Press release and images on Merrill assigns new roles for Dilhan and Malik from Dilmah
Industry veteran and business leader Merrill J. Fernando has assigned key focus roles for his two sons Dilhan and Malik to drive MJF Group to greater heights together.
Director Dilhan has been appointed as CEO of Dilmah Ceylon Tea Company Plc and will be responsible for the management of the tea business of the Group.
He continues to serve on the Board of several other private and public listed companies.
Director Malik has been appointed as CEO of MJF Leisure Ltd., the leisure arm of the Group. He will be responsible for the management of the fast expanding leisure business. He too continues to serve on the Board of Directors of several other private and public listed companies.
Himendra S.Ranaweera will continue to be the Deputy Chairman of Dilmah Ceylon Tea Company Plc and other companies of MJF Holdings.
The Board of Directors of Dilmah Ceylon Tea Company comprises Merrill J. Fernando (Chairman), H.S. Ranaweera (Deputy Chairman), Dilhan Fernando (Director/CEO), Malik Fernando, M. Perera, R. Tissaaratchy, R.N. Asirwatham and G.E. Chitty.
MJF Group re-engineers for higher growth
MJF Group has announced a re-engineering exercise to consolidate all value-added tea export operations under a single entity – the listed Dilmah Ceylon Tea Company Plc.
The Board has resolved that the move will result in multiple benefits including opportunity to increase global reach and market share; significantly grow annual turnover, achieve economies of scale that will have a positive impact on cost base and operational efficiency via potential opportunities to streamline internal processes.
Accordingly, Dilmah Ceylon Tea Company Plc will acquire export business of MJF Teas Ltd., for Rs. 442.5 million thereby expand operations to cover all export territories.
The MJFT tea export business will be acquired for Rs. 442.5 million paid with a private placement 3.7% stake or 737,500 shares at Rs. 600 each. The valuation was after considering the audited financial statement, past performance and future forecasts of MJFT and the valuation report of the MJFT’s tea export business by independent consultants.
The stated capital of Dilmah Ceylon Tea Company is Rs. 200 million and MJFT holds 65.38% stake in it whilst the public holding is 12.81% held by 866 shareholders. Following the private placement MJFT will hold 66.61% stake. Related party MJF Exports holds 21.28% stake at present.
The private placement is subject to approval by the CSE, Board of Investment and shareholders.
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