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EAP Broadcasting Company Limited

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.

Key facts

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

Ownership

Individual Owner

Alexis Indrajit Lovell

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.

60%
Media Outlets
Other Media Outlets

Other TV Outlets

ETV

Other Radio Outlets

E FM (0.10%)

Facts

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.

Further Information

Data Publicly Available

ownership data is easily available from other sources, e. g. public registries etc.

2 ♥

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.

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