Carson Cumberbatch

Last updated

Carson Cumberbatch PLC
Company type Public
CSE:  CARS.N0000
ISIN LK0022N00000
Industry
Founded1913;111 years ago (1913)
Headquarters
Colombo
,
Sri Lanka
Area served
Sri Lanka, Indonesia, Malaysia, India, Singapore
Key people
  • W. M. Ravindra S. Dias(Chairman) [1]
  • H. Selvanathan (Deputy chairman)
  • M. Selvanathan (Executive director)
RevenueIncrease2.svg LKR330.459 billion (2023)
Increase2.svg LKR59.259 billion (2023)
Increase2.svg LKR29.002 billion (2023)
Total assets Increase2.svg LKR299.518 billion (2023)
Total equity Increase2.svg LKR140.237 billion (2023)
Number of employees
Increase2.svg 14,964
  • Sri Lanka (771)
  • Indonesia (13,853)
  • Malaysia (335)
  • Singapore (5)
 (2023)
Parent Bukit Darah PLC (45.68%)
Subsidiaries
  • Goodhope Asia Holdings (53.33%)
  • Ceylon Beverage Holdings (75.37%)
  • Lion Brewery (Ceylon) (59.13%)
  • Pegasus Hotels of Ceylon (89.98%)
Website www.carsoncumberbatch.com
Footnotes /references
[2]

Carson Cumberbatch PLC is one of the largest conglomerates in Sri Lanka which also has business interests in Indonesia, Malaysia, and India. The company has its origin in the colonial era, having been founded by merging two companies founded by R. B. Carson and Henry Cumberbatch (nephew of Robert William Cumberbatch). The Selvanathan family, founders of the Sri Krishna Corporation, is the ultimate controlling shareholder of the company.

Contents

History

The company has its origin in the colonial era, having founded by merging two companies founded by R. B. Carson and Henry Cumberbatch (nephew of Robert William Cumberbatch). [3] The rubber interest of the Carson and Company traded in 1910 in London Stock Exchange with a capital of 1.5 million sterling pounds thus making it the largest rubber business of the country at that time. [4] The Carson and Company converted to a limited liability company in 1913, and the merger with Cumberbatch and Company happened in 1947. [5] In 1976, the company diversified into hotels by building the Giritale Hotel and Moonlight Beach Hotel and taking over the management of Pegasus Reef Hotel. In 1988, Sri Krishna Corporation Limited, a 75 years old company, acquired a controlling interest in Carson Cumberbatch. In 1995, Carson expanded its palm oil interest into Indonesia, and in 1997 a new brewery in Biyagama was commissioned.

In 2006, through Agro Bukit, the company acquired a new plantation of 20,000 hectares (49,000 acres) in Kalimantan, Indonesia. Goodhope Asia Holdings was incorporated in 2008 in Singapore to consolidate the company's plantation sector, and in 2014 the company acquired the Millers Brewery. [4] In September 2020, Ceylon Guardian Investment Trust PLC, the investment managing subsidiary of Carson Cumberbatch entered into an agreement with Singapore-based Gazelle Asset Management to sell 84% of the stake of Guardian Capital Partners PLC. [6] When that agreement did not realise, Carson Cumberbatch, sold a 75.6% stake of Guardian Capital Partners PLC to a Renuka Holdings-led consortium for LKR636 million in October 2021. [7]

Corporate structure

Bukit Darah PLC, a member of Carsons Group, is the largest shareholder of the company while the Selvanathan family, founders of the Sri Krishna Corporation, is the ultimate controlling shareholder. [8] In turn, Carson Cumberbatch owns a 6.15% of shares of Bukit Darah PLC in a circular ownership scenario. [9] [10] The company holds ten quoted companies including Pegasus Hotels of Ceylon, Good Hope PLC, Ceylon Beverage Holdings, and Lion Brewery (Ceylon) and many unquoted companies including Millers Brewery, Agro Bukit, and Pubs 'N Places (Private) Ltd. [2]

Quoted subsidiaries

SubsidiaryHoldingIncorporation
Shalimar (Malay) PLC99.25%1909
Selinsing PLC95.68%1907
Indo-Malay PLC87.14%1906
Good Hope PLC90.91%1910
Ceylon Beverage Holdings PLC75.62%1910
Lion Brewery (Ceylon) PLC 59.61%1996
Ceylon Guardian Investment Trust PLC67.15%1951
Ceylon Investment PLC65.29%1919
Pegasus Hotels of Ceylon PLC89.98%1966
Equity Two PLC88.81%1990

Source: Annual Report, 2022/23 [2]

Operations

The company engaged in businesses in oil palm plantations, beverage, portfolio and asset management, real estate, and leisure sectors and operates in Sri Lanka, Indonesia, Malaysia and India. [11] During the COVID-19 pandemic, the company provided LKR20 million worth of equipment for enhancing PCR testing capabilities to the Ministry of Health. [12] In the year ended on 31 March 2020, the Carson Cumberbatch group incurred a collective loss of LKR 2.65 billion and despite the losses, none of the employees lost jobs or had to take pay cuts. [8]

See also

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References

  1. ↑ "Ravi Dias new Group Chairman at Carson Cumberbatch". Daily FT. 1 October 2024. Archived from the original on 1 October 2024. Retrieved 2 October 2024.
  2. 1 2 3 "Annual Report 2022/23" (PDF). cse.lk. Carson Cumberbatch PLC. 2023. Retrieved 31 October 2023.
  3. ↑ Moonesinghe, Vinod (11 April 2016). "The Sabonadiére Heritage". Echelon Magazine. Retrieved 23 March 2021.
  4. 1 2 "Our History". carsoncumberbatch.com. Carson Cumberbatch. Retrieved 23 March 2021.
  5. ↑ Abeysekera, Indra (20 December 2007). Intellectual Capital Accounting: Practices in a Developing Country. Routledge. p. 71. ISBN   978-1-134-07361-0 . Retrieved 31 October 2023.
  6. ↑ "Carson Cumberbatch Group enters deal to sell private equity investment arm". dailymirror.lk. Wijeya Newspapers. 24 September 2020. Retrieved 23 March 2021.
  7. ↑ "Renuka Holdings buys control of Carson's Guardian Capital for Rs. 636 m". Daily FT. Wijeya Newspapers. 29 October 2021. Retrieved 15 January 2023.
  8. 1 2 "Carson's ensure no job losses or pay cuts despite crippling blows to business". island.lk. Upali Newspapers. 6 September 2020. Retrieved 23 March 2021.
  9. ↑ Perera, Shalini (2010). Corporate Ownership And Control: Corporate Governance And Economic Development In Sri Lanka. World Scientific. p. 98. ISBN   978-981-4469-08-1 . Retrieved 31 October 2023.
  10. ↑ "Annual Report 2019/20" (PDF). cse.lk. Bukit Darah. 2020. p. 69. Retrieved 23 March 2021.
  11. ↑ "Carson Cumberbatch PLC". ft.com. Financial Times . Retrieved 23 March 2021.
  12. ↑ "Carson Cumberbatch supports fight against COVID-19". ft.lk. Wijeya Newspapers. 19 June 2020. Retrieved 23 March 2021.
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