. The company was incorporated in 1910 and in 1959, it was brought under Brown and Company. In 1970, the company was listed on the Colombo Stock Exchange.

Contents

When Lionhart Investment Limited acquired the company in 2007, operations under the new owners proved to be controversial. The Securities and Exchange Commission launched a probe into the company when a subsidiary of the company sold a platinum mine in South Africa at a profit. The directors of the company were fined for document falsification. Harsha de Silva accused the company and its parent of stock manipulation in the parliament in 2013. Taprobane Holdings, a consortium of Navitas Holdings, Galle Face Hotel Group and Hirdaramani Group, acquired the company in 2015. In 2018, the company was renamed Ambeon Holdings. Ambeon Holdings is one of the LMD 100 companies in Sri Lanka. The company is also one of the top 20 conglomerates in the country. Ambeon Holdings controls a number of notable subsidiaries including Ceylon Leather Products, Dankotuwa Porcelain, MillenniumIT ESP, and Royal Fernwood Porcelain.

History

Colonial origin and post-independence Browns subsidiary

John Walker, a Scottish engineer who established Walker Sons and Company is the founder of the company. In 1874, Walker established Walker and Greig in Badulla and Haldumulla to supply agricultural machinery to the plantations in those areas. With the growing importance of Haputale, the Haldumulla shop was closed, and a new shop opened in Haputale. The headquarters of Walker and Greig was moved to Slave Island, Colombo later. The Colombo headquarters extended over five acres. [2] The company was incorporated as a limited liability company in 1910. Walker and Greig Company was brought under Brown and Company in 1959. [3] The company was listed on the Colombo Stock Exchange on 1 January 1970. [1]

Lionhart acquisition and SEC probe

UK-based Lionhart Investments Limited acquired Walker and Greig in 2007 from Browns Group for LKR76 million. [4] The company was renamed Environmental Resources Investment PLC in the following year. [5] Environmental Resources Investment and Ceylon Leather Products acquired Dankotuwa Porcelain for LKR433 million in 2010. [6] In the same year, the Securities and Exchange Commission launched a probe into Environmental Ressources Investments for stock manipulation. A platinum mine in South Africa bought by a subsidiary incorporated in the British Virgin Islands was the cause of the investigation. Despite the company selling the platinum mine at a capital gain, the investigation continued by the Securities and Exchange Commission. [7] The UNP parliamentarian Harsha de Silva accused Lionhart of pumping and dumping in the parliament in 2013. Each of the directors of the company was charged with an LKR3.3 million fine for document falsification and non-disclosure. [8]

New ownership under Taprobane

The company's name was changed to Lanka Century Investments in November 2013. [9] Taprobane Holdings PLC, a consortium of Navitas Holdings, Galle Face Hotel Group, and Hirdaramani Group took control of Lanka Century Investments in 2015. [10] Lanka Century Investments acquired MillenniumIT ESP from the London Stock Exchange Group in 2017 for LKR1079.1 million. [11] In June 2018, the company adopted its current name, Ambeon Holdings PLC, while its parent became Ambeon Capital PLC. Collectively they are called the Ambeon Group. [12]

Operations

Ambeon Holdings and its parent Ambeon Capital both are LMD 100 companies. LMD 100 ranks Sri Lankan listed companies by revenue annually. Ambeon Capital and Ambeon Holdings are ranked 52nd and 53rd in its 2020/21 edition published in 2022. [13] Ambeon Holdings is one of the top 20 conglomerates in Sri Lanka by brand value. [14] Brand Finance calculates the brand value of Ambeon Holdings to be worth LKR3,224 million in 2019. [15] Ambeon Holdings sold its subsidiary South Asia Textiles to Hayleys Fabric PLC for LKR4 billion in 2021. Ambeon Holdings acquired South Asia Textiles in 2011. [16]

Finances

Ten-year financial summary
YearRevenue LKR mnsProfit LKR mnsAssets LKR mnsTotal equity LKR mns Net assets per share LKR
202214,1552,51922,89210,62324.99
20219,596(2,103)21,8237,90917.67
202010,55440924,4629,77522.88
20199,43886422,5879,35321.70
20184,52868120,1878,89321.96
20173,86839413,7977,85919.67
20163,098(1,642)13,0637,39219.21
20153,535(58)13,3778,31323
20143,799(678)12,3328,35620.98
20133,314(226)12,0469,12322.97

