logo
Lanka Rating Agency
Press Release
Date
16-Dec-24

Analyst
Gayani Randima Ariyawansa
gayani@lra.com.lk
+94 114 500099
www.lra.com.lk

Applicable Criteria

  • Methodology | Holding Company Rating Criteria | Aug-24

Related Research

  • Sector Study | Holding Company | Mar-24

Disclaimer
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to LRA

Lanka Rating withdraws the Entity Rating of CIC Holdings PLC

Rating Type Entity
Current
(16-Dec-24) 		Previous
(12-Dec-23)
Action Withdraw Maintain
Long Term - A
Outlook Stable
Rating Watch - -

Subsequent to the management's decision to discontinue the rating, Lanka Rating withdraws the entity rating of CIC Holdings PLC with immediate effect.
.

About the Entity
CIC Holdings PLC is a limited liability company incorporated and domiciled in Sri Lanka under Companies Act No. 07 of 2007. CIC Holdings PLC is the holding company for various subsidiaries operating under five clusters predominantly Crop Solutions, Livestock Solutions, Healthcare & Personnel Care, Industrial Solutions and Agri Produce. The Company itself is listed and has its own operations in Pharmaceuticals, Surgical, Industrial Chemicals and Crop Solutions. The majority of the shares of the Company are held by Paints & General Industries Limited (53.31%) which is owned by Mr. R. S. Captains who has over 15 years of experience in the manufacturing sector. He acts as a Non-Independent, Non-Executive Director of CIC.

The primary function of LRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. LRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. LRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.