Sri Lankan dairy products company Kotmale, acquired by Cargills last November, has reconstituted a new board which will be chaired by former Nestle Sri Lanka Managing Director Stuart Young, according to a Colombo Stock Exchange filing by the company this week. This also follows the company's first board meeting held on Wednesday following a mandatory offer completed on December 30.
The filing also further revealed that all former directors, except for current Chief Executive / Director Jude Fernando, had resigned, while a new board consisting of V.R. Page (Deputy Chairman), Abdul Wahid (Managing Director), P.S. Mathavan, Sunil Mendis and A.T. P Edirisinghe had been appointed.
Cargills which owns a 82% stake in Kotmale, a company previously controlled by the Schaffter family, was said to have Kotmale, and its Bogahawatta, Kalutara and Colombo production facilities, to consolidate its own dairy and ice cream business, which Kotmale would add to with its production of over 12 million litres of fresh milk per year. |
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