Cargills (Ceylon) PLC, Sri Lanka’s leading modern trade retail industry, acquired the Schaffter family-controlled Kotmale Holdings PLC on Wednesday as part of its accelerated expansion and diversification drive in the Fast Moving Consumer Goods (FMCG) industry.
“The acquisition of a 73% stake at a maximum price of Rs. 40/- per share includes three production plants under Kotmale Holdings PLC located in Bogahawatta, Kaluthara and Colombo,” the company said in a statement, adding that the mandatory offer, as per regulations for the balance shares would follow shortly.
The move consolidates Cargills' interest in the dairy industry enabling it to enhance its dairy product range which is currently spearheaded by Cargills Magic, Sri Lanka's No. 1 dairy ice cream, according to the company.
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