GraceKennedy Ltd, among the Caribbean's largest corporate entities, has increased its stake in Sri Lanka’s Coco Lanka Plc buying 12 million shares on Monday, the local firm said this week.
The transaction was necessary for Renuka Agri Foods Plc, a Coco Lanka subsidiary, to enter into a manufacturing and purchasing agreement with the Caribean firm which is a regular buyer of Renuka products, the company informed the Colombo Stock Exchange.
Under this project, Renuka will manufacture and pack Coconut Water in aseptic retail packaging and also produce a range of beverages for the international markets.
Renuka Agri said in a statement that GraceKennedy Ltd is one of its long-standing customers. "Renuka's Coconut Water will be the flagship item of a range of exciting products in the company's tetra pack expansion. Alongside Coconut Water will also be a variety of other organic and functional drinks using Sri Lankan agricultural raw materials,” it said. |
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