Keells Food acquires food company for Rs 700 mln
View(s):Keells Food Products Ltd is purchasing D&W Foods Ltd at Pannala for Rs 700 million and funding the acquisition entirely through a rights issue, the company notified the Colombo Stock Exchange on Monday.
Part of the giant John Keells Holdings, the company said it planned to issue 17 million shares at Rs 60 per share through a 2-for-1 rights.
The company plans to raise Rs 1.02 billion through this to fund the purchase and for improvements thereafter.
The company is a Board of Investment-approved project at the Makandura Industrial Estate launched in 2007 as a joint venture between Kipco-Damaco NV Belgium and Wickremaratne Trading International to produce high quality chicken frankfurters (German sausages) for the export market.
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