Thursday, Feb 4, 2021

On’ally Holdings gets 4 directors from new controlling shareholder Lanka Realty Investments

By Daily FT


On’ally Holdings PLC this week appointed four new directors representing the controlling shareholder Lanka Realty Investments PLC (RIL) following the latter’s acquisition of 50.8% stake, or 47.24 million shares, for Rs. 1.42 billion in December 2020.

The four are Archie Warman, who was subsequently appointed as Deputy Chairman, and Hisham Jamaldeen as Non-Independent Non-Executive Directors, and Sarravanan Neelakandan and Afzal Ahamed Marikar as Independent Non-Executive Directors. Additionally K.J. Pradeep was appointed as alternate Director to Warman.

Controlling shareholders of LRI is Steradian Capital.

Warman co-founded Steradian Capital in 2013. Archie concentrates on asset management initiatives, marketing, development, equity raising and investor reporting. A qualified Chartered Surveyor, Archie practised in commercial and residential real estate, involved in investment brokerage, leasing and letting, valuations and development appraisals, property management, landlord and tenant law and asset management, initially in the City and West End of London at Hexell Wylie (now Savills).

Prior to Steradian Capital, Archie was the Property Director at Newbridge Capital Investments Ltd., a property investment and development company, transacting directly into UK commercial and London residential.

Archie achieved an MA in Property Valuation and Law at Cass Business School (City University London) and is a Member of the Royal Institute of Chartered Surveyors. Archie James Buckland Warman serves as an Executive Director of Lanka Realty Investments PLC.

Jamaldeen is a finance professional with over 15 years of experience and a seasoned commercial property investor and advisor. He is a Fellow of the Association of Certified Chartered Accountants, UK, and holds a degree in Engineering and Business from the University of Warwick, UK. Jamaldeen serves as a Director of Hayleys PLC, Talawakelle Tea Estates PLC, Haycarb PLC, and the People’s Bank, and also an Executive Director of Lanka Realty Investments PLC.

He is the Founding Managing Director of Steradian Capital Investments Ltd. and was responsible for financing, corporate structuring, acquisitions and development. He has also been the Executive Director of a number of real estate companies, focusing on commercial property investment and development.

Neelakandan is an Attorney-at-Law and a Barrister of Lincoln’s Inn. He has been practising in the legal profession for over 15 years and is the Founder and Managing Partner of Saravanan Neelakandan Law Associates, with a wide-ranging legal practice in the areas of commercial law, corporate law, banking and finance law, foreign investment, infrastructure projects and dispute resolution. He is also a Co-Editor-in-Chief of the Bar Association Law Journal. He serves as an Independent Non-Executive Director of Lanka Realty Investments PLC.

Afzal Ahamed Marikar is the Honorary Consul General for Pakistan since February 1988. He is also the Chairman/Managing Director of several diversified Companies in Sri Lanka. Marikar is the Chairman/Managing Director of Conmix Ltd., Chairman of Colourcon Ltd., Chairman/Managing Director of Ross Hydro Power Ltd., Managing Director of Icon Hotels Ltd. and Ross Dairies Ltd.

Marikar was a Director at Tokyo Cement Colombo Terminals Limited from 1996-2017. He was a Director of Sri Lanka Ports Authority from 2000-2004 and a Founding Director of National Construction Association of Sri Lanka (NCASL).

Urban Development Authority is the second largest shareholder in On’ally with 45% stake. With the latest changes the Board of On'ally Holdings Plc comprises of L.A.P.H. De Silva (Chairman), A.J.B. Warman (Deputy Chairman), G.T. Fazleabas, W.L.D.P.V. Jayawardene, T. Sarveshwaran, M.H. Jamaldeen, E.A.C. Piyashantham V.P. Senanayake, SL. Neelakandan, A.A. Marikar, and K.J. Pradeep (Alternate to A.J.B. Warman)

Referencec - Published by Daily FT

News Article by Daily News Sri Lanka about Lanka Realty Investments

Daily FT


The Daily FT or the Daily Financial Times is a daily English-language newspaper published in Colombo, Sri Lanka, by Wijeya Newspapers. Its sister newspaper The Daily Mirror and its Sunday counterpart Sunday Times are among the important newspapers in Sri Lanka.

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