Hemas takes controlling stake in J. L. Morison Son & Jones
Hemas Holdings PLC announced its purchase of a 71.5% voting stake and
a 50% non-voting stake in J.L. Morison Son & Jones (Ceylon) PLC (JLM)
valued at Rs. 1.7 Bn.
The JLM Group has a portfolio of well-established consumer brands
including Lacto Calamine, Valmelix, Morrison's Gripe Mixture and
Morrison's Baby products. In addition, the company distributes leading
consumer brands Good Knight, Kiwi, Wipro, Nivea, Garnier and L'Oreal as
well as manufacturing and distributing pharmaceutical products
islandwide.
The Incumbent Chairman, R. Abeyawira, who has been part of the JLM
Group for 61 years and due to retire from the business says, "When the
time came for us to look for a new parent for the business, our priority
was to find the right partner, a party capable of taking the business
forward. Having discussed with several prospective partners, we selected
Hemas since it has the best fit with our business portfolio and is
capable of taking this business to greater heights, building on our
people-oriented culture and values".
CEO of Hemas Holdings PLC., Husein Esufally said, "We look forward to
working closely with the team at JLM bringing our deep insights into
consumer and pharmaceutical business, helping to develop JLM as a
leading consumer and wellness company"
Outgoing CEO, JLM, Nihal Samaranayake expressed his confidence in the
new owners and their management capability to capitalise on the fast
growing consumer and pharmaceutical markets.
The Incoming CEO, JLM, Trihan Perera, highlighted the history and
legacy of the JLM Group and said he hopes to build on the strengths and
achievements of the company while bringing a new level of dynamism to
the group. |