Top Lankan commodity broker announces retirement
Ravi Kumararatne, Managing Director and CEO of Asia Siyaka Commodities, one of the country’s frontline commodities’ brokers, announced his retirement this week with effect from March 31, 2008.
The senior broker announced his retirement from all the boards he is on including Asia Siyaka Commodities, Asia Siyaka Warehousing, Maskeliya Plantations, Namunukula Plantations, Kegalle Plantations, Richard Peiris Plantation Management etc, where he is Managing Director on some of the boards.
A one time director at Forbes & Walkers, Kumararatne founded the Siyaka Group in 1998 and later tied up with Asia Capital which took a 40 percent stake in the new Asia Siyaka Commodities Company.
By 1998 Asia Siyaka Commodities became the second largest broker in the country or on par with Forbes & Walkers, revenue wise. Kumararatne 55, said that he would spend much of his time in retirement abroad with his family.
He played down reports that former Asia capital investor Dr. Sena Yaddehige had invited him to manage a new venture of the Sri Lankan scientist-entrepreneur in Brazil, saying he had no immediate post-retirement plans. Asked about his successor at Asia Siyaka Commodities, Kumararatne declined to comment, except to say that the Siyaka shareholders would eventually decide, and that he himself would consider recommending his successor. Siyaka holds a 60 percent of Asia Siyaka Commodities while the balance is held by Asia Capital. The commodities firm recorded a Rs. 700 million profit last year.