Business

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.

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