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30 August, 2013 07:22 AM Source: Financial Times - Sri Lanka
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Colonial Motors Plc has decided to phase out its motor vehicle-related business activities and focus on being a property holding and investment company, as CM Holdings Plc.

The Board has resolved that pending this move, the company will limit motor vehicle business to meeting pre-existing obligations. After that the Colonial Motors will cease to undertake any new business in relation to repairing, and servicing of motor vehicles and the importation and sale of vehicle spare parts.

However, KIA Motors (Lanka) Ltd., which will remain a subsidiary of Colonial Motors, will continue to import and market the KIA range of vehicles.

Colonial Board has approved in principle the transfer of Carplan Ltd., currently a subsidiary of the Company to KIA Motors (Lanka) Ltd. to be its subsidiary and also to be a principal dealer of KIA motor vehicles.

The modalities of implementing these matters will be determined in due course subject to necessary approvals if any being obtained. More...

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