Packsco acquires CIAL business assets

25 February 2019 - 87   - 0

Enabled by MTI Corporate Finance, Packsco (a long standing player in Sri Lanka’s stationery business) has acquired the stationery business assets of CIC’s stationery brand ‘CIAL'. 

In a media release issued by MTI, Managing Director of CIC Holdings Samantha Ranatunga said: “CIC is going through a strategic transformation and we have retained MTI as our consultants for this initiative. As part of the project, we have decided to focus on our core competence, which CIC is certain will outperform in the market and maintain a sustainable position in the respective industries. It has been quite an interactive and productive project with MTI so far, and they have been supportive with our needs.”

MTI CEO, Hilmy Cader said he was pleased to be working with CIC, and added: “The main aim of these non-core diversifications is to move CIC to be a more profitable and competitive organization with a higher return on investment to shareholders."

Mr. Cader further said: "The deliverable of this project towards achieving this goal is to provide CIC with a strategic direction, of which one of the outcomes has been the sale of CIAL's stationery machinery to Packsco.”

Packsco is a leading importer and distributor of pens, JK Copier photocopy paper and Nataraj products in Sri Lanka.

Established in 1964, CIC Holdings PLC is one of Sri Lanka’s leading conglomerates with ventures in businesses ranging from agriculture to chemicals and from medicine to household products. Guided by strong ethics and a growth culture, CIC has become a household name in Sri Lanka.

  Comments - 0

  • Leave a comment

Top Stories

Education Ministry seeks Rs 2.5 billion from Treasury to resume stalled projects

The Education Ministry has sought close to Rs 2.5 billion from the Treasury, after some 1500 projects have been stalled due to lack of funding...

19 October 2019 - Views : 19

Gotabhaya pledges new political culture rid of corruption

19 October 2019

Two including policeman nabbed with 180 kilos of kerala cannabis

19 October 2019

Seven Chinese workers at Aruwakkalu landfill arrested without visas

19 October 2019

Features & Analysis

Special screening programme for breast cancer at Early Detection Centre in Narahenpita

October is designated as ‘Breast Cancer Awareness Month’, worldwide. Cancer ranks amongst the leading thr...

The Wolf is back! ‘Big Bad Wolf Book Sale’ to get underway from tomorrow

The wolf is here with books for us to devour! The highly anticipated ‘Big Bad Wolf Sale’ which is open to...

Toyota's latest Rav4, Corolla and HIACE hit the streets

Toyota Lanka (Pvt) Ltd, the sole authorized dealer for Toyota vehicles and spare parts in Sri Lanka recently launched...

English Lit Societies of Ladies and STC present LitCon

The English Literary Societies of Ladies' College and S.Thomas' College Mt.Lavinia proudly present LitCon ...