Source: Annual Report, 2021/22 (p. 143) [1]

Subsidiaries

SubsidiaryGroup holdingFair value LKR (mns)Activity
Ceylon Leather Products99.90%538Manufacturing and retailing leather footwear
Colombo City Holdings PLC77.63%1,503Real estate
Dankotuwa Porcelain PLC 77.51%2,765Manufacturing porcelain tableware
MillenniumIT ESP 60.75%IT solutions. A sub-subsidiary
Royal Fernwood Porcelain74.17%Manufacturing porcelain tableware. A sub-subsidiary
Taprobane Capital Plus100.00%509Investment management

Source: Annual Report, 2021/22 (pp. 99–100) [1]

See also

Related Research Articles

<span class="mw-page-title-main">Vallibel One</span> Sri Lankan conglomerate holding company

Vallibel One PLC is one of Sri Lanka's largest conglomerate companies. The company controls a chain of subsidiaries and listed on the Colombo Stock Exchange since 2011. The company has controlling stakes in LB Finance, Royal Ceramics Lanka, and Delmege Group. The company was included in S&P Sri Lanka 20 Index in 2018. Vallibel One is one of the LMD 100 companies in Sri Lanka.

<span class="mw-page-title-main">C T Holdings</span> Sri Lankan conglomerate holding company

C T Holdings PLC, formerly known as Ceylon Theatres Limited, is an investment holding company and one of the largest conglomerates in Sri Lanka. The company was incorporated in 1928 by Chittampalam A. Gardiner and quoted on the Colombo Stock Exchange ever since. In 2019, Brand Finance ranked C T Holdings eighth amongst the most valuable conglomerates in Sri Lanka with a brand value of LKR18,981 million. C T Holdings also ranked eighth in the LMD 100, a list of leading listed companies in Sri Lanka by the business magazine, LMD. The company holds a 71% stake in Sri Lanka's largest food company, Cargills (Ceylon).

<span class="mw-page-title-main">John Keells Hotels</span> Sri Lankan hotel holding company

John Keells Hotels PLC is a hotel holding company in Sri Lanka. John Keells built its first resort in 1973 in Habarana. John Keells' hotel management company operated under several names. In the 1970s, the company was known as Walkers Tours Hotels. Then in the 1980s, it was known as simply Hotel Management & Marketing Services, and finally, in the 1990s, the company became to known as John Keells Hotels. John Keells ventured into the Maldives in 1996 with the acquisition of Velidhu Resort Hotel. In 2004, the hotel chain underwent a major restructuring. All resorts were brought under John Keells Hotels Limited, and the company was listed on the Colombo Stock Exchange.

L B Finance PLC sometimes spelt LB Finance, is a Sri Lankan non-bank financial institution. The company is incorporated in 1971 and initially, the majority of shares were held by Lewis Brown & Company. The company was listed on the Colombo Stock Exchange in 1997. In 2003, Dhammika Perera acquired the company and became a subsidiary of Vallibel One. Currently, the company is one of the components of the S&P Sri Lanka 20 Index. Brand Finance ranked the company 24th in the 100 most valuable brands in Sri Lanka. The company placed 39th in the LMD 100 for the financial year 2019/20.

<span class="mw-page-title-main">Royal Ceramics</span> Sri Lankan manufacturing company

Royal Ceramics Lanka PLC branded as Rocell, is a Sri Lankan holding company and is also engaged in manufacturing ceramic tiles and bath ware. The company was founded in 1990 and in 1994, it was listed on the Colombo Stock Exchange. The company is one of the constituents of the S&P Sri Lanka 20 Index. LMD, a Sri Lankan business magazine placed the company 38th in the LMD 100, a list of leading listed companies in Sri Lanka. Brand Finance ranked 74th amongst the 100 most valuable brands in Sri Lanka.

<span class="mw-page-title-main">CIC Holdings</span>

CIC Holdings PLC is a Sri Lankan conglomerate holding company engaged in merchandising and manufacturing chemical products. The company was incorporated in 1964 and listed on the Colombo Stock Exchange in the same year. Initially, the company was a part of Imperial Chemical Industries and prior to 2011, was known as Chemical Industries (Colombo) PLC. The company ranked 41st in LMD 100, an annual list of leading listed companies in Sri Lanka. The company also ranked 31st in Business Today's Top 40 for 2020–21 financial year.

