- Directors of Ambeon Capital PLC, Mr Sanjeev Gardiner, Mr Ajith Devasurendra and Mr Ranil Pathirana appointed to the Board of Ambeon Holdings PLC
- Mr Murali Prakash will continue as Group Managing Director/Chief Executive Officer of both Ambeon Capital PLC and Ambeon Holdings PLC
- Synergies across the respective boards is expected to result in better coordination in governance ensuring greater stakeholder value
Colombo Tuesday 2nd June 2020: In a strategic move to build in synergies, agility and create a robust governance structure between the Holding Company Ambeon Capital PLC and its Investment Holding and Management company Ambeon Holdings PLC, the medium sized conglomerate reputed for its market dominance in the areas of financial services, manufacturing, real estate, technology and strategic investments today announced the restructuring of the Board of Ambeon Holdings PLC. As such Mr Sanjeev Gardiner has been appointed as Chairman, Non-Independent/Non-Executive Director, Mr Ajith Devasurendra as Deputy Chairman, Non-Independent/Non-Executive Director and Mr Ranil Pathirana Non-Independent/Non-Executive Director with effect from 1st of June 2020. Mr Gardiner, Mr Devasurendra and Mr Pathirana will continue their roles on the Board of Ambeon Capital PLC in addition to their new roles on the Board of Ambeon Holdings PLC. Renowned Industry veteran and top corporate personality Mr Murali Prakash will continue to manage the Group as its Group Managing Director/Chief Executive Officer of both Ambeon Capital PLC and Ambeon Holdings PLC.
The Ambeon Group is a dynamic and diversified Group of Companies which continues to seek lucrative business opportunities and transforms entities to be the best within their respective industries. This change at Board level was consequent to the restructure within the group over the past couple of years wherein Ambeon Capital PLC becoming a Holding entity, whilst Ambeon Holdings PLC becoming an Investment Holding and Management company. This move further ensures better coordination in governance between the two entities, which will no doubt ensure greater focus and enable the board members to participate on investment decisions better resulting in greater stakeholder value creation.
Mr. Sanjeev Gardiner – Chairman, Ambeon Capital PLC and Ambeon Holdings PLC
Mr Murali Prakash – Group Managing Director/Chief Executive Officer, Ambeon Capital PLC and Ambeon Holdings PLC
Mr Ranil Pathirana – Director, Ambeon Capital PLC and Ambeon Holdings PLC
Mr Ajith Devasurendra – Deputy Chairman, Ambeon Capital PLC and Ambeon Holdings PLC
“The sustainability of organizations largely depend on how agile entities are in reacting and responding to changes in market dynamics. It is therefore with great pleasure that I accept the position of Chairmanship on the Board of Ambeon Holdings PLC, at a time when we are navigating to build a sustainable and future centric entity in the new normal“ stated Mr Sanjeev Gardiner, Chairman Ambeon Capital PLC and Ambeon Holdings PLC. “Representing the Boards of Ambeon Capital PLC and Ambeon Holdings PLC respectively gives us the flexibility to be involved more closely into the investments, decision making and support to build better stakeholder wealth. It further creates greater synergy across entities to stretch a better GRC Framework. Organizations’ future is chartered based on their core values and amidst current pandemic and the changes towards new normal company, this would enable us to be more focused on building a future proof entity” Mr Gardiner concluded.
The Group further informed that former veteran banker Mr. A G Weerasinghe who was appointed as Chairman of Ambeon Holdings PLC with effect from 2013 will relinquish his role as Chairman but will continue as Director of the said company and its subsidiaries as well as remain in several of the board subcommittees. As the former Chairman of Ambeon Group, Mr Weerasinghe is said to have provided his able leadership and guidance during the restructure and repositioning of the Group. During his tenor as Chairman, Ambeon Group achieved several milestones including the transformation, reposition and restructure of the Group, which is now ready take on the dynamic, technocentric business world of tomorrow. The Group further acquired one of Sri Lanka’s leading Systems Integrator and Information Systems providers Millennium IT ESP during this period.
“On behalf of the Board and management of the Ambeon Holdings PLC, I wish to thank Mr A G Weerasinghe for his leadership and guidance extended during these seven years. Mr Weerasinghe propelled the Group during difficult times into a dynamic entity the Group stands today”, stated Mr. Murali Prakash, Group Managing Director/Chief Executive Officer Ambeon Capital PLC and Ambeon Holdings PLC. “The Ambeon group is built on a set of values that are considered cornerstones of building a sustainable and future proof organization. The agility and learning mindset come from these values of empowering people, channeling teamwork, actioning results and seeing beyond. These are built on a robust platform firmly anchored onto governance, risk and compliance. Customer centricity is the ultimate objective of our value congruence. With this transformational restructure and synergies across the two Boards, we are now in a position to further solidify our resources and build sustainable business models to derive the best for all our stakeholders in the years ahead” concluded Mr Prakash.
With over 3000 employees the Ambeon group prides itself as being future ready, as it continues to be astute, driven, nimble and visionary – with an expanded range of products, strong globalized local brands, premier technology and innovation platforms, extending its footprint across new businesses, markets and regions. The subsidiaries of Ambeon Holdings PLC include Taprobane Capital Plus (Pvt) Ltd (a leading financial services provider with a wealth of experience in capital markets in Sri Lanka), South Asia Textiles Limited, (leading manufacturer of exceptional quality weft knitted fabric. The company also specializes in Knitting, Dyeing, Finishing, Printing, Brushing, Sueding and Preshrunk fabric for leading global brands such as Victoria Secret, Next, Marks & Spencer, Tesco, Calvin Klein, Decathlon and Adidas), Dankotuwa Porcelain PLC and Royal Fernwood Porcelain Ltd., (manufacturers of porcelain tableware and gift items for global giants such as Oneida, Macy’s, Country Road, Lenox, John Lewis, Crate & Barrel, Megros, Jashanmal, Ralph Lauren, the Walt Disney Company and Dilmah), Millennium IT ESP (Sri Lanka’s leading information systems solutions provider delivering IT solutions for many industries; including banks and finance, telecommunications, apparel and leading conglomerates) and Colombo City Holdings PLC (real estate). The Ambeon Group is powered and guided by the renowned corporate giants – the Galle Face Hotel Group, the Hirdaramani Group and Navitas Holdings.
The Ambeon Capital PLC Board of Directors comprise of eminent personalities – Mr. Sanjeev Gardiner (Chairman), Mr. Ajith Devasurendra (Deputy Chairman), Mr. Murali Prakash (Group Managing Director/ Chief Executive Officer), Mr. Priyantha Fernando, Mr. Harsha Amarasekera P.C, Mr Ranil Pathirana, Mr Sarinda Unamboowe and Desamanya Deva Rodrigo, while the Board of Directors of Ambeon Holdings PLC include – Mr. Sanjeev Gardiner (Chairman), Mr. Ajith Devasurendra (Deputy Chairman), Mr. Murali Prakash (Group Managing Director/ Chief Executive Officer), Mr. A.G. Weerasinghe, Mr Ruwan Sugathadasa, Mr. Mangala Boyagoda and Mr. Ranil Pathirana.