MADULSIMA PLANTATIONS PLC
The Company was originally incorporated as Madulsima Plantations PLC on 22nd June 1992 by Certificate of Incorporation issued in terms of Section 15 (1) of the Company’s Act No. 17 of 1982 read with Section 2 (2) of the Conversion of Public Corporation or Government owned business Undertakings into Public Company’s Act No. 23 of 1987 and the order published in the Gazette Extra Ordinary of the Democratic Socialist Republic of Sri Lanka dated 22nd June 1992. The Company was thereafter re-registered under the Company’s Act No. 07 of 2007 as Company No PQ 184 and a fresh Certificate of Incorporation issued under the provision of Section 485 (6) of the Company’s Act No. 7 of 2007 with the corporate name changed by operation of law to Madulsima Plantations PLC..
The first tranche of 51% (10.2 million shares) of the issued share capital of the Company was sold by the Secretary to the Treasury through the Colombo Stock Exchange on an “all or nothing” basis and was purchased by Stassen Exports Limited in February 1996.
The convertible Debentures of Rs.90 million issued in February 1996 to Distilleries Company of Sri Lanka were converted to 9 million ordinary shares on 30th November 1998 and were issued to the holder.
As per decision of the Government 10% (2 million shares) of the shares of the Company belonging to the Secretary to the Treasury on behalf of the Government were distributed among the employees of the Company.
20% (4 million shares) of the shares of the Company belonging to the Secretary to the Treasury on behalf of the Government were sold to the public through the Colombo Stock Exchange.
16,949,673 shares belonging to the main shareholder, Stassen Exports (Pvt) Ltd were purchased by related party Melstacorp PLC on 22nd September 2017.
THE COMPANY WAS ORIGINALLY INCORPORATED AS MADULSIMA PLANTATIONS PLC ON 22ND JUNE 1992 BY CERTIFICATE OF INCORPORATION ISSUED IN TERMS OF SECTION 15 (1) OF THE COMPANY’S ACT NO. 17 OF 1982 READ WITH SECTION 2 (2) OF THE CONVERSION OF PUBLIC CORPORATION OR GOVERNMENT OWNED BUSINESS UNDERTAKINGS INTO PUBLIC COMPANY’S ACT NO. 23 OF 1987 AND THE ORDER PUBLISHED IN THE GAZETTE EXTRA ORDINARY OF THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA DATED 22ND JUNE 1992.
THE COMPANY WAS THEREAFTER RE-REGISTERED UNDER THE COMPANY’S ACT NO. 07 OF 2007 AS COMPANY NO PQ 184 AND A FRESH CERTIFICATE OF INCORPORATION ISSUED UNDER THE PROVISION OF SECTION 485 (6) OF THE COMPANY’S ACT NO. 7 OF 2007 WITH THE CORPORATE NAME CHANGED BY OPERATION OF LAW TO MADULSIMA PLANTATIONS PLC.
THE FIRST TRANCHE OF 51% (10.2 MILLION SHARES) OF THE ISSUED SHARE CAPITAL OF THE COMPANY WAS SOLD BY THE SECRETARY TO THE TREASURY THROUGH THE COLOMBO STOCK EXCHANGE ON AN “ALL OR NOTHING” BASIS AND WAS PURCHASED BY STASSEN EXPORTS LIMITED IN FEBRUARY 1996.
THE CONVERTIBLE DEBENTURES OF RS.90 MILLION ISSUED IN FEBRUARY 1996 TO DISTILLERIES COMPANY OF SRI LANKA WERE CONVERTED TO 9 MILLION ORDINARY SHARES ON 30TH NOVEMBER 1998 AND WERE ISSUED TO THE HOLDER.
AS PER DECISION OF THE GOVERNMENT 10% (2 MILLION SHARES) OF THE SHARES OF THE COMPANY BELONGING TO THE SECRETARY TO THE TREASURY ON BEHALF OF THE GOVERNMENT WERE DISTRIBUTED AMONG THE EMPLOYEES OF THE COMPANY.
20% (4 MILLION SHARES) OF THE SHARES OF THE COMPANY BELONGING TO THE SECRETARY TO THE TREASURY ON BEHALF OF THE GOVERNMENT WERE SOLD TO THE PUBLIC THROUGH THE COLOMBO STOCK EXCHANGE.
16,949,673 SHARES BELONGING TO THE MAIN SHAREHOLDER, STASSEN EXPORTS (PVT) LTD WERE PURCHASED BY RELATED PARTY MELSTACORP PLC ON 22ND SEPTEMBER 2017.