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Wednesday, 18 January 2012

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CLPL acquires 60% of Palla and Company

Ceylon Leather Products PLC (CLPL), a subsidiary of Environmental Resources Investment PLC (ERI) acquired 60% of the stated capital of leading footwear exporter Palla and Company (Pvt) Ltd for a total consideration of Rs 418 million including preference shares recently. Palla and Company (Pvt) Ltd is based at the EPZ, Katunayake, producing quality footwear to the export market.

Palla and Co, General Manager Felipe Zechin, Palla and Co, Director Marc Fanning, ERI Director Dr. Kosala Heengama and CLPI Managing Director and CEO, Sitendra Senaratne after signing the agreement.

The company was incorporated in 2004 as a limited liability company under the Board Of Investment. The Board of Directors of Palla and Company includes Dr. K. Heengama, S. Senaratne, S. Newsome and Marc Fanning.

CLPL Managing Director Sitendra Senaratne said, “Being the major shareholder, CLP is looking forward to grow with Palla’s extensive knowledge of export markets and come out with new products using their new technology. At present the total production of Palla is exported, out of which 40% goes to Italy. Palla team consists of Italian, Brazilian and Romanian experts who have extensive experience in shoe designing and production. Last year, CLPL for the first time exceeded the one billion Rupee turnover mark, while posting a growth of 86% over the previous year and post acquisition by ERI, CLPL also went on to invest in South Asia Textile Industries Lanka ( pvt) Limited (51%) and Dankotuwa Porcelain PLC (8%). Palla and Company General Manager Felipe Sechin said that with the latest development the company will introduce its ladies footwear to the local market very soon at Ceylon Leather’s new flagship store at newly refurbished, 505, Union Place, Colombo Pharmacy Company location which is scheduled to open in March 2012. He firmly believes that the expertise and management talent of CLPL will help the company expand its market share in foreign markets and take Palla to greater heights.

ERI is an investment company which continuously strives to be a socially responsible business entity which firmly believes in the positive and far-reaching effects of good governance policies and provides financial management, strategic guidance and strong management discipline to help re-structure companies and make good companies even better.

 

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