Swiss company to acquire 33 % in Tess Agro PLC
View(s):IPEK SA Ltd is to acquire 33 per cent of cold chain operator Tess Agro PLC.
Incorporated in Cyprus, IPEK SA Ltd based in Switzerland operates in eight countries and is looking to enter the food industry. It’s a fast-growing company focused on crude oil production, refining, international trading, waste utilisation and recycling, construction of infrastructure for oil and gas industries and is based in Switzerland.
The transaction will be executed as a private placement to acquire 168,000,000 voting shares at 50 cents each, for a Rs.84 million investment that came about when the company was looking at doing some restructuring in the wake of a difficult two years owing to the pandemic.
The company will be the largest shareholder at Tess Agro PLC followed by Tess Pvt Ltd with a 31.13 per cent stake and S.A. Fernando, with a 7.2 per cent stake. The public shareholding of the firm is at 41 per cent.
Tess Agro now has 339.97 million voting shares and 50 million non-voting shares.
At the EGM held on Wednesday to get approval for this transaction, Tess Agro Chairman Dilshan Fernando said the company is also looking at listing in a foreign market. The Tess Group of Companies which has four subsidiaries, Tess (Pvt) Ltd, Tess Agro, Tropic Fishery, and Tropic Frozen Foods Ltd has ventured into diverse activities. The Tess company is the first EU-registered factory in Sri Lanka. It also has the only long-line vessel fleet in the country.
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