Carson_Cumberbatch

Carson Cumberbatch

Carson Cumberbatch

Sri Lankan conglomerate holding company

Carson Cumberbatch PLC is one of the largest conglomerates in Sri Lanka which also has business interests in Indonesia, Malaysia, and India. The company has its origin in the colonial era, having been founded by merging two companies founded by R. B. Carson and Henry Cumberbatch (nephew of Robert William Cumberbatch). The Selvanathan family, founders of the Sri Krishna Corporation, is the ultimate controlling shareholder of the company.

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History

The company has its origin in the colonial era, having founded by merging two companies founded by R. B. Carson and Henry Cumberbatch (nephew of Robert William Cumberbatch).[2] The rubber interest of the Carson and Company traded in 1910 in London Stock Exchange with a capital of 1.5 million sterling pounds thus making it the largest rubber business of the country at that time.[3] The Carson and Company converted to a limited liability company in 1913, and the merger with Cumberbatch and Company happened in 1947.[4] In 1976, the company diversified into hotels by building the Giritale Hotel and Moonlight Beach Hotel and taking over the management of Pegasus Reef Hotel. In 1988, Sri Krishna Corporation Limited, a 75 years old company, acquired a controlling interest in Carson Cumberbatch. In 1995, Carson expanded its palm oil interest into Indonesia, and in 1997 a new brewery in Biyagama was commissioned.

In 2006, through Agro Bukit, the company acquired a new plantation of 20,000 hectares (49,000 acres) in Kalimantan, Indonesia. Goodhope Asia Holdings was incorporated in 2008 in Singapore to consolidate the company's plantation sector, and in 2014 the company acquired the Millers Brewery.[3] In September 2020, Ceylon Guardian Investment Trust PLC, the investment managing subsidiary of Carson Cumberbatch entered into an agreement with Singapore-based Gazelle Asset Management to sell 84% of the stake of Guardian Capital Partners PLC.[5] When that agreement did not realise, Carson Cumberbatch, sold a 75.6% stake of Guardian Capital Partners PLC to a Renuka Holdings-led consortium for LKR636 million in October 2021.[6]

Corporate structure

Bukit Darah PLC, a member of Carsons Group, is the largest shareholder of the company while the Selvanathan family, founders of the Sri Krishna Corporation, is the ultimate controlling shareholder.[7] In turn, Carson Cumberbatch owns a 6.15% of shares of Bukit Darah PLC in a circular ownership scenario.[8][9] The company holds ten quoted companies including Pegasus Hotels of Ceylon, Good Hope PLC, Ceylon Beverage Holdings, and Lion Brewery (Ceylon) and many unquoted companies including Millers Brewery, Agro Bukit, and Pubs 'N Places (Private) Ltd.[1]

Quoted subsidiaries

More information Subsidiary, Holding ...

Source: Annual Report, 2022/23[1]

Operations

The company engaged in businesses in oil palm plantations, beverage, portfolio and asset management, real estate, and leisure sectors and operates in Sri Lanka, Indonesia, Malaysia and India.[10] During the COVID-19 pandemic, the company provided LKR20 million worth of equipment for enhancing PCR testing capabilities to the Ministry of Health.[11] In the year ended on 31 March 2020, the Carson Cumberbatch group incurred a collective loss of LKR 2.65 billion and despite the losses, none of the employees lost jobs or had to take pay cuts.[7]

See also

References

  1. [1]
    "Annual Report 2022/23" (PDF). cse.lk. Carson Cumberbatch PLC. 2023. Retrieved 31 October 2023.
  2. [2]
    Moonesinghe, Vinod (11 April 2016). "The Sabonadiére Heritage". Echelon Magazine. Retrieved 23 March 2021.
  3. [3]
    "Our History". carsoncumberbatch.com. Carson Cumberbatch. Retrieved 23 March 2021.
  4. [4]
    Abeysekera, Indra (20 December 2007). Intellectual Capital Accounting: Practices in a Developing Country. Routledge. p. 71. ISBN 978-1-134-07361-0. Retrieved 31 October 2023.
  5. [5]
    "Carson Cumberbatch Group enters deal to sell private equity investment arm". dailymirror.lk. Wijeya Newspapers. 24 September 2020. Retrieved 23 March 2021.
  6. [6]
    "Renuka Holdings buys control of Carson's Guardian Capital for Rs. 636 m". Daily FT. Wijeya Newspapers. 29 October 2021. Retrieved 15 January 2023.
  7. [7]
    "Carson's ensure no job losses or pay cuts despite crippling blows to business". island.lk. Upali Newspapers. 6 September 2020. Retrieved 23 March 2021.
  8. [8]
    Perera, Shalini (2010). Corporate Ownership And Control: Corporate Governance And Economic Development In Sri Lanka. World Scientific. p. 98. ISBN 978-981-4469-08-1. Retrieved 31 October 2023.
  9. [9]
    "Annual Report 2019/20" (PDF). cse.lk. Bukit Darah. 2020. p. 69. Retrieved 23 March 2021.
  10. [10]
    "Carson Cumberbatch PLC". ft.com. Financial Times. Retrieved 23 March 2021.
  11. [11]
    "Carson Cumberbatch supports fight against COVID-19". ft.lk. Wijeya Newspapers. 19 June 2020. Retrieved 23 March 2021.
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