CDS signs up with Lanka IOC PLC to act as Registrar
The Central Depository Systems (CDS), a fully owned subsidiary of the Colombo Stock Exchange (CSE), recently signed a service agreement with Lanka IOC PLC as the registrar for Lanka IOC PLC, with effect from 01st of January 2023.
Lanka IOC PLC, with a corporate history spanning 20 years, is the only private sector auto fuel retailer in Sri Lanka. Over the years, the company has made a significant impact on the socio-economic landscape by enabling mobility, economic activity, and development. With an island-wide footprint of 213 retail outlets, the company services 12% of the country’s retail fuel demand.
Reasoning on appointing CDS, as the Registrar for Lanka IOC PLC, its’ Managing Director, Mr. Manoj Gupta, said, “we engaged CDS to conduct our virtual annual general meetings during the period of COVID 19 pandemic where all listed companies were not in a position to convene any physical meeting as it was most essential to maintain social distance.
We found the services rendered to us by CDS were highly satisfactory. Thus, we are happy to appoint CDS as the Registrars of the company.”
“CDS has provided the service of handling the dividend payments to shareholders consecutively for the last three years and carried out the functions in a very good manner, coordinating well with the bankers and shareholders,” added the Company Secretary of Lanka IOC PLC, Ms. Amali Liyanapatabendi.
Further, commenting on the service, CSE CEO Mr. Rajeeva Bandaranaike said, “The CDS has had a progressive journey over the last 31 years and has now grown to offer an augmented product range to listed companies.
Now CDS offers an array of services to corporates and shareholders of listed companies through their decentralized digital depository operations.
Commenting on the agreement, Mr. Nalin Fonseka, Head of CDS said, with the admission of LIOC, CDS portfolio would further expand and will serve 16 listed issuers, and LIOC being a listed company in the power and energy sector, shareholders of the LIOC will go through different experience and enjoy the benefits of value-added services offered by the CDS.
CDS has been providing listed companies and shareholders a variety of depository services, such as decentralized depository operations to depository participants, digital onboarding with online account opening for both local and international clients, de-mat services for deposits and transfers.
It is also engaged in maintenance of CDS accounts via CDS e-Connect, empowering CDS account holders to easily access their CDS account and information dissemination to all stakeholders.