Fri, 29 Mar 2024 Today's Paper

Serendib Engineering new owners said to be investing in EAP Group assets

By

3 April 2018 12:02 am - 0     - {{hitsCtrl.values.hits}}

A A A

By Indika Sakalasooriya
In an interesting development, it has come to light that the Singaporean firm that recently bought the controlling interest in Serendib Engineering Group PLC (SEG) is the same party that is said to be investing in the assets of EAP Group to bail out the troubled ETI Group finance firms.


According to the disclosures filed with the Colombo Stock Exchange (CSE) during the last couple of weeks, Navara Capital Ltd, owned by Harsha N. De Silva, sold a 75 percent stake in SEG to Serendib Holdings Pte. Ltd, in a Rs.197 million deal.

The deal triggered a mandatory offer requirement and according to the mandatory offer document filed with the CSE last week, the sole shareholder of Serendib Holdings Pte. Ltd, an investment company incorporated in Singapore, is Blue Summit Capital Management Pte. Ltd.


Interestingly, Blue Summit Capital Management Pte. Ltd appears to be the same company that is said to be investing US $ 75 million in ETI Group. The ETI Group deal is said to be carried out in two tranches, with the first tranche amounting to US $ 43 million.  


Blue Summit Capital Management is said to have already remitted little over US $ 17 million to ETI Group, as an advance payment.


The deal will see the sale of some of the key ETI Group assets, which will include Swarnamahal Financial Services PLC, EAP Films and Theatres Private Limited, EAP Broadcasting Company Limited and Swarnamahal Jewellers, to Blue Summit Capital Management.


According to the mandatory offer document by Serendib Holdings Ptd. Ltd, on SEG, the shareholders and directors of Blue Summit Capital Management Pte. Ltd are Omar Siraj M. Qandeel, a Grenadian national and Rodrigo Don Cyril (Junior), a citizen of Singapore.


The mandatory offer document filed with the CSE contains detailed information about the professional careers of both Qandeel and Cyril.


According to its annual report, SEG, which was earlier known as Infrastructure Developers PLC (IDL), is a multifaceted engineering company. The controlling interest of IDL was bought by Navara Capital in 2011 and subsequently in 2013 it was renamed Serendib Engineering Group PLC (SEG).


As per the annual report, SEG, which services as the holding company of Serendib Engineering & Agencies (Pvt.) Ltd, CCC Plantation Engineering Ltd and Serendib Investment Holdings Ltd, focuses on telecom infrastructure engineering.


The group has also expanded its solutions to diversify the engineering portfolio, including railway, marine, public infrastructure, plantation, power generation, water supply, civil engineering, as well as pre-cast concrete poles, through its subsidiaries.


For the nine months ended December 31, 2017, SEG made a net loss of Rs.9 million on revenue of Rs.227.2 million.  The total assets of the company as per the same date stood at Rs.428.2 million. 

 


Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H