Sri Lanka’s E B Creasy and Lankem reassess direct and indirect investments

investments

Jun 10, 2015 (LBO) – Sri Lanka’s E B Creasy and Lankem says they have assessed their direct and indirect investments and categorized some of them as associates.

According to the Sri Lanka financial reporting standard 10, these two companies have determined that it does not control the below mentioned indirect investments and they should not be considered as investments of subsidiaries.

The Companies identified as associates are Lankem Plantation Holdings, Lankem Developments, Agarapatana Plantations, Wayerly Power, Lankem Tea and Rubber Plantation and Union Commodities.

“In accordance with Sri Lanka Lanka Accounting Standards 28, these indirect investments are treated as investments in associates for the year ended 31 March 2015 with appropriate retrospective restatements,” the statement said.