Pelwatte Sugar Industries PLC
Encyclopedia
Pelwatte Sugar Industries PLC is a listed as SUGA.N0000 in the Colombo Stock Exchange
. The main sugar factory of the group is located in Buttala
in The Moneragala District
in the Uva Province
, about 225 km from Colombo
to the east of the country. Pelwatte Sugar was incorporated on 19 February 1981 as Pelwatte Sugar Company Ltd. . It became a Public Limited Liability
company on 10 December 1982. In 1990, the holding company changed its name to Pelwatte Sugar Industries Ltd. It was first quoted on the Colombo Stock Exchange
in 1984.
funded study was undertaken to identify areas in Sri Lanka
that are suitable for sugar cane cultivation to reduce the country's dependancy of imported sugar. Based on the findings Booker Tate PLC - of United Kingdom (formerly known as Booker Agriculture International Ltd. - BAI) carried out a feasibility of introducing cane cultivation under rain fed conditions and setting up a sugar
factory at Pelwatte in the Moneragala District
of the Uva province of Sri Lanka
. In 1981 Pelwatte Sugar Company Ltd was incorporated as a state owned company and functioned under the management of Booker Tate PLC . In 2002 the Government of Sri Lanka
sold its stake in the company in the Colombo Stock Exchange
. A Sri Lankan company named Master Divers (Private) Limited purchased 53.5% of the Company for Rs. 300 million.
which is a subsidiary of Distilleries Company of Sri LankaPLC.
DCSL PLC is listed as DIST.N0000 in the Colombo Stock Exchange
. Master Divers (Private) Limited and related parties continue to hold approximately 36% of the capital.
Pelwatte Sugar (PSIL) produces approximately 450,000 MT of Sugar. Pelwatte Sugar Distilleries (Private) Ltd.(PSDL), is a subsidiary company which began operations in September 1997 to process ethyl alcohol and biocompost
from molasses
a by product of the sugar manufacturing process. The group employs about 1300 permanent workers, about 3100 casual and seasonal workers. The Company operates a sugar factory that has a crushing capacity of 3000 MT of sugar cane. It has the lease ownership of a nucleus estate of approximately 2000 ha, settler area of 3000 ha, and large number of growers in the Uva province.
Deshamanya
Harry Jayawardena
is the Chairman of Pelwatte Sugar Group. Sqn.Ldr Wimal Karunaratna (Managing Director (PSIL), Capt. Jagath Kahanda (Managing Director PSDL), Ariyaseela Wickramanayake, Dr. C.S Weeraratna (Independent, Non-Executive), Mr. Hershel Gunawardena (Independent, Non-Executive), Capt. Ranjith Wettewa, Mr. Damien Fernando (Non-Executive) and Mr. Maximus Peries are the directors of the company.
Colombo Stock Exchange
The Colombo Stock Exchange is the main stock exchange in Sri Lanka. It is one of the most modern exchanges in South Asia, providing a fully automated trading platform...
. The main sugar factory of the group is located in Buttala
Buttala
Buttala is a town in Sri Lanka. It is located in Monaragala District of Uva Province, Sri Lanka.-History:The name Buttala or ‘Bath hala’ which is said to have been given in the times of King Dutugemunu. A large number of soldiers located in the area . They had been fed from the plentiful of rice in...
in The Moneragala District
Moneragala District
Moneragala is a district in Uva Province of Sri Lanka. It is the largest of the 25 districts of Sri Lanka, with an area of 7,133 km².-Statistics:In 2008 - Source-External links:*...
in the Uva Province
Uva Province
Uva is Sri Lanka's second least populated province, with 1,187,335 people, created in 1896. It consists of two districts: Badulla බදුල්ල பதுளை and Moneragala මොනරාගල மொனராகல. The provincial capital is Badulla. Uva is bordered by Eastern, Southern and Central provinces...
, about 225 km from Colombo
Colombo
Colombo is the largest city of Sri Lanka. It is located on the west coast of the island and adjacent to Sri Jayawardenapura Kotte, the capital of Sri Lanka. Colombo is often referred to as the capital of the country, since Sri Jayawardenapura Kotte is a satellite city of Colombo...
to the east of the country. Pelwatte Sugar was incorporated on 19 February 1981 as Pelwatte Sugar Company Ltd. . It became a Public Limited Liability
Limited liability
Limited liability is a concept where by a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a company or partnership with limited liability. If a company with limited liability is sued, then the plaintiffs are suing the company, not its...
company on 10 December 1982. In 1990, the holding company changed its name to Pelwatte Sugar Industries Ltd. It was first quoted on the Colombo Stock Exchange
Colombo Stock Exchange
The Colombo Stock Exchange is the main stock exchange in Sri Lanka. It is one of the most modern exchanges in South Asia, providing a fully automated trading platform...
in 1984.
