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| Tuesday, 28 October 2003 |
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Business in brief Aitken Spence, Distilleries among Top 200 in Forbes Magazine Two Sri Lankan blue chip corporates - Aitken Spence and Distilleries have been listed by the prestigious Forbes Magazine as being among the 200 most successful companies outside the United States with annual sales of under US$ 1 billion, a company spokesman said. The list also includes 18 top Indian companies. The 200 successful companies were selected from among 19, 000 publicly traded concerns, judged on strict criteria and aimed at business that were not only profitable but also rewarded shareholders. ACL Cables - Earnings Per Share rise ACL Cables Ltd and the group's turnover grew from Rs 1.412 billion to Rs 1.663 billion for the financial year ended March 31,2003 which represents an increase of nearly 18 per cent compared to the previous year's performance, a company statement said. The overall profit attributable to the group stands at Rs. 110 million, from the previous FY's Rs. 104 million, while Earnings per Share has risen from Rs. 4.92 to Rs. 6.15. Non-current assets have been valued at Rs. 690 million and total assets at a little over Rs. 2 billion. Surplus available for appropriation reflecting positive growth stands at Rs. 138.9 million, which is an increase of Rs. 15.9 million, from the previous FY's Rs. 123 million. JKH mandatory offer on AHC expires The Mandatory Offer made by John Keells Holdings Limited ("JKH") for the Ordinary shares of Asian Hotels Corporation Limited ("AHCL") expired on October 22 at 4.30 p.m. The total number of Ordinary shares for which valid acceptances have been received was 32,218,314, amounting to approximately 14.6% of the total share capital of AHCL. JKH owned approximately 69.3% of the issued capital of AHCL prior to the date of the Mandatory Offer, 60.5% of which was acquired on September 19, 2003 triggering the offer at the highest paid price of Rs. 30 per share. Following the closure of the Mandatory Offer, JKH owns 83.9% of AHCL. Pan Asia Bank cheques cleared in one day Pan Asia Bank (PAB) has introduced a "one day clearing" facility for all cheques drawn on their islandwide network of Branches and clear through the clearing house, a statement from PAB said. Minister to address 'Key Persons' forum Minister of Employment and Labour Mahinda Samarasinghe will address public and private sector representatives on October 31 on "Creating Development Friendly Labour Policies: Vision of the Government." The Minister will address this issue at the monthly "Key Persons' forum" organised by the Policy Support Unit of Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL). The Key Persons' Forum is a monthly forum launched with the objective of organising a series of public lectures, seminars and discussions conducted by individuals local and foreign, with expertise knowledge in various disciplines or key decision-makers on matters relevant and of interest especially to the private sector. |
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