<span class="mw-page-title-main">Sunshine Holdings</span> Sri Lankan conglomerate holding company

Sunshine Holdings PLC is a Sri Lankan conglomerate holding company that is engaged in the healthcare, consumer goods and agribusiness sectors. Sunshine Holdings was incorporated on 16 June 1973, and listed on the Colombo Stock Exchange in 1983. Sunshine Holdings ranked 45th in LMD 100, a list of quoted companies in Sri Lanka by revenue in the 2020/21 edition.

<span class="mw-page-title-main">Brown and Company</span> Sri Lankan conglomerate holding company

Brown and Company PLC, sometimes called Browns Group, is a conglomerate holding company in Sri Lanka. The company was founded by James Brown, a 25-year-old engineer and mechanic from London who arrived in Ceylon in 1872. In 1892, the company was incorporated and in 1991 the company became a listed company on the Colombo Stock Exchange. The company was included in S&P Sri Lanka 20 Index in June 2021. Brown and Company is one of the LMD 100 companies, an annual list of Sri Lankan listed companies by revenue, having ranked 42nd in the 2020/21 edition.

<span class="mw-page-title-main">Ceylon Grain Elevators</span> Animal feed manufacturing company in Sri Lanka

Ceylon Grain Elevators PLC is an animal feed manufacturing company in Sri Lanka. The company was incorporated in 1982 as a result of an agreement between the Government of Sri Lanka and Prima Limited of Singapore. The company was listed on the Colombo Stock Exchange in 1984. Singapore-based, Prima Limited holds a controlling stake in the company's stocks. Ceylon Grain Elevators is part of the Prima Group in Sri Lanka. The company is ranked 50th in LMD 100, an annual list of listed companies in Sri Lanka by revenue.

<span class="mw-page-title-main">Asiri Hospital Holdings</span> Healthcare company in Sri Lanka

Asiri Hospital Holdings PLC, doing business as Asiri Health, is the largest private healthcare provider in Sri Lanka. The company commenced operations in 1986 and was listed on the Colombo Stock Exchange in the same year. Asiri Hospitals operate six hospitals and collectively has over an 800-bed capacity. Softlogic Holdings is the parent company of Asiri Hospitals group. Asiri Hospital Holdings ranked 57th in the LMD 100, an annual list of listed companies by revenue, in the 2020/21 edition.

Ceylon Hotels Corporation PLC, often called Ceylon Hotels, is a hospitality company in Sri Lanka. The company was incorporated through an Act of the Parliament of Ceylon in 1966. The company was listed as a public company in the following year. Ceylon Hotel Holdings, a subsidiary of Galle Face Hotels Group is the holding company of Ceylon Hotels Corporation. Ceylon Hotels' subsidiary, Kandy Hotels Company owns and operates the Queen's Hotel and the Hotel Suisse heritage hotels.

<span class="mw-page-title-main">E. B. Creasy & Company</span> Conglomerate company in Sri Lanka

E. B. Creasy & Company PLC is a conglomerate holding company in Sri Lanka. The company was founded in 1878. E. B. Creasy acquired Darley Butler & Company, another one of the oldest companies in Sri Lanka in 1967. The company went public in 1968 and was listed on the Colombo Stock Exchange. E. B. Creasy & Company is one of the largest conglomerates in Sri Lanka with a brand value of LKR1,538 million in 2019. The company was ranked 71st in the LMD 100, an annual list of quoted companies in Sri Lanka in 2019.

<span class="mw-page-title-main">Renuka Holdings</span> Conglomerate company in Sri Lanka

Renuka Holdings PLC, also called Renuka Group, is a conglomerate company in Sri Lanka. Ceylonese businessman Alfred Thambiyah laid the foundations of the Renuka Group by acquiring the Crago Boat Dispatch Company in 1936 and establishing Renuka Hotel, named after his youngest daughter Indu Renuka in 1969. Indu Renuka Rajiyah founded Renuka Enterprises in 1975, and Renuka Holdings in 1979 marked the formal beginning of the group. Renuka Holdings went public in 2008 and following the listing on the Colombo Stock Exchange, the company pursued a growth strategy. Renuka Holdings is one of the LMD 100 companies in Sri Lanka and also one of the 20 largest conglomerates in Sri Lanka.

