Cargills to consolidate dairy business after merging dairy firm
View(s):Cargills (Ceylon) PLC (CCP) has plans to expand the product portfolio in its dairy business after acquiring the balance shares of subsidiary Kotmale Holdings PLC (KHP) and merge it with Cargills Quality Dairies (Pvt) Ltd, a wholly owned subsidiary in the group, according to a top official.
He said that this will create a unified entity focusing on carrying out the dairy operations of the group.
“We’ll acquire the shares in KHP held by shareholders who did not accept the voluntary offer (at a price of 62.50 per share). The remaining shares were acquired by CCP, and the applications for transfer of these shares outside the trading system are pending with the SEC,” he said. At the conclusion of this process, CCP will be the sole shareholder of KHP and will proceed to seek a de-listing of the shares from the official list of the Colombo Stock Exchange and subsequently merge the operations of KHP with Cargills Quality Dairies, he said.