Bogawantalawa Tea Estates is in the process of negotiating a joint venture agreement worth US$2 million with a foreign partner to establish a project to manufacture iced tea for export through a company Walters Bay Bogawantalawa Estates (Pvt) Ltd incorporaed in Sri Lanka on March 25.
In a disclosure to the Colombo Stock Exchange (CSE) this week, the company stated that in January 2010, Walters Bay and Company Inc in Texas in the United States obtained investment approval from the Board of Investment in Sri Lanka to set up a project to manufacture iced tea for export purposes with Bogawantalawa being the local collaborator.
The envisaged investment of US$2 million is due to be invested by the foreign partner while the proposed investment by Bogawantalawa amounts to approximately US$65,000 which would result in it holding 25% of the ordinary issued capital of the project company. |
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