EAP Broadcasting Company Limited
EAP Broadcasting Company Limited, previously EAP Networks until 2013, oversees both television and radio broadcasting outlets. The television outlets under the company are Swarnavahini and ETV. Meanwhile, the radio outlets under the company are Shree FM, E FM and RanOne FM. In December 2016, a significant percentage of the company's shares were transferred to a finance company within the EAP Group of companies i.e. ETI Finance Limited. However, in March 2017, ETI Finance Limited reportedly had a deficit of LKR 17.5 billion. Owing to this financial crisis, the Central Bank of Sri Lanka took control over the parent company, EAP Holdings earlier this year. Subsequently, certain subsidiaries of EAP Holdings, including EAP Broadcasting Company Limited, were sold.
While it was reported that Jaya Sudhir Jayaratnam was negotiating a sale on behalf of the Singapore-based company Straits Grid Pte. Limited, EAP Broadcasting Corporation Limited was sold to Ben Holdings (Pvt) Limited and the Singapore-based company, Blue Summit Capital Management Pte. Limited. Ben Holdings (Pvt) Limited is owned by Alexis Indrajit Lovell. Meanwhile, Portugal-based Pettigo Comercio Internacional Lda owns Blue Summit Capital Management Pte. Limited.
In 2015, Pettigo Comercio Internacional Lda used legal means to reclaim a domain name – Lycamovie.com (Claim Number: FA1507001627362). This domain name is one of the trademarks registered under Pettigo Comercio Internacional Lda. Other trademarks include: Lycamobile, Lyca and Lycafly. Lycamobile and Lyca are listed as trademarks for UK-based mobile services and telecommunications businesses respectively. Subaskaran Allirajah is listed as a Director of Lycamobile, Lycamobile Sweden as well as Lyca Entertainment Europe. He is also the majority shareholder in these companies.
Mother Company
Ben Holdings (Pvt) Limited and Blue Summit Capital Management Pte. Limited
Business Form
Private
Legal Form
Limited liability company
Business Sectors
Radio and Television Broadcasting
Individual Owner
Alexis Indrajit Lovell owns 59.99 percent of EAP Broadcasting Corporation Limited through Ben Holdings (Pvt) Limited. At present, he holds the post of Chairperson at National Asset Management Limited and Union Bank Finance Co. Limited. He is also a Director at the Associated Electrical Corporation Limited and Real Investment Holdings Pte. Limited. Since 04 January 2019 he has been serving as an Independent Non-Executive Director at Serendib Engineering Group PLC. In 2011, he served as a Non-Executive Director at Union Bank Finance Co. Limited.
Allirajah Subaskaran is the majority shareholder and Chairperson of Lycamobile UK Limited, which owns 40 percent of EAP Broadcasting Limited through Pettigo Comercio Internacional Lda. As founder of the Lycamobile Group of companies, he is also the Chairperson of Lycamoney, Lycatel and Lycafly. At present, Lycatel and Lycamobile have spanned over 23 countries. In 2010, Allirajah established the Gnanam Foundation with his mother, Gnanambikai Allirajah and his wife, Prema (Premantharshini) Subaskaran. The foundation provides funding for projects which improve livelihoods and education for underprivileged communities.
Other TV Outlets
ETV
Other Radio Outlets
E FM (0.10%)
RanOne FM (0.70)
Business
Telecommunications
Lyca Group
General Information
Founding Year
Missing Data
Affiliated Interests Founder
EAP Broadcasting Company Limited, which operates the Swarnavahini TV channel, was started by the Edirisinghe family. Founded by E.A.P. Edirisinghe in the 1930s, EAP Holdings Limited (the parent company of EAP Broadcasting), initially began in the pawning industry. Thereinafter, the business branched into several sectors such as: two finance companies – Saravana Finance and Edirisinghe Trust Investments (ETI) Limited, broadcasting, hospitality, jewellery, and theatres. After E.A.P. Edirisinghe passed way in 1974, his wife Soma Edirisinghe took over the company, which consisted of 25 subsidiary companies and spanned over diverse industries. She was the first female District Governor of the Lions Club (2003 – 2004) and is widely known for her philanthropic initiatives such as establishing the charity organisation, Janasara Foundation. After Soma passed away in 2015, her children – Jeewaka, Nalaka, Asanka and Deepa Edirisinghe – took-over the business.
