CIC Holdings

CIC Holdings PLC is a Sri Lankan conglomerate and holding company whose activities developed from chemicals and industrial merchandising into a broader portfolio centered on agriculture, healthcare, and related products. The company was incorporated in 1964 and was listed on the Colombo Stock Exchange in the same year. It was originally established as part of Imperial Chemical Industries, the former United Kingdom-based chemicals group, and operated for many years under the name Chemical Industries (Colombo) PLC. The business initially had important links to chemical products, including Dulux paints and fertilizers. Over time, management shifted the company away from a narrower chemicals orientation and toward agribusiness and other consumer and industrial markets. This strategic transition was reflected in the 2011 adoption of the CIC Holdings name. The rebranding signaled an effort to represent a diversified group rather than a company identified primarily with its former chemical-industry heritage. CIC’s activities include agricultural inputs and solutions, food and feed-related businesses, healthcare products, and industrial chemicals. Its agriculture-related work has included research and product development, including collaboration with the Sri Lanka Institute of Nanotechnology on a locally developed herbicide formulation. The initiative was described as an early attempt to synthesize and formulate a herbicide domestically in Sri Lanka. The group has also expanded through investments and acquisitions, including its 2017 purchase of a 70 percent stake in Unipower (Pvt) Ltd for LKR 238 million. In 2015, it sold Chemifix, a polyvinyl acetate adhesive business, to Pidilite Industries. The company’s operating profile combines manufacturing, distribution, merchandising, and investment-holding functions. Its portfolio is therefore broader than a single product category, with individual businesses serving agricultural, healthcare, chemical, and related markets. CIC’s agricultural research activities received recognition in 2018 when the company won an award for innovative research in the non-plantation agriculture sector from the Sri Lanka Council for Agricultural Research Policy. CIC Holdings has remained a visible company in Sri Lanka’s listed corporate sector. It was ranked 41st in LMD 100 and 31st in Business Today’s Top 40 for the 2020–21 financial year, according to the cited reference material. For the quarter ended September 2021, the company reported revenue of LKR 9.54 billion, representing a 4.5 percent year-on-year increase over the corresponding period in 2020. In December 2021, Prashantha Aroshan Seresinhe was appointed Group Chief Executive Officer. The available reference material does not establish the company’s current executive roster, ownership structure, or detailed present-day segment performance.

CIC Holdings was incorporated in Sri Lanka in 1964 and joined the Colombo Stock Exchange during the same year. Its origins were connected to Imperial Chemical Industries, the former British chemicals group. The company operated under the name Chemical Industries (Colombo) PLC and initially built its business around chemical-sector activities, including Dulux paints and fertilizer. Over subsequent decades, the company changed the emphasis of its portfolio. Rather than remaining principally a chemicals and paints business, it expanded into agribusiness and other sectors, including healthcare and related manufacturing and merchandising activities. This transformation led to the adoption of the CIC Holdings name in 2011. The new name provided a broader identity for a group whose activities no longer fit its former chemical-industry description. The group’s development included both internal product and research initiatives and changes to its subsidiary portfolio. CIC entered into an agreement with the Sri Lanka Institute of Nanotechnology to develop a new herbicide formulation. The project was notable because it represented an early effort to synthesize and formulate a herbicide locally in Sri Lanka. In 2015, Dinesh Weerakkody joined as an independent non-executive director, while Amal Cabraal became non-executive chairman of CIC Feeds. Later that year, CIC disposed of Chemifix, its polyvinyl acetate adhesive business, through a sale to Pidilite Industries. Expansion continued through investment in operating businesses. In 2017, CIC Holdings acquired 70 percent of Unipower (Pvt) Ltd for LKR 238 million. The company’s agricultural research capabilities were recognized in 2018 when it won an award for innovative research in the non-plantation agriculture sector from the Sri Lanka Council for Agricultural Research Policy, Sri Lanka’s apex agricultural research body. CIC remained among the more prominent listed Sri Lankan companies. The available reference identifies rankings of 41st in LMD 100 and 31st in Business Today’s Top 40 for the 2020–21 financial year. For the quarter ending in September 2021, reported revenue was LKR 9.54 billion, up 4.5 percent from the same period in 2020. In December 2021, Prashantha Aroshan Seresinhe became Group Chief Executive Officer. Publicly available material supplied for this dossier does not provide a sufficiently complete account of later leadership, ownership, financial performance, or current subsidiary structure.

1. 2021Group CEO appointment

   Prashantha Aroshan Seresinhe was appointed Group Chief Executive Officer in December.

   Source
2. 2018Agricultural research award

   The company received recognition for innovative research in Sri Lanka’s non-plantation agriculture sector.

