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Renuka Holding to raise Rs. 1.031 Bn via Rights Issue on CSE digital platform

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Renuka Holding PLC (RHL) has announced plans to raise Rs. 1.031 billion via a Rights Issue closing on December 16 to carry out debt settlements and to fund future investments into Group subsidiaries according to a circular issued to its shareholders.

According to the circular, the new Ordinary Voting Shares will be issued at a price of Rs. 14 amounting to Rs. 934,863,56. The new Ordinary Non-Voting Shares will be issued at a price of Rs. 10 amounting Rs. 96,426,220.

The total proceeds expected to be raised through the Rights Issue is Rs. 1,03 billion.

Renuka Holdings PLC ordinary share price closed on December 7 as at Rs. 15.10 and its net asset value per share as at September 30, 2020 was Rs. 62.87.

For the six months ended September 30, 2020, Renuka Holdings recorded a turnover of Rs. 4.2 billion, a net profit of Rs. 208 million and equity attributable to shareholders of Rs. 6.4 billion.

The group consists of two main verticals – Food and Beverage, and Property and Investment. Renuka Holdings’ interest in this sector is owned through Renuka Foods PLC, which consists of: Agribusiness – Renuka Agri Foods PLC and Renuka Agri Organics Ltd; Sri Lanka’s leading coconut based food and beverage manufacturers, Renuka Teas Ceylon Ltd – a speciality organic and superfood tea enterprise and Kandy Plantations Ltd, Sri Lanka’s largest owner of organic certified coconut lands.

The FMCG business is led by Richlife Dairies Ltd; which is within the top five dairy companies, and Shaw Wallace Ceylon; the owner of the leading brands of canned fish, snacks, among other brands.

In the Property and Investment sector, the ongoing construction of its flagship development ‘Galle Face Icon’ is progressing well with all piling work complete and excavation ongoing by Sanken. The construction will be above ground by April 2021.

Once completed it will be a 32-storey tower situated in the Galle Face district of Colombo 03, consisting of a total construction area of 450,000 sq ft, with vistas over Galle Face Green and the new Port City. The group also draws income from the operating Baseline Business Center and other group lands.

On the investment side, the Group set up a dedicated listed entity in 2016, Renuka Capital PLC, which just sold its maiden significant investment in On’ally Holdings PLC (Unity Plaza) at more than triple its original investment cost.

The Rights Issue is being carried out on a digital platform in light of the impact of Covid on the postal services, since there is a practical difficulty in dispatching the Provisional Letter of Allotment to the shareholders of the company within the stipulated time frame.

However the Colombo Stock Exchange has