The Cargills Group, Sri Lanka’s biggest group in food manufacture and retailing, is looking for new business opportunities in the post-war era but more significantly has undergone a restructure of its management. Ranjit Page, widely credited with driving Cargills’ entry into supermarkets from a staid department store 27 years ago and thus creating a revolution in Sri Lanka’s food retail business, has stepped down from day-to-day operations at the group and will focus on looking at new business opportunities outside the company’s core activity, among other functions.
Disgraced Sri Lankan businessman Lalith Kotelawala on Thursday pulled out of a bid to be re-elected director of Ceylinco Insurance at the company’s AGM on May 26, after a chorus of protests over his plan.
In a statement to the Colombo Stock Exchange, the company said Kotelawala had advised that he was not seeking re-election and would thus cease to be a director after the AGM.
