Carson Cumberbatch

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 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.

Carson Cumberbatch PLC
TypePublic
CSE: CARS.N0000
ISINLK0022N00000
Industry
Founded1913 (1913)
Headquarters
Colombo
,
Sri Lanka
Key people
  • Tilak De Zoysa (Chairman)
  • H. Selvanathan (Deputy chairman)
  • M. Selvanathan (Executive director)
RevenueLKR114,836 million (2020/21)
LKR16,741 million (2020/21)
LKR4,820 million (2020/21)
Total assets LKR197,074 million (2020/21)
Owner
  • Bukit Darah (45.68%)
  • Tower Investments (Pvt) Ltd (10.66%)
  • Fulcrum (Private) Limited (9.79%)
Number of employees
13,492
  • Sri Lanka (674)
  • Indonesia (12,512)
  • Malaysia (251)
  • India (50)
  • Singapore (5)
 (2021)
Subsidiaries
  • Goodhope Asia Holdings (53.33%)
  • Ceylon Beverage Holdings (75.37%)
  • Lion Brewery (Ceylon) (59.13%)
  • Pegasus Hotels of Ceylon (89.98%)
Websitewww.carsoncumberbatch.com
Footnotes / references
[1]

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. In 1976, the company diversified into hotels by building 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, acquires a controlling interest in Carson Cumberbatch. In 1995, Carson expands its palm oil interest into Indonesia, and in 1997 a new brewery in Biyagama was commissioned. In 2006, through Agro Bukit the company acquires 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 sold 84 percent of stake of Guardian Capital Partners PLC to Singapore-based, Gazelle Asset Management.[4]

Corporate structure

Bukit Darah PLC, a member of the Carson's group, is the largest shareholder of the company while the Selvanathan family, founders of the Sri Krishna Corporation, is the ultimate controlling shareholder.[5] In turn, Carson Cumberbatch owns a 6.15% of shares of Bukit Darah PLC in a circular ownership scenario.[6] The company holds eleven 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
SubsidiaryStake %Incorporation
Shalimar (Malay) PLC99.251909
Selinsing PLC95.681907
Indo-Malay PLC87.141906
Good Hope PLC90.911910
Ceylon Beverage Holdings PLC75.371910
Lion Brewery (Ceylon) PLC59.131996
Ceylon Guardian Investment Trust PLC67.151951
Ceylon Investment PLC65.941919
Guardian Capital Partners PLC86.221920
Pegasus Hotels of Ceylon PLC89.981966
Equity Two PLC88.811990

Source: Annual Report, 2020/21[1]

Operations

The company engages business in oil palm plantation, beverage, portfolio and asset management, real estate, and leisure sectors and operates in Sri Lanka, Indonesia, Malaysia and India.[7] During the COVID-19 pandemic the company provided LKR 20 millions worth of equipment for enhancing PCR testing capabilities to Ministry of Health.[8] 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.[5]

See also

References
  1. "Annual Report 2020/21" (PDF). cse.lk. Carson Cumberbatch PLC. 2021. Retrieved 8 December 2021.
  2. Moonesinghe, Vinod (11 April 2016). "The Sabonadiére Heritage". Echelon Magazine. Retrieved 23 March 2021.
  3. "Our History". carsoncumberbatch.com. Carson Cumberbatch. Retrieved 23 March 2021.
  4. "Carson Cumberbatch Group enters deal to sell private equity investment arm". dailymirror.lk. Wijeya Newspapers. 24 September 2020. Retrieved 23 March 2021.
  5. "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.
  6. "Annual Report 2019/20" (PDF). cse.lk. Bukit Darah. 2020. p. 69. Retrieved 23 March 2021.
  7. "Carson Cumberbatch PLC". ft.com. Financial Times. Retrieved 23 March 2021.
  8. "Carson Cumberbatch supports fight against COVID-19". ft.lk. Wijeya Newspapers. 19 June 2020. Retrieved 23 March 2021.
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