| JKH gets two places on
UML board Two nominees of John Keells Holdings (JKH) which now owns a 26% stake in United Motors Ltd. (UML) have been appointed to the board of directors of that company. A company announcement said that the JKH nominees are Messrs. Ken. Balendra and Vivendra Lintotawela. Also, Mr. A. Saruhashi of the Mitsubishi Motors' international sales office succeeds Mr. K. Okamoto as the Mitsubishi nominee on the UML board. UML holds the Mitsubishi agency in Sri Lanka and is the market leader for Japanese vehicles sold here. Mr. Balendra said that UML will be considered an associate of JKH and accounted on an equity basis on the JKH books. He said they regarded UML as a good company offering value to its shareholders and had been acquiring their interest ``as a gradual process over a long period.'' The acquisition of a sizable stake in UML and two places on the board gives JKH entry into the automobile sector in which it was hitherto unrepresented. The UML board now comprises Messrs. M.J.C. Amarasuriya (chairman), G.A. Hidelaratchi (MD/CEO), C. Wijenaike, Mrs. I.S. Jayasinghe, Prof. J.W. Wickramasinghe, J.S. Mather, K. Balendra, V. Lintotawela and A. Saruhashi. |