To pump Rs 130m in Lifesciences
H.D.H Senewiratne (hsenewiratne@gmail.com)
CIC Holdings Plc will strengthen and expand the pharmaceutical sector business by investing in their pharmaceutical manufacturing plan in CIC Lifesciences Ltd. The company expects to invest more than Rs 130 million for it in order to strengthen its operations, CIC Holdings Managing Director and CEO Samantha Ranatunga said.They have invested Rs 35 m under the first phase.
“This pharmaceutical company came to us having changing its hand from several companies and provided several drugs namely anti-biotic non bacterial, anti- ulcer drugs to government hospitals, which is one of the few local companies that supply it,” Ranatunga told the Daily News Business.
He said that this plant is an ultra modern plant supplying generic products to state hospitals and intend to develop its own brand for the company in the future in order to venture into the export business. Further the company also will strengthen their agriculture sector business throughout the country after the company’s major restructuring plan.The company will focus on food and nutrition, pharmaceutical and industry chemicals, he said.
CIC Lifesciences comprises 60 percent of the current portfolio particularly the antibiotics range which is now working with a consulting firm in India to introduce the technology to manufacture non-penicillin based pharmaceuticals in Sir Lanka, he said.
“This year the company is optimistic to achieve a very high growth compared to last year. Because of last year’s restructuring process our balance sheet and profit and losses account were not done well because we have given more focus on food and nutrition, pharmaceutical and export businesses by channelling our funds into them,” Ranatunga said.
He said having completed a thorough and complete review of the Group,its constituent companies and their operations we were able to determine risk profiles for each company and sector.
“Where the risks were unacceptably high as in food wholesale and distribution we have moved out. In areas with strong profit potential and relatively manageable risk we have stayed. In areas like pharmaceutical and animal feed we have identified capabilities in the pharmaceutical and animal feed business”, he said.
www.dailynews.lk
H.D.H Senewiratne (hsenewiratne@gmail.com)
CIC Holdings Plc will strengthen and expand the pharmaceutical sector business by investing in their pharmaceutical manufacturing plan in CIC Lifesciences Ltd. The company expects to invest more than Rs 130 million for it in order to strengthen its operations, CIC Holdings Managing Director and CEO Samantha Ranatunga said.They have invested Rs 35 m under the first phase.
“This pharmaceutical company came to us having changing its hand from several companies and provided several drugs namely anti-biotic non bacterial, anti- ulcer drugs to government hospitals, which is one of the few local companies that supply it,” Ranatunga told the Daily News Business.
He said that this plant is an ultra modern plant supplying generic products to state hospitals and intend to develop its own brand for the company in the future in order to venture into the export business. Further the company also will strengthen their agriculture sector business throughout the country after the company’s major restructuring plan.The company will focus on food and nutrition, pharmaceutical and industry chemicals, he said.
CIC Lifesciences comprises 60 percent of the current portfolio particularly the antibiotics range which is now working with a consulting firm in India to introduce the technology to manufacture non-penicillin based pharmaceuticals in Sir Lanka, he said.
“This year the company is optimistic to achieve a very high growth compared to last year. Because of last year’s restructuring process our balance sheet and profit and losses account were not done well because we have given more focus on food and nutrition, pharmaceutical and export businesses by channelling our funds into them,” Ranatunga said.
He said having completed a thorough and complete review of the Group,its constituent companies and their operations we were able to determine risk profiles for each company and sector.
“Where the risks were unacceptably high as in food wholesale and distribution we have moved out. In areas with strong profit potential and relatively manageable risk we have stayed. In areas like pharmaceutical and animal feed we have identified capabilities in the pharmaceutical and animal feed business”, he said.
www.dailynews.lk
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