   Source
3. 2017Unipower investment

   CIC acquired a 70 percent stake in Unipower (Pvt) Ltd for LKR 238 million.

   Source
4. 2015Chemifix divestment

   CIC sold its Chemifix polyvinyl acetate adhesive business to Pidilite Industries.

   Source
5. 2011Adoption of the CIC Holdings name

   The company changed its name from Chemical Industries (Colombo) PLC to CIC Holdings as its business broadened beyond its original chemicals focus.

   Source
6. 1964Incorporation and stock-market listing

   Chemical Industries (Colombo) was incorporated and listed on the Colombo Stock Exchange in the same year.

   Source

A diversified Sri Lankan listed group positioned around agriculture, healthcare, chemicals, and research-led local manufacturing and merchandising.

• Agricultural inputs and crop solutionsAgriculture

  CIC’s agricultural portfolio includes inputs and crop-related solutions associated with its strategic shift toward agribusiness. The reference material specifically connects the company with fertilizer and herbicide development, including a collaboration with the Sri Lanka Institute of Nanotechnology on a locally synthesized and formulated herbicide.

• Healthcare productsHealthcare

  Healthcare is identified as one of CIC Holdings’ principal areas of activity. The available sources establish the segment at a broad level but do not provide a sufficiently detailed list of brands, therapeutic categories, or current product names.

• Industrial chemicalsChemicals1964

  Industrial and commercial chemicals form part of CIC’s historical and continuing business identity. The company originated in the chemicals sector and later diversified, retaining chemical manufacturing and merchandising capabilities within its broader group portfolio.

• Animal feedAgriculture

  CIC Feeds is referenced in connection with the group’s agricultural activities and the appointment of its non-executive chairman. The supplied material does not specify the current feed product range or individual brands.

• ChemifixAdhesives

  Chemifix was CIC’s polyvinyl acetate adhesive business. It was part of the company’s historical chemical-product portfolio until CIC sold the subsidiary to Pidilite Industries in November 2015.

• 2021Appointment of Group Chief Executive OfficerOther

  CIC Holdings undertook a senior leadership change late in 2021.

  What changed. Prashantha Aroshan Seresinhe was appointed Group Chief Executive Officer in December 2021.

  Aftermath. The supplied reference does not describe subsequent strategic or financial consequences.

  Source
• 2017Acquisition of Unipower stakeM&A

  CIC pursued expansion through investment in operating companies connected to its broader business interests.

  What changed. The group acquired 70 percent of Unipower (Pvt) Ltd for LKR 238 million.

  Aftermath. The acquisition increased CIC’s ownership exposure to the Unipower business; detailed post-acquisition performance is not provided in the supplied sources.

  Acquisition consideration. LKR 238 million (2017)

  Source
• 2015Sale of ChemifixM&A

  CIC reviewed its portfolio while developing a broader agribusiness-oriented strategy.

  What changed. It sold the Chemifix polyvinyl acetate adhesive business to Pidilite Industries.

  Aftermath. The transaction removed the adhesive business from CIC’s portfolio; the supplied sources do not state the sale proceeds or subsequent operational effects.

  Source
• 2011Rebrand and strategic diversificationStrategy

  The former Chemical Industries (Colombo) name reflected the company’s original chemicals orientation, while its activities had expanded into agribusiness and other fields.

  What changed. The company adopted the CIC Holdings name and repositioned itself as a diversified group.

  Aftermath. The new identity aligned the corporate brand with a broader portfolio spanning agriculture, healthcare, chemicals, and related activities.

  Source

• 2021CIC reports higher September-quarter revenue

  Revenue for the quarter ended September 2021 reached LKR 9.54 billion, reported as a 4.5 percent year-on-year increase.

  Other
  Source
• 2021Prashantha Aroshan Seresinhe appointed Group CEO

  CIC Holdings appointed Prashantha Aroshan Seresinhe as Group Chief Executive Officer in December 2021.

  Leadership change
  Source
• 2018CIC recognized for non-plantation agriculture research

  CIC received an award for innovative research in the non-plantation agriculture sector from the Sri Lanka Council for Agricultural Research Policy.

  Other
  Source
• 2017CIC Holdings acquires majority stake in Unipower

  The group acquired a 70 percent interest in Unipower (Pvt) Ltd for LKR 238 million.

  M&A
  Source
• 2015CIC Holdings sells Chemifix adhesive business

  CIC Holdings sold its Chemifix polyvinyl acetate adhesive subsidiary to Pidilite Industries.

  M&A
  Source
• 2011CIC Holdings changes its name from Chemical Industries (Colombo)

  The company adopted the CIC Holdings name as it moved beyond its historical chemicals and paints identity and emphasized a more diversified agribusiness-oriented strategy.

  Other
  Source

1. CIC Holdings
2. CIC Holdings official website