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KVC or Kelani Valley Canneries was originally owned by Seneviratne family and in 1999 it was partly divested to D.S.I. Samson group and in 2008 CIC owned CIC Agribusiness bought 60% of KVC for Rs. 18 million.
So in 2008 the value of the company was at Rs.30 million and KVC wanted CIC to buy as it created a win win situation which will benefit KVC with a direct supply source since CIC is in to fruits and vegetable cultivation as well as in to fertilizer.
That time it was reported in news that Chua Seneviratne a descendent from Original founder R.L.P. Seneviratne continued to hold 20% of the company.
However C.W. Mackie to stock exchange said they bought 88.23% or 30,351,222 ordinary shares of KVC for Rs.130 million.
C.W. Mackie is already in to Sunquick Business and this will expand C.W. Mackie PLC's business in to Jams, Cordials, Chutney's etc.
Above all CIC has added more value to company and has gained over Rs.100 million by disposing the stake within 6 years.
So in 2008 the value of the company was at Rs.30 million and KVC wanted CIC to buy as it created a win win situation which will benefit KVC with a direct supply source since CIC is in to fruits and vegetable cultivation as well as in to fertilizer.
That time it was reported in news that Chua Seneviratne a descendent from Original founder R.L.P. Seneviratne continued to hold 20% of the company.
However C.W. Mackie to stock exchange said they bought 88.23% or 30,351,222 ordinary shares of KVC for Rs.130 million.
C.W. Mackie is already in to Sunquick Business and this will expand C.W. Mackie PLC's business in to Jams, Cordials, Chutney's etc.
Above all CIC has added more value to company and has gained over Rs.100 million by disposing the stake within 6 years.
