Kelani Valley (KV) Plantations Plc, part of the Hayleys Group, has acquired the 60% balance stake in Mabroc Teas (Pvt) Ltd resulting in KV owning the entire firm which was the main marketer of KV teas, a senior Hayleys official said.
Earlier Mabroc was an independent company headed by businessman Bandula Jayasekera until a 40 % stake was acquired about seven years ago by Hayleys. After last week’s acquisition, the Hayley-controlled KV controls the entire company which the official said was “our intention at the beginning of this relationship – to take full control - as it makes it easier for our marketing and strategies.”
Mr Jayasekera has retired from Mabroc with Hayleys Chairman Mohan Pandithage replacing him as chairman of Mabroc which now becomes part of the Hayleys family. The official said KV and Hayley-owned Talawakelle Tea Estates Plc have some of the best tea brands and the new development would help the group invest more in branding and marketing.
He said while Talawakelle has tea plantations, KV has an (almost) equal mix of tea and rubber plantations. Both companies are more into value added tea than bulk tea export. |
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