Taprobane Group changes to Ambeon Group
View(s):The Taprobane Group, in a strategic move to reposition the entity to represent the group’s business vision and take on the dynamic, technocentric business world, is undergoing a name change to Ambeon.
Taprobane Holdings PLC will be repositioned as Ambeon Capital PLC while Lanka Century Investments PLC will be Ambeon Holdings PLC with immediate effect, the company said in a media release.
The transformation of the Ambeon Group, which includes restructuring of its diversified businesses to bring about collective focus, optimise investments and increase shareholder value, is now said to be well poised to take the leap and transform latent opportunities into lucrative ventures that deliver sustained value.
With over 3500 employees, the Ambeon Group is dominant in the areas of financial services, manufacturing, real estate, technology and strategic investments. Post-restructuring of the group, Ambeon Capital PLC will be the holding company while all businesses have been repositioned and realigned legally under Ambeon Holdings PLC, transforming the group to become a medium sized, diversified conglomerate geared to take on the business opportunities available in global markets, it said.
“Today’s announcement about the launch of Ambeon and the transformation of the Group is yet another milestone in our journey to build on our foundation of re-engineering success” stated Sanjeev Gardiner, Chairman – Ambeon Capital PLC. “Ambeon Group is now ready and well poised to compete amongst the elite conglomerates in the country.
Under the new structure, the subsidiaries of Ambeon Holdings PLC will include Taprobane Capital Plus (Pvt) Ltd, South Asia Textiles Industries Lanka (Pvt) Ltd, Dankotuwa Porcelain PLC and Royal Fernwood Porcelain Ltd, Ceylon Leather Products PLC, Millennium Information Technologies (Pvt) Ltd) and Colombo City Holdings PLC (real estate).
Commenting on the transformation, Murali Prakash – Group Managing Director/ Chief Executive Officer – Ambeon Capital PLC and Ambeon Holdings PLC, stated that, “The Group has been restructured and realigned to be astute, driven, nimble and visionary – one with an expanded range of products, strong globalized local brands, premier technology and innovation platforms along with the required resources will pave the way for Ambeon to extend its footprint across new businesses, markets and regions.”