Kotagala Plantations acquires Union Commodities for Rs. 1.57 bn

Kotagala Plantations has bought Union Commodities Private Limited, a tea exporter for a sum of Rs. 1.575 billion.

Accordingly, the plantation firm has acquired 100 % of the issued capital of the Union Commodities. A stock market disclosure issued by Kotagala Plantation described, Union Commodities as the 4th largest tea exporters from Sri Lanka.

“The company enjoys a state of the art self-sufficient factory with an in-house advance tea bagging facility, on-site purpose built storage facility, packaging facilities and a shipping and a freight forwarding company fully owned by the group located in Kelaniya,” the disclosure said. It added, Founder Chairman of Union Commodities Chanaka De Silva will continue to function as the Chairman of the firm. Apart from exporting teas, the commodity firm is also engaged in dealing with other commodities and food items such as sesame, cloves and pepper.

News 360.lk