Renuka Agri Foods purchase 24% shares in Richlife Dairies

Renuka Agri Foods PLC has purchased 24 percent shares in Richlife Dairies Limited for Rs. 100 million, news sources said

In a stock market filing, Renuka Agri Foods disclosed that it purchased 4,869,600 shares amounting to the remaining 24 percent stakes of Richlife Dairies.

With this, Richlife Dairies is now is a 100 percent owned subsidiary of Renuka Agri Foods which purchased a 76 percent stake of the Richlife for Rs. 505 million last year.

When the Daily News Business contacted one of the Directors attached to Renuka Agri Foods Plc Palitha Gunathilaka, he said that since companies are listed in the Colombo Stock Exchange, they cannot comment on their future plans."We cannot comment further on this transaction without an official announcement from the Colombo Stock Market," he said.

Renuka Agri Foods PLC manufactures and markets a range of premium coconut products in conventional and organic forms. Richlife Dairies Limited is engaged in manufacturing milk based and fruit based food and beverages under the brand names Richlife and Cheers. Renuka Agri Foods PLC, a subsidiary of Renuka Group Ltd (RGL) incorporated in 1980 traces its roots to the year 1866.

The company is one of the leading Sri Lankan companies that manufacturers plantation fresh coconut milk, coconut powder, coconut cream, desiccated coconut, tea, spices, organic food products and ready to eat foods, etc.

(HS)