C T Holdings

C T Holdings PLC is a Sri Lankan investment holding company and diversified conglomerate whose origins lie in the cinema business. Founded in 1928 as Ceylon Theatres Limited by Chittampalam A. Gardiner and Alfred Thambiayah, the company became the first Ceylonese enterprise to enter film exhibition. It initially built its business around cinemas including the Regal in Colombo and a theatre in Nuwara Eliya, and by 1950 had developed the country’s largest cinema circuit, with 69 permanent cinemas, 14 of them in Colombo. The company’s strategic direction changed substantially under Albert A. Page during the 1980s. In 1981, Ceylon Theatres acquired Millers and Cargills, entering retailing and distribution and laying the foundation for the group’s later expansion into food manufacturing, supermarkets and consumer services. Cargills entered modern grocery retail in 1983 with the launch of Food City, which became Sri Lanka’s largest and most extensive supermarket chain. The group subsequently broadened its consumer portfolio through food processing, branded foods, dairy, confectionery and quick-service restaurants. Its food interests include the KIST and Kotmale brands and the Sri Lankan operations of KFC under franchise arrangements. C T Holdings also developed significant property and entertainment assets. In 1991, the group constructed Majestic City, a major shopping and entertainment complex in Colombo. Its property interests later expanded through C T Land Development PLC, while the cinema business continued through Ceylon Theatres, operating venues such as Regal and Majestic. The group also developed Cargills Square shopping malls in several Sri Lankan cities, including Jaffna, Gampaha, Dematagoda, Katubedda and Bandarawela. Empire Residencies, a twin-tower residential development completed in 2009, represents another part of the group’s real-estate activity. The corporate name changed from Ceylon Theatres to C T Holdings in 2010, reflecting the company’s transition from a cinema-centered enterprise into a broader investment holding structure. C T Holdings’ principal operating exposure is through Cargills (Ceylon) PLC, in which it holds a controlling stake. The company is also associated with Cargills Bank, launched after the group obtained a commercial banking licence in 2014. C T Holdings and Cargills collectively hold more than 60 percent of the bank, according to the referenced company history. Today, C T Holdings is predominantly a family-held investment company with interests managed through subsidiaries and affiliated businesses. Its major areas of activity include food production and distribution, supermarkets, cinemas, shopping centres, land development and financial services. The company has been described as one of Sri Lanka’s larger conglomerates and has maintained a listing on the Colombo Stock Exchange since its early public flotation. In 2019, Brand Finance placed it eighth among Sri Lanka’s most valuable conglomerate brands, assigning a reported brand value of LKR 18,981 million; the company was also ranked eighth in the LMD 100 for that period.

C T Holdings began in 1928 as Ceylon Theatres Limited, established by Chittampalam A. Gardiner and Alfred Thambiayah. Its original business was film exhibition, making it the first Ceylonese company to enter the cinema-screening industry. Four years after incorporation, the company was floated, with the Regal Cinema in Colombo and a cinema in Nuwara Eliya among its early assets. By 1950, it had become Sri Lanka’s largest cinema circuit, operating 69 permanent cinemas, including 14 in Colombo. The company’s later history is defined by diversification. In 1981, under the leadership of Albert A. Page, Ceylon Theatres acquired Millers and Cargills. These transactions moved the group into retail and distribution and ultimately gave it a platform for expansion into food production and consumer services. Cargills launched Food City in 1983, helping establish the modern supermarket format in Sri Lanka. During the 1990s, the group added major property and entertainment assets, including the Majestic City shopping complex and cineplex in 1991. Cargills entered food manufacturing in 1993 through the acquisition of a smallgoods plant in Mattakuliya, obtained the KFC franchise in 1996, and expanded its processed-food portfolio in 2002 through an ice-cream facility and the acquisition of the KIST brand and processing operations. The group also expanded through acquisitions and development projects. Following the Sri Lankan government’s divestment of its stake in Lanka Ceramics, Ceylon Theatres acquired 65 percent of the company. Empire Residencies, a twin-tower residential project, was completed in 2009. In 2010, Ceylon Theatres adopted the name C T Holdings, formalising its identity as a diversified investment holding company rather than a cinema-focused enterprise. Kotmale Holdings, a dairy-products manufacturer, was acquired in 2011, while Cargills also entered confectionery through a further acquisition during the same period. Financial services became another area of activity when the group obtained a commercial banking licence in 2014 and launched Cargills Bank. C T Holdings and Cargills together hold more than 60 percent of the bank. The group’s retail-property network also expanded through Cargills Square, first established in Jaffna in 2013 and later extended to Gampaha, Dematagoda, Katubedda and Bandarawela. C T Holdings now functions mainly as an investment holding company. Its principal subsidiaries and associated operating platforms include Cargills (Ceylon) PLC, Ceylon Theatres and C T Land Development PLC. Cargills (Ceylon) manages much of the group’s food, retail and distribution activity. Ceylon Theatres operates cinema assets including Regal and Majestic, while C T Land Development manages the Majestic City shopping complex. The group has also partnered with BookMyShow, an Indian ticketing platform, and gained access through that relationship to the Vista enterprise resource planning system. C T Holdings remains listed on the Colombo Stock Exchange and is regarded as one of Sri Lanka’s prominent family-held conglomerates.

