Munchee soon in Bangladesh, Pakistan

Ceylon Biscuits Ltd (CBL), makers of the popular ‘Munchee’ biscuits brand, is actively looking at Bangladesh and Pakistan as its next stop after they entered India recently.

The company will also list on the Colombo Stock Exchange as soon as the ‘country’ climate changes, according to a top CBL official. “We are thinking of venturing to Bangladesh and Pakistan in the near future,” Mineka (Micky) Wickramasingha Chairman CBL told The Sunday Times FT. He said the discussion process with the relevant authorities in those two countries is presently underway.

“We need to get the procedures in place first. We are quite positive about entering these two countries,” he added.

He said the operation in those countries would be akin to that of India. Two years ago the company (which entered the Indian market through its wholly-owned subsidiary Ritzbury India) emerged as the highest bidder for the assets of Bakeman's Industries which was the third largest biscuits maker in India. Wickramasingha said that the progress is somewhat slow in northern India but in southern India the company is making satisfactory progress. On listing of company stock, he said at present interest rates are at 20 percent and it is very difficult to list at these rates. “We will be ready when the country is ready,” he said, adding that all primary procedures for listing are ready. Presently CBL exports its products to Australia, Singapore and China.