History
In 1978 a World BankWorld Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
funded study was undertaken to identify areas in Sri Lanka
Sri Lanka
Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka is a country off the southern coast of the Indian subcontinent. Known until 1972 as Ceylon , Sri Lanka is an island surrounded by the Indian Ocean, the Gulf of Mannar and the Palk Strait, and lies in the vicinity of India and the...
that are suitable for sugar cane cultivation to reduce the country's dependancy of imported sugar. Based on the findings Booker Tate PLC - of United Kingdom (formerly known as Booker Agriculture International Ltd. - BAI) carried out a feasibility of introducing cane cultivation under rain fed conditions and setting up a sugar
Sugar
Sugar is a class of edible crystalline carbohydrates, mainly sucrose, lactose, and fructose, characterized by a sweet flavor.Sucrose in its refined form primarily comes from sugar cane and sugar beet...
factory at Pelwatte in the Moneragala District
Moneragala District
Moneragala is a district in Uva Province of Sri Lanka. It is the largest of the 25 districts of Sri Lanka, with an area of 7,133 km².-Statistics:In 2008 - Source-External links:*...
of the Uva province of Sri Lanka
Sri Lanka
Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka is a country off the southern coast of the Indian subcontinent. Known until 1972 as Ceylon , Sri Lanka is an island surrounded by the Indian Ocean, the Gulf of Mannar and the Palk Strait, and lies in the vicinity of India and the...
. In 1981 Pelwatte Sugar Company Ltd was incorporated as a state owned company and functioned under the management of Booker Tate PLC . In 2002 the Government of Sri Lanka
Sri Lanka
Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka is a country off the southern coast of the Indian subcontinent. Known until 1972 as Ceylon , Sri Lanka is an island surrounded by the Indian Ocean, the Gulf of Mannar and the Palk Strait, and lies in the vicinity of India and the...
sold its stake in the company in the Colombo Stock Exchange
Colombo Stock Exchange
The Colombo Stock Exchange is the main stock exchange in Sri Lanka. It is one of the most modern exchanges in South Asia, providing a fully automated trading platform...
. A Sri Lankan company named Master Divers (Private) Limited purchased 53.5% of the Company for Rs. 300 million.
Current Status
In March 2011 Master Divers sold approximately 47% of the issued capital of the company to MelstacorpMelstacorp
Melstacorp Limited is a 100% owned subsidiary of Distilleries Company of Sri Lanka PLC which is one of the 10 largest listed companies in the Colombo Stock Exchange...
which is a subsidiary of Distilleries Company of Sri LankaPLC.
DCSL PLC is listed as DIST.N0000 in the Colombo Stock Exchange
Colombo Stock Exchange
The Colombo Stock Exchange is the main stock exchange in Sri Lanka. It is one of the most modern exchanges in South Asia, providing a fully automated trading platform...
. Master Divers (Private) Limited and related parties continue to hold approximately 36% of the capital.
Pelwatte Sugar (PSIL) produces approximately 450,000 MT of Sugar. Pelwatte Sugar Distilleries (Private) Ltd.(PSDL), is a subsidiary company which began operations in September 1997 to process ethyl alcohol and biocompost
Compost
Compost is organic matter that has been decomposed and recycled as a fertilizer and soil amendment. Compost is a key ingredient in organic farming. At its most essential, the process of composting requires simply piling up waste outdoors and waiting for the materials to break down from anywhere...
from molasses
Molasses
Molasses is a viscous by-product of the processing of sugar cane, grapes or sugar beets into sugar. The word molasses comes from the Portuguese word melaço, which ultimately comes from mel, the Latin word for "honey". The quality of molasses depends on the maturity of the sugar cane or sugar beet,...
a by product of the sugar manufacturing process. The group employs about 1300 permanent workers, about 3100 casual and seasonal workers. The Company operates a sugar factory that has a crushing capacity of 3000 MT of sugar cane. It has the lease ownership of a nucleus estate of approximately 2000 ha, settler area of 3000 ha, and large number of growers in the Uva province.
Deshamanya
Deshamanya
Deshamanya is the second highest Sri Lankan national honour awarded by the Government of Sri Lanka as a civil honour.It is conventionally used as a title or prefix to the awardee's name....
Harry Jayawardena
Harry Jayawardena
Deshamanya Don Harold Stassen Jayawardena , widely known as Harry Jayawardena, is one of the most prominent and controversial Sri Lankan businessmen...
is the Chairman of Pelwatte Sugar Group. Sqn.Ldr Wimal Karunaratna (Managing Director (PSIL), Capt. Jagath Kahanda (Managing Director PSDL), Ariyaseela Wickramanayake, Dr. C.S Weeraratna (Independent, Non-Executive), Mr. Hershel Gunawardena (Independent, Non-Executive), Capt. Ranjith Wettewa, Mr. Damien Fernando (Non-Executive) and Mr. Maximus Peries are the directors of the company.