Employees
Missing Data
Contact
EAP Broadcasting Company Limited
No.676 A2, Galle Road, Colombo 3
Tel: +947 534 534
Website: www.eapholdings.lk
Tax/ ID Number
PV2034
Financial Information
Revenue (Financial Data/ Optional)
Missing Data
Operating Profit (in Mill. $)
Missing Data
Advertising (in % of total funding)
Missing Data
Management
Executive Board
Thomas Mathew – as per the annual returns available for the year 2018 at the Department of Registrar of Companies, the CEO is listed as a Malaysian-based individual, Thomas Mathew. Ceased to be a Director on 30 November 2018.
Asanka Srimal Edirisinghe – Executive Director at Swarnamahal Financial Services PLC. He also serves as a Director in over 15 companies, many of which are affiliated with the EAP Group of companies. In July 2018, it was reported that Asanka Srimal Edirisinghe, along with three other Directors from the EAP Group, had been issued a travel ban by the Colombo Fort Magistrate, Lanka Jayaratne. On 10 July 2018, the Central Bank of Sri Lanka issued a public notice requesting for information on the assets and properties held by the aforementioned Directors. As per the data available at the Department of Registrar of Companies for May 2018, he is listed as a Director of EAP Broadcasting Company Limited.
Anjali Deepa Edirisinghe – Deepa Edirisinghe is the daughter of the late Soma Edirisinghe, who previously managed the EAP Group of companies. She serves as a Director for many of the same companies as Asanka Srimal Edirisinghe. In 2017, Deepa announced that she would contest in the Local Government Election through the Sri Lanka Freedom Party (SLFP). She was also reportedly appointed by President Maithripala Sirisena as the Colombo District Organiser for the SLFP. Akin to Asanka Srimal Edirisinghe, Deepa was also issued a travel ban. Additionally, the Central Bank of Sri Lanka included her name in the list of Directors the bank was monitoring with regards to ownership of properties and assets. As per the data available at the Department of Registrar of Companies, she is listed as a Director for EAP Broadcasting Company Limited.
Omar Siraj Qandeel – reportedly serves on the Board of Switzerland-based BlueOrchard, which is a leading impact investment manager worldwide, especially focusing on inclusive finance such as microfinance. As per the data available at the Department of Registrar of Companies for May 2018, he is listed as a Director.
Don Cyril Rodrigo – also known as Cyril Rodrigo, is the founder and CEO of S-Net Freight (Holdings) Pte. Limited, a Singapore-based freight company. He has previously held the positions of Cargo Marketing Manager for Cathay Pacific, Marketing Manager for AEI and Asia Pacific Vice President for Emery Worldwide. As per the data available at the Department of Registrar of Companies for May 2018, he is listed as a Director.
Paul Xavier Kelly – as per the data available at the Department of Registrar of Companies for May 2018, he is listed as an Investment Manager. Ceased to be a director on 30 November 2018.
Christopher Donald Michael Tooley - On 23 October 2018, Christopher Donald Michael Tooley was appointed as a Director. However, he ceased to be a Director on 05 December 2018.
Raishankar Balasingham - Appointed as a Director on 23 October 2018.
Aiadurai Sivasamy Premanathan - Appointed as a Director on 23 October 2018.
Further Information
Meta Data
The official website of EAP Holdings has been under construction for over two months, making the access to the company’s present ownership difficult to obtain. As such, the MOM research team referenced several newspaper reports in addition to gathering shareholder details through the annual returns available at the Department of Registrar of Companies. The most recent data was available for the year 2017. However, documents on the transfer of shares and Executive Board was for the year 2018. EAP Broadcasting Company Limited has not filed an annual return since the transfer of shares to Blue Summit Capital Pte. Limited and Ben Holdings (Pvt) Limited. Blue Summit Capital Pte. Limited also does not have an official website. Information on Blue Summit Capital Pte. Limited was obtained from the Singapore Registrar of Companies. Meanwhile, the link between Pettigo Comercio Internacional Lda, the shareholding company of Blue Summit Capital Pte. Limited, and Lycamobile was established through the court case in 2015 where Pettigo Commercio Internacional LDA won the case over the use of domain name lycamovie.com. While the Media Ownership Monitor research team reached out to EAP Broadcasting Company Limited by formally requesting for the company’s information on 25 July 2018, the company did not respond to the aforementioned request. MOM Team contacted Ben Holdings (Pvt) Limited for more details on the management of EAP Broadcasting Company Limited and Swarnavahini in particular. A new written request was sent to Ben Holdings (Pvt) Limited on 1 October 2018. Viewership data was obtained from the Kantar Lanka Market Research Bureau (LMRB) for the year 2017, while listenership data was gathered for the period of January- November 2017.
