Sri Lanka’s Coco Lanka PLC, an agribusiness firm has started expanding into the FMCG sector and has already acquired the Shaw Wallace Ceylon Limited.
Coco Lanka says, its newly formed subsidiary, Renuka Consumer Foods Limited will spearhead its FMCG operation.
It will also look to either invest in or acquire new FMCG brands or companies to come under the group.
Renuka Conusmer Foods Limited has already acquired 59.76% of the Shaw Wallace Ceylon Limited to this effect.
“Today the business encompasses the complete value chain including plantations, manufacturing, international marketing and local distribution of food and beverage products. As an integrated food and beverage organization the company has ambitious plans to develop its product portfolio and distribution capabilities with its investment in Renuka Consumer Foods Ltd” Executive Director of the Company Shamindra Rajiyah was quoted saying in a statement issued by the firm.
Coco Lanka PLC is also planning to rename the firm as Renuka Shaw Wallace PLC and will raise over a Rs. 1 billion by way of a Rights Issue.
The company, in the future is aiming to extend its existing brands to new food and beverage products, build an international coconut water brand, and increase its general trade outlet coverage among several other moves.
Coco Lanka is a listed firm in the Colombo Stock Exchange.