Coco Lanka plans to become Sri Lanka’s leading F&B companies
View(s):Coco Lanka PLC (Coco) is expanding its focus from the agri business sector to a fullyfledged food and beverage investment holding company.
Coco will function with the objective of becoming one of the largest companies in this segment, the company said in a media statement.
The company is also being renamed Renuka Shaw Wallace PLC, to raise Rs. 1 billion by way of a Rights Issue of five new voting and non-voting shares for every four voting and non-voting shares held in the capital of the company. Coco has also formed a fully owned subsidiary Renuka Consumer Foods Limited (RCL) which will function as the Fast Moving Consumer Goods (FMCG) arm of Coco while Renuka Agri Foods PLC (RAL) will continue to function as its agri business arm, it said.
“RCL’s mandate will be to invest in and or acquire FMCG brands and companies. To this effect, RCL has acquired 59.76% of the shareholding of Shaw Wallace Ceylon Ltd (SWCL),” it said.
The company’s Executive Director Shamindra Rajiyah, said, “As an integrated food and beverage organisation the company has ambitious plans to develop its product portfolio and distribution capabilities with its investment in Renuka Consumer Foods Ltd. We are committed to delivering value added, innovative products for the evolving global consumer through our meticulous process involving quality, research and development.”
The company said its future plans include the extension of existing brands to new food and beverage products, building an international coconut water brand, becoming the most innovative dairy products manufacturer, increasing the general trade outlet coverage and efficiency through the sales force automation system currently under implementation, setting up a dedicated group brand custodian team to increase visibility and brand recall, and, manufacturing new food and beverage products in response to market needs of the evolving consumer.
Follow @timesonlinelk
Related Posts:
Keells Food acquires food company for Rs 700 mlnKeells Food Products Ltd is purchasing D&W Foods Ltd at Pannala for Rs 700 million and funding the acquisition entirely ...
UB Finance Company begins operations, reviving resurrecting failed F&G Co LtdUB Finance Company, formed by the Union Bank (UBC) with the acquisition of The Finance and Guarantee Company Ltd (TF&G), ...
CIC heads for Africa with agri projectsCIC Holdings PLC is set to venture into the African continent with agricultural farming proposals by 2013, officials said. "We're planning ...
Bairaha plans Maldives,Dubai opportunitiesBairaha Foods is planning to set up in Maldives and Dubai as a part of its expansion plans, officials said. “We ...
‘Velvet’ sees highest growth in toilet soap market- Hemas saysVelvet, a brand under Hemas’ Fast Moving Consumer Goods (FMCG) portfolio, last year achieved a volume growth of 40% said ...