Japan’s Onomichi to exit Colombo Dockyard amid crisis

Sri Lanka
By Editor_1
.cdl.lk

COLOMBO – Sri Lanka’s Colombo Dockyard Plc said its Japanese majority shareholder Onomichi Dockyard Company Limited is exiting the firm and is stepping down from management amid a financial crisis, making way for a new investor.

T. Nakabe, K. Kobatake and J. Furukawa who were nominee directors of the company had resigned with effect from December 6 and L. Gamlath, a director of the company since 1993 has been appointed non-executive Chairman, the firm said in a stock exchange filing.

“The Board of Directors is cognizant of the critical need to find a strategic investor to replace Onomichi,” the filing said.

“Preliminary discussions are ongoing with several parties for this purpose.

“The board of directors has been assured by Onomichi that it is prepared to exit from their investment in the Company by the disposal of its share to any strategic investor who would be willing to make a commitment towards the company,” it added.

Colombo Dockyard ran into financial difficulties during the COVID-19 crisis and subsequent currency crisis after it failed to deliver vessels to a European customer.

The firm said in a recent filing that it was looking for a strategic investor and was in discussions with banks for credit lines to finance its working capital.

-economynext.com

 

Editor_1
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