<span class="mw-page-title-main">Union Assurance</span> Sri Lankan insurance company

Union Assurance PLC is an insurance company in Sri Lanka. Union Assurance was founded in 1987 and was listed on the Colombo Stock Exchange in the following year. In 2009, John Keells Holdings acquired a controlling stake in the company. The company divested its general insurance business to Fairfirst Insurance and focused on life insurance in 2015. The company was a constituent of Forbes Asia's Best Under a Billion list in 2018. Union Assurance is one of the LMD 100 companies in Sri Lanka. The company is also one of the 100 most valuable brands in Sri Lanka.

<span class="mw-page-title-main">Swisstek</span> Sri Lankan manufacturing company

Swisstek (Ceylon) PLC is a tile grout and tile mortar manufacturing company in Sri Lanka. The company was established in 1967 as Parquet (Ceylon) Ltd to manufacture parquetry. Parquet (Ceylon) signed an agreement with Switzerland-based Bauwerk AG for technology collaboration and started supplying for the domestic and foreign markets under the brand name "Swissparkett". The company was listed on the Colombo Stock Exchange in 1983. Parquet (Ceylon) switched its core business by switching to manufacturing tile grout and mortar in 2009. In 2011, the company was renamed Swisstek (Ceylon) and in 2013, became a part of the Vallibel One Group. Swisstek is one of the LMD 100 companies in Sri Lanka.

<span class="mw-page-title-main">Alumex</span> Sri Lankan manufacturing company

Alumex PLC is an aluminium extrusions manufacturing company in Sri Lanka. The company was incorporated as a South Korean-Sri Lankan joint venture in 1986. The company commenced commercial operations two years later. The Sri Lankan partners acquired the South Korean partner's stake partners in 2006. Sri Lankan conglomerate Hayleys acquired Alumex in 2010 and was listed on the Colombo Stock Exchange after an initial public offering in 2014. Alumex is the leading aluminium manufacturer in Sri Lanka, with a market share of 46%. Alumex is one of the LMD 100 companies in Sri Lanka.

Aitken Spence Hotel Holdings PLC is a hotel chain holding company based in Sri Lanka. The Sri Lankan conglomerate Aitken Spence is the parent company of Aitken Spence Hotel Holdings. The company operates hotels in Sri Lanka, Maldives, Oman and India. Aitken Spence ventured into the hospitality business by building two seaside resorts designed by Geoffrey Bawa. The company was founded in 1978 as Ahungalla Hotels Ltd and is the proprietor of the Hotel Triton. Ahungalla Hotels Ltd was listed on the Colombo Stock Exchange in 1980. In 1994, after acquiring Aitken Spence Hotels Ltd, the company gained control of the properties of the hotel chain. Kandalama Hotel and the Tea Factory Hotel commenced operations in 1994 and 1996 respectively. The company opened its first resort in the Maldives in 1993.

<span class="mw-page-title-main">Lanka Tiles</span> Sri Lankan manufacturing company

Lanka Tiles PLC, doing business as LANKATILES, is a glazed ceramic and porcelain tile manufacturing company in Sri Lanka. The company was incorporated in 1984 and two years later was listed on the Colombo Stock Exchange. Lanka Tiles was a part of the government-owned Ceylon Ceramics Corporation. In 1991, all but one division of Ceylon Ceramics Corporation was incorporated as Lanka Ceramic Limited. Ceylon Theatres acquired Lanka Ceramic from the government of Sri Lanka. In 2013, Royal Ceramics acquired 80% of the stake in Lanka Ceramic, thus bringing Lanka Tiles under the umbrella of the Vallibel One Group. The company capitalised on an anti-dumping duty imposed by the government of the United States on goods originating in China and started exporting mosaic tiles to the United States. Lanka Tiles was one of the 100 most valuable brands in Sri Lanka in 2022. Due to weakening demand as a result of the prevailing economic crisis in the country, the company restarted its operations in India. Lanka Tiles is also an LMD 100 company in Sri Lanka.

<span class="mw-page-title-main">Sierra Cables</span> Sri Lankan cable manufacturer

Sierra Cables PLC is a cable manufacturing company in Sri Lanka. Sierra Cables was incorporated in 1999 as a part of Sierra Construction. The company became a public company with an LKR600 million initial public offering in 2005. Sierra Cables moved to build a manufacturing plant in Kenya in 2015. The following year, the company planned to establish its second foreign operations in Fiji. In 2018, the company was transferred to the Watch List by the Colombo Stock Exchange due to going concerns over two of its subsidiaries including, its East African operations.

Dankotuwa Porcelain PLC is a porcelain tableware manufacturing company based in Dankotuwa, Sri Lanka. Dankotuwa Porcelain was incorporated in 1984 as a subsidiary of Ceylon Ceramics Corporation. Dankotuwa Porcelain was one of the four public enterprises that were privatised in December 1990. The company was converted to a public company in 1994 and listed on the Colombo Stock Exchange later in the same year. Environmental Resources Investment acquired the company in 2010 for a consideration of LKR433 million. Dankotuwa Porcelain acquired Royal Fernwood Porcelain from Browns Group in December 2013 for LKR305 million.

References

  1. 1 2 3 4 "Annual Report 2021/22" (PDF). cse.lk. Ambeon Holdings PLC. Retrieved 16 January 2023.
  2. ↑ Macmillan, Allister (1928). Seaports of India & Ceylon: Historical and Descriptive, Commercial and Industrial, Facts, Figures, & Resources. W. H. & L. Collingridge. p. 443. Retrieved 16 January 2023.
  3. ↑ Sirimane, Shirajiv (3 September 2002). "100 years in business: Browns-from bicycle repair shop to among top companies". Daily News . Associated Newspapers of Ceylon Limited . Retrieved 16 January 2023.
  4. ↑ Edirimuni, Duruthu (8 July 2007). "Lionhart seeking more investments". The Sunday Times . Wijeya Newspapers . Retrieved 16 January 2023.
  5. ↑ Edirimuni Chandrasekera, Duruthu (16 March 2008). "Yenom awaiting class listing approvals". Sunday Times. No. 16 (42). Wijeya Newspapers. Retrieved 16 January 2023.
  6. ↑ Wijekoon, Channa Bandara (28 June 2010). "Dankotuwa Porcelain revives". Daily News. Associated Newspapers of Ceylon Limited. Retrieved 17 January 2023.
  7. ↑ "SEC probe on ERI 'not over yet'". Sunday Times. Wijeya Newspapers. 30 January 2011. Retrieved 16 January 2023.
  8. ↑ Hemmathagama, Ashwin (20 June 2013). "Tax haven Lankan accounts open can of worms in P'ment; UNP wants Select Committee probe". Daily FT . Wijeya Newspapers. Retrieved 16 January 2023.
  9. ↑ "Environmental Resources Investments changes identity". Daily Mirror . Wijeya Newspapers. 1 November 2013. Retrieved 16 January 2023– via PressReader.
  10. ↑ "Lanka Century Investments acquires enterprise solutions business of MillenniumIT". adaderana.lk. Ada Derana. 28 December 2017. Retrieved 16 January 2023.
  11. ↑ "Sri Lanka's LCI buys MillenniumIT ESP from London Stock Exchange". Economy Next. Echelon Media (Pvt) Ltd. 28 December 2017. Retrieved 16 January 2023.
  12. ↑ "Ambeon Group launched". Daily News. Associated Newspapers of Ceylon Limited. 14 June 2018. Retrieved 16 January 2023.
  13. ↑ "LMD 100". lmd100.lk. Media Services Pvt Ltd. 2022. p. 76. Retrieved 17 January 2023.
  14. ↑ "Ambeon ranked amongst Best Conglomerate Brands in Sri Lanka". adaderana.lk. Ada Derana. 6 May 2009. Retrieved 17 January 2023.
  15. ↑ "Sri Lanka 100 2019" (PDF). brandirectory.com. Brand Finance. 2019. p. 15. Retrieved 17 January 2023.
  16. ↑ "Hayleys buys textile firm from Ambeon for Rs. 4 b". Daily FT. Wijeya Newspapers. 24 April 2021. Retrieved 17 January 2023.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.