ACL Cables PLC is a cable manufacturing company in

Sri Lanka Sri Lanka (, ; si, ශ්‍රී ලංකා, Śrī Laṅkā, translit-std=ISO (); ta, இலங்கை, Ilaṅkai, translit-std=ISO ()), formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an ...

. ACL Cables manufactures and sells power cables, conductors,

armoured cable In electrical power distribution, armoured cable usually means steel wire armoured cable (SWA) which is a hard-wearing power cable designed for the supply of mains electricity. It is one of a number of armoured electrical cables – which include ...

s and telephone cables. The company was established in 1962 as Associated Cables, a subsidiary of Associated Motorways. The company was publicly quoted in 1976. In 1980, the company moved out of Associated Motorways Group and was renamed ACL Cables in 1990. ACL Cables is one of the ''LMD'' 100 companies in Sri Lanka.

History

In 1962, Associated Cables Ltd was incorporated as a subsidiary of Associated Motorways (AMW). Manufacturing of electric cables commenced in the following year in the AMW industrial park in Kalutara. Associated Cables was quoted on the Colombo Stock Exchange in 1976. The company moved out of Associated Motorways Group in 1980 and was renamed ACL Cables to build an independent identity from Associated Motorways in 1990. The company started manufacturing

s in 1986. ACL Cables commenced a technical collaboration with

Nokia Nokia Corporation (natively Nokia Oyj, referred to as Nokia) is a Finnish multinational corporation, multinational telecommunications industry, telecommunications, technology company, information technology, and consumer electronics corporatio ...

Cables in 1988. In 1995, the company started exporting to Bangladesh and Maldives. ACL Cables acquired Kelani Cables in 1999. The acquisition raised

monopolistic A monopoly (from Greek el, μόνος, mónos, single, alone, label=none and el, πωλεῖν, pōleîn, to sell, label=none), as described by Irving Fisher, is a market with the "absence of competition", creating a situation where a spec ...

concerns by the small players in the market. Even though the acquisition fueled speculations of triggering anti-monopoly legislation, since cables were not one of the 46 items that have been gazetted which cannot be monopolised, the Fair Trading Commission did not interfere in the matter. A consortium of companies consisting of ACL Cables, National Development Bank and Trydan Partners acquired Hemas Power from Hemas Holdings. ACL Cables introduced its new logo in 2015. The company acquired 51% of Cable Solutions (Pvt) Ltd for LKR480.7 million in 2019.

Operations

ACL Cables was ranked the most valuable

building material Building material is material used for construction. Many naturally occurring substances, such as clay, rock (geology), rocks, sand, wood, and even twigs and leaves, have been used to construct buildings. Apart from naturally occurring materia ...

and 37th overall brand in Sri Lanka in 2022 by Brand Finance. The company controls 70% of the market share of the cable market. ICRA Lanka upgraded its credit rating of ACL Cables to LA- from L+ in January 2022. The credit outlook is adjudged as Stable. The company's financial position and market share are cited as the rationale for the rating. ACL Cables' main export markets are India, Australia, Maldives, Bangladesh and Africa. With the shortage of foreign exchange reserves due to the Sri Lankan economic crisis, the company faced difficulties in importing raw materials. ACL ceiling fans received Sri Lanka Standard Institute's certification for energy efficiency and safety features. The company moved to the ceiling fans market in 2016. Percy Abeysekera, the

superfan Superfan or Super Fan may refer to: * An extremely enthusiastic fan (person) of a sports team or entertainer * Giles Pellerin (1906–1998), nicknamed Superfan, notable fan of the USC Trojans *"Bill Swerski's Superfans", a recurring sketch on ''Sa ...

of the

Sri Lanka national cricket team The Sri Lanka men's national cricket team, ( si, ශ්‍රී ලංකා ජාතික ක්‍රිකට් කණ්ඩායම, ta, இலங்கை தேசிய கிரிக்கெட் அணி) nicknamed The Lions ...

is an employee of the company. Abeysekera joined the company in 1962 as a factory foreman and rose to a factory manager position during his career.

Subsidiaries

Source: Annual Report, 2020/21

References

External links

Official website
{{All Share Price Index 1962 establishments in Ceylon Companies listed on the Colombo Stock Exchange Manufacturing companies based in Colombo Manufacturing companies established in 1962 Wire and cable manufacturers

History

Operations

Subsidiaries

See also

References

External links