Thu, 18 Apr 2024
08:25:09
Tacit Takeover:
30 May 2013
11:57:03
Hemas takes controlling stake in J. L. Morison Son & Jones (Ceylon) PLC
May 30, 2013 (SLBO) - Hemas Holdings PLC today announced its purchase of a 71.5% voting stake and a 50% non-voting stake in J.L. Morison Son & Jones (Ceylon) PLC (JLM) valued at Rs. 1.7 Bn.
Sources familiar with the deal told SLBO that Mahesh Peiris - a former Associate Director at Asia Capital who later served in Heraymila Securities and Taprobane Securities was instrumental in bringing the buyer - Hemas and seller JLM to fulfill the acquistion.Peiris was not available for immediate comments at the time of this report went for final stages of publication.
The JLM Group has a portfolio of well-established consumer brands including Lacto Calamine, Valmelix, Morrison's Gripe Mixture and Morrison's Baby products. In addition, the company distributes leading consumer brands Good Knight, Kiwi, Wipro, Nivea, Garnier and L'Oreal as well as manufacturing and distributing pharmaceutical products island wide.
The Incumbent Chairman, R. Abeyawira, who has been part of the JLM Group for 61 years and due to retire from the business says, "When the time came for us to look for a new parent for the business, our priority was to find the right partner, a party capable of taking the business forward. Having discussed with several prospective partners, we selected Hemas since it has the best fit with our business portfolio and is capable of taking this business to greater heights, building on our people-oriented culture and values".
CEO of Hemas Holdings PLC., Husein Esufally said, "We look forward to working closely with the team at JLM bringing our deep insights into consumer and pharmaceutical business, helping to develop JLM as a leading consumer and wellness company"
Outgoing CEO, JLM, Nihal Samaranayake expressed his confidence in the new owners and their management capability to capitalise on the fast growing consumer and pharmaceutical markets.
The Incoming CEO, JLM, Trihan Perera, highlighted the history and legacy of the JLM Group and said he hopes to build on the strengths and achievements of the company while bringing a new level of dynamism to the group.
J.L. Morison Son & Jones (Ceylon) PLC is a Sri Lanka-based company primarily engaged in the manufacture of pharmaceuticals and toiletry products and the import and distribution of finished pharmaceuticals, toiletries, agro chemicals, medical aid and other consumer products.The Company's business segments comprise manufacturing and trading, promotional activities, hotel industry, wharf clearing activities, and transport service. Together with its subsidiaries, the Company is engaged in the importing and distribution of pharmaceuticals, agro chemicals, medical aid, household insecticides, shoe care, hair care products, diagnostics reagent and equipments, and other consumer products; the manufacturing and trading of pharmaceuticals and cosmetics; the operation of promotional activities, wharf clearing activities, hotel, food and beverage businesses, and the provision of transport services.
Sources familiar with the deal told SLBO that Mahesh Peiris - a former Associate Director at Asia Capital who later served in Heraymila Securities and Taprobane Securities was instrumental in bringing the buyer - Hemas and seller JLM to fulfill the acquistion.Peiris was not available for immediate comments at the time of this report went for final stages of publication.
The JLM Group has a portfolio of well-established consumer brands including Lacto Calamine, Valmelix, Morrison's Gripe Mixture and Morrison's Baby products. In addition, the company distributes leading consumer brands Good Knight, Kiwi, Wipro, Nivea, Garnier and L'Oreal as well as manufacturing and distributing pharmaceutical products island wide.
The Incumbent Chairman, R. Abeyawira, who has been part of the JLM Group for 61 years and due to retire from the business says, "When the time came for us to look for a new parent for the business, our priority was to find the right partner, a party capable of taking the business forward. Having discussed with several prospective partners, we selected Hemas since it has the best fit with our business portfolio and is capable of taking this business to greater heights, building on our people-oriented culture and values".
CEO of Hemas Holdings PLC., Husein Esufally said, "We look forward to working closely with the team at JLM bringing our deep insights into consumer and pharmaceutical business, helping to develop JLM as a leading consumer and wellness company"
Outgoing CEO, JLM, Nihal Samaranayake expressed his confidence in the new owners and their management capability to capitalise on the fast growing consumer and pharmaceutical markets.
The Incoming CEO, JLM, Trihan Perera, highlighted the history and legacy of the JLM Group and said he hopes to build on the strengths and achievements of the company while bringing a new level of dynamism to the group.
J.L. Morison Son & Jones (Ceylon) PLC is a Sri Lanka-based company primarily engaged in the manufacture of pharmaceuticals and toiletry products and the import and distribution of finished pharmaceuticals, toiletries, agro chemicals, medical aid and other consumer products.The Company's business segments comprise manufacturing and trading, promotional activities, hotel industry, wharf clearing activities, and transport service. Together with its subsidiaries, the Company is engaged in the importing and distribution of pharmaceuticals, agro chemicals, medical aid, household insecticides, shoe care, hair care products, diagnostics reagent and equipments, and other consumer products; the manufacturing and trading of pharmaceuticals and cosmetics; the operation of promotional activities, wharf clearing activities, hotel, food and beverage businesses, and the provision of transport services.
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