Colombo. Wednesday 21 November 2012: Renuka Shaw Wallace (formerly known as Coco Lanka PLC) today launched its new mission and corporate identity at a Media Conference. This transformation takes the Company’s focus from being solely in the Agri Business sector into a fully-fledged Food and Beverage Company. Renuka Shaw Wallace will function with the objective of becoming one of the largest companies in this segment.
“Our new name better reflects the complete spectrum of businesses we are in and the opportunities we are unleashing. Renuka Shaw Wallace brings together a portfolio of food and beverage companies which are respective leaders in their segments. It draws on the heritage of trust built by the brands from generation to generation in Sri Lanka. What we hope to achieve is to consolidate direction, unlock synergies by controlling the value chain from raw material to shelf, and, in turn, achieve our mission to - Make Every Day Delicious - for our consumers locally as well as globally”, said Shamindra Rajiyah, CEO / Executive Director of Renuka Shaw Wallace.
The launch also highlighted the company’s many household brands in Sri Lanka such as Captain Jack Mackerel, Captain Soya Meat, Renuka Coconut products, Richlife Dairy products, Sun Gold Instant drinks, Cheers Fruit juices, Plaza canned fish and Rainers Colourings and Essences.
Renuka Shaw Wallace’s businesses consist of fast moving consumer goods (FMCG), food service, dairy and agri-exports. These operate under Renuka Consumer Foods Ltd, Shaw Wallace Ceylon Ltd, Shaw Wallace Food Services Ltd, Renuka Products (Pvt) Ltd, Renuka Agri Foods PLC, Renuka Organics (Pvt) Ltd, Renuka Teas Ceylon (Pvt) Ltd and Kandy Plantations Ltd.
Rajiyah added that Renuka Shaw Wallace operates five factories, nine processing centres, two plantations, an out-grower network exceeding 5000 farmer families, a state-of-the-art warehouse and a logistics centre. It exports to 61 countries, and locally distributes to 65,000 grocery outlets island-wide as well as to hotel, restaurants, catering establishments among others. The company directly employs 1240 people.
As part of the rebranding and aggressive expansion of the business, Renuka Shaw Wallace PLC (formerly Coco Lanka PLC) is to raise Rs. 1008 Million by way of a Rights Issue which closes on 07 December 2012.
Elaborating on the Rights Issue and the future direction, Rajiyah said, “Renuka Shaw Wallace’s aggressive expansion in the food and beverage space is to seize the growth opportunities the country offers. Our future plans include the extension of existing brands to new food and beverage products by manufacturing in response to evolving consumer needs. These include the processing of value-added fish, innovative dairy products while increasing our general trade outlet coverage and efficiency through the sales force automation system currently under implementation”.
Renuka Shaw Wallace is also focusing on utilising the country’s marine industry by setting up a fish processing facility to bring convenience to the local consumer under its already established Captain and Plaza brands.
“Growth in the FMCG arena and dairy sector will be fuelled by increases in per capita income, resulting in a demand for convenient, value-added food and beverage. The food service industry will grow as tourism arrivals increase. All segments the organisation operates in - food and beverage, commercial agriculture, dairy, fish processing, agri-exports and supplies to the tourism industry - are all thrust sectors supported and nurtured by government policies. In a nutshell Renuka Shaw Wallace is poised for growth in all its business operations”, Rajiyah said.