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| Tuesday, 9 March 2004 |
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Ceylon Biscuits acquires 60% stake in Cecil Food Ceylon Biscuits Limited recently acquired a 60% stake in Cecil Food (Pvt) Ltd - a 100% export based company which manufactures organic and natural fruit juices, cashew nuts and dehydrated products for a very exclusive export market. This company has been in existence for over 10 years and has been exporting a unique range of dehydrated fruit and vegetable products to over 20 countries. In November 2003 Cecil Food formed a new company in Galgamuwa under the name of Galgamuwa Export Processing Company (Pvt) Ltd. This is a joint venture with the Export Development Board, the Ministry of Rural Economy and Small Industries and Samurdhi Authority. Cecil Food has a 51% stake and the Company is managed by Cecil Foods. Farmers represent the outgrowers in the Board of the Company. Cecil Food is deeply involved in rural agriculture and the welfare of the farming community with its extensive outgrower system. Over 1,000 farmers are working with Cecil Food and the company is able to offer attractive prices to the farmers by eliminating the middleman. The Chairman of Cecil Food M. P. Wickramasingha, is also the Chairman of the Southern Region Economic Development Commission of BOI. In keeping with his vision of developing agriculture and adding value to farm produce at grassroots levels, Cecil Food has ventured into the rural areas and has recently installed a third processing plant in the Moneragala district of Athimale. The farmers sell their products directly to the Semi-processing unit in Moneragala. The fair price and buy back guarantee has stimulated cultivators in the district. A similar processing unit for fruits is in the pipeline of expansion in Embilipitiya. Cecil Food's fully owned subsidiary under the name of Cecil Fruit Canneries (Pvt) Ltd. complements the product range, manufacturing natural fruit juices for the domestic and export markets. After the amalgamation with Ceylon Biscuits, Cecil Food has already made inroads in the domestic and export markets. Ceylon Biscuits has already infused over Rs.40 million for new equipment and working capital requirements and is looking actively of relocating or starting a new BOI export oriented factory to meet the export orders exceeding US$1 million in hand. Cecil Food whilst making a valuable contribution to the welfare of the farmers will bring much-needed foreign exchange to the country with the increased exports expected in the future. |
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