Group restructuring to strengthen manufacturing and product portfolio
Renuka Shaw Wallace PLC announced in a Stock Exchange filing on Friday that its 100% subsidiary, Renuka Consumer Products Limited, has sold slightly over 19.7 million ordinary voting shares in Shaw Wallace Ceylon Limited for Rs.211.2 million representing 21.12% of the voting shares in issue to C.J. Patel & Co. Ltd. of Fiji.
Shaw Wallace Ceylon is a subsidiary of Renuka Consumer Foods and the two companies have an agreement with C.J. Patel to develop their manufacturing capabilities and product portfolio, the filing said.
Renuka Shaw Wallace PLC announced in a Stock Exchange filing on Friday that its 100% subsidiary, Renuka Consumer Products Limited, has sold slightly over 19.7 million ordinary voting shares in Shaw Wallace Ceylon Limited for Rs.211.2 million representing 21.12% of the voting shares in issue to C.J. Patel & Co. Ltd. of Fiji.
Shaw Wallace Ceylon is a subsidiary of Renuka Consumer Foods and the two companies have an agreement with C.J. Patel to develop their manufacturing capabilities and product portfolio, the filing said.
The C.J. Patel group with headquarters in Fiji operates in ten countries, Australia, New Zealand, Papua New Guinea, Samoa, Tonga and India among others.
The group’s business includes manufacturing noodles, confectionery, dairy and fish products and distribution of international brands such as Wetabix, Kimberlu Clark and Nivea. The company is also into media and automotives among others.
Renuka Consumer Foods now owns 42.24% of the issued voting shares and 75.87% of the issued non-voting shares of Shaw Wallace with C.J. Patel and its nominees also holding 42.24% of the issued Shaw Wallace voting shares.
Friday’s filing by Renuka Shaw Wallace also said that Renuka Teas Ceylon (Pvt) Ltd. has purchased from Renuka Agri Foods 100% of the shares of Renuka Teas comprising 1.25 million ordinary voting shares and 1.25 million ordinary non-voting shares for a consideration of Rs.96.9 million.
Renuka Agri Foods PLC announced that the proceeds of the sale will be used for investment in its core business of plantations/farming, manufacturing, marketing, export and local distribution of coconuts, dairy and fruit products.
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The group’s business includes manufacturing noodles, confectionery, dairy and fish products and distribution of international brands such as Wetabix, Kimberlu Clark and Nivea. The company is also into media and automotives among others.
Renuka Consumer Foods now owns 42.24% of the issued voting shares and 75.87% of the issued non-voting shares of Shaw Wallace with C.J. Patel and its nominees also holding 42.24% of the issued Shaw Wallace voting shares.
Friday’s filing by Renuka Shaw Wallace also said that Renuka Teas Ceylon (Pvt) Ltd. has purchased from Renuka Agri Foods 100% of the shares of Renuka Teas comprising 1.25 million ordinary voting shares and 1.25 million ordinary non-voting shares for a consideration of Rs.96.9 million.
Renuka Agri Foods PLC announced that the proceeds of the sale will be used for investment in its core business of plantations/farming, manufacturing, marketing, export and local distribution of coconuts, dairy and fruit products.
www.island.lk
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