1. 2014Cargills Bank launched

   After obtaining a commercial banking licence, the group launches Cargills Bank.

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2. 2013Cargills Square established in Jaffna

   The first Cargills Square shopping mall is established in Jaffna, with later expansion to other Sri Lankan locations.

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3. 2011Kotmale Holdings acquired

   The group acquires Kotmale Holdings, expanding its dairy manufacturing interests.

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4. 2010Corporate name becomes C T Holdings

   Ceylon Theatres changes its corporate name to C T Holdings to reflect its diversified business portfolio.

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5. 2009Empire Residencies completed

   The group completes the Empire Residencies twin-tower residential development.

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6. 1996KFC franchise rights obtained

   Cargills obtains the franchise rights for Kentucky Fried Chicken in Sri Lanka.

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7. 1991Majestic City opens

   The group develops the Majestic City shopping complex and cineplex in Colombo.

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8. 1983Food City is launched

   Cargills enters modern supermarket retail with the launch of Cargills Food City.

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9. 1981Expansion into retail and distribution

   Ceylon Theatres acquires Millers and Cargills under the leadership of Albert A. Page.

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10. 1950Largest cinema circuit in Sri Lanka

    The company is reported to operate 69 permanent cinemas, making it the country’s largest cinema circuit.

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11. 1932Company is floated

    Ceylon Theatres becomes a publicly floated company approximately four years after incorporation.

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12. 1928Ceylon Theatres is founded

    Chittampalam A. Gardiner and Alfred Thambiayah establish the company that would become C T Holdings, initially to operate in film exhibition.

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A diversified Sri Lankan investment holding group combining consumer businesses, national retail infrastructure, entertainment assets, property development and financial services.

• Cargills Food CitySupermarket retail1983

  Sri Lanka’s supermarket chain developed by Cargills after its entry into modern grocery retail in 1983. Food City became the group’s principal consumer-facing retail platform and a major channel for locally produced and imported food, household goods and everyday consumer products.

• Cargills food brandsFood manufacturing

  The group’s food-manufacturing portfolio includes processed foods, dairy products, ice cream, confectionery and branded grocery products. Notable assets and brands referenced in the company history include KIST and Kotmale, supported by processing facilities acquired or developed as Cargills expanded beyond retail.

• KFC Sri LankaQuick-service restaurant franchise1996

  A Sri Lankan quick-service restaurant business operated under Kentucky Fried Chicken franchise rights obtained by Cargills in 1996. It forms part of the group’s consumer and food-service activities rather than a wholly owned global restaurant brand.

• Regal and Majestic cinemasCinema exhibition

  Cinema venues operated through Ceylon Theatres, the business from which C T Holdings originated. Regal in Colombo and Majestic-linked entertainment operations represent the group’s continuing presence in film exhibition after its expansion into retail, food and property.

• Majestic CityShopping and entertainment complex1991

  A Colombo shopping complex and cineplex developed by the group in 1991 and managed through C T Land Development. It combines commercial property with entertainment and retail functions and is one of the group’s best-known property assets.

• Cargills SquareShopping mall2013

  A network of shopping malls established by the group, beginning in Jaffna in 2013 and later expanding to Gampaha, Dematagoda, Katubedda and Bandarawela. The centres combine Cargills retail activity with broader commercial and community-oriented mall functions.

• Cargills BankCommercial banking2014

  A commercial bank launched after the group secured a banking licence in 2014. C T Holdings and Cargills collectively hold a controlling position reported at more than 60 percent, making the bank part of the group’s broader financial-services portfolio.

• 2014Entry into commercial bankingStrategy

  The group pursued expansion into financial services alongside its established consumer, property and entertainment operations.

  What changed. The group obtained a commercial banking licence and launched Cargills Bank.

  Aftermath. Banking became an additional business platform associated with C T Holdings and Cargills.

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• 2010Corporate rebranding as C T HoldingsStrategy

  The historical Ceylon Theatres name was increasingly associated with only one part of a much broader portfolio.

  What changed. The company changed its name from Ceylon Theatres Limited to C T Holdings.

  Aftermath. The new name positioned the listed company as a diversified investment holding structure with cinema, retail, food, property and financial interests.

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• 1981Diversification into retail and distributionStrategy

  The company sought to expand beyond cinema exhibition and use its corporate platform to enter consumer-facing businesses.

  What changed. Ceylon Theatres acquired Millers and Cargills, creating the basis for later supermarket, food-manufacturing and distribution activities.

  Aftermath. The transactions transformed the company from a cinema operator into a diversified Sri Lankan consumer and investment group.

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• 2019C T Holdings ranked among Sri Lanka's leading conglomerate brands

  Brand Finance ranked C T Holdings eighth among Sri Lanka's most valuable conglomerate brands in 2019.

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• 2019C T Holdings placed eighth in the LMD 100

  The company was reported as eighth in the LMD 100 ranking of leading listed Sri Lankan companies.

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• 2010C T Holdings changed its name from Ceylon Theatres

  The corporate name was changed to C T Holdings as the group’s activities extended well beyond cinema exhibition.

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1. C T Holdings