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Renuka Holdings acquires Shaw Wallace

Pays Rs 368 m for transaction:

Renuka Holdings PLC has acquired 61.78 percent of Shaw Wallace Marketing Ltd for Rs 368 million yesterday.

Making an announcement to the CSE, Renuka Holdings said the transaction was concluded yesterday whereby Shaw Wallace Marketing Ltd becomes a subsidiary of Renuka Holdings. Shaw Wallace Marketing Ltd acquired Pioneer Warehousing Ltd a Board of Investment company who are the owners of a warehouse complex in Peliyagoda and Colombo 8 which will house the future corporate offices of Shaw Wallace.

For these purchases group companies of Renuka Holdings PLC have advanced Rs 600 million. Shaw Wallace Marketing Ltd is engaged in the distribution of Consumer goods and Automotive products. The company also acts as importers and agents for many products.

The subsidiaries of Shaw Wallace Marketing Ltd are Healthcare Products (Pvt) Ltd, engaged in the manufacturing of food products. Shaw Wallace Services Ltd, engaged in the provision of management services and Shaw Lanka Tours (Pvt) Ltd who are travel agents.

This purchase does not include Shaw Wallace and Hedges PLC run as an investment company.

 

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