Annual Report - 2008 - Colombo Stock Exchange

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Ceylon Theatres PLC | Annual Report 2008 | OriginsCeylon Theatres PLC was established for the purpose of filmexhibition in 1928, with the late Sir Chittampalam A Gardineras its first Chairman and Managing Director.Under the guidance of the late Sir Chittampalam A Gardiner,the company acquired a controlling interest in Millers Ltd in1945, which in turn acquired a controlling interest in Cargills(Ceylon) Ltd in 1946. In 1971, the Company, after the demiseof its founder Chairman, made a decision to concentrate onthe cinema industry and divested its controlling shareholdingin Millers Ltd, thereby losing control of Cargills (Ceylon) Ltd.When the late Mr. Albert A Page was appointed the ManagingDirector of Ceylon Theatres Ltd in 1980, the Company wasfacing grave difficulties due to the establishment of the StateFilm Corporation which took over the import and distributionof motion films in the industry. To counter the adversebusiness climate faced by the Company, Mr. Albert A Pageset out to regain control of Millers Ltd and through it Cargills(Ceylon) Ltd. Under the stewardship of the late Mr. AlbertA Page, a great visionary, the Group then further diversifiedinto Food Processing, Property Development and FinancialServices, and also into the Ceramic, Tiles and Plantationssectors with the acquisition of Lanka Ceramic in 1999.During the year under review, the Group engaged in arestructure of operations, with Ceylon Theatres and Millersmerging into a single entity, and the operations of Millersbeing transferred to Cargills. The restructuring consolidatedthe investments in significant business entities within theGroup under a single holding company. The merger has alsoled to cost reductions and improved efficiency, while alsogiving Ceylon Theatres a larger holding in Cargills, which isthe holding company of one of the Group’s key businesssegments.
Ceylon Theatres PLC | Annual Report 2008 | Corporate InformationName of CompanyCeylon Theatres PLCStock Exchange ListingColombo Stock ExchangeRegistration No.PQ210Legal FormQuoted public company with limited liabilityIncorporated in Sri Lanka on 29th September 1928Board of DirectorsAnthony A Page (Chairman)L R Page (Deputy Chairman)J B L De SilvaA T P EdirisingheSunil MendisJ C PageV R PageMrs. T A SelvaratnamR SelvaskandanMrs. C K Muttukumaru (alternate to Mrs. T A Selvaratnam)Executive CommitteeA T P Edirisinghe (Chairman)Anthony A PageV R PageR SelvaskandanInvestment CommitteeAnthony A PageL R PageMrs. C K MuttukumaruAudit CommitteeA T P EdirisingheAnthony A PageJ B L De SilvaAuditorsKPMG Ford Rhodes Thornton & Co, Chartered AccountantsCompany SecretaryS C NilesTax ConsultantsPricewaterhouse Coopers, Chartered AccountantsRegistered OfficeNo 8 Sir Chittampalam A Gardiner MawathaColombo 2 , Sri LankaTelephone : 2431243E mail : ceylontheatres@sltnet.lkFax : 2447956Postal AddressP O Box 327, ColomboLegal ConsultantsJohn Wilson, Attorney at lawBankersCommercial Bank of Ceylon PLCHatton National Bank PLCNations Trust Bank PLCPeoples BankStandard Chartered BankUnion Bank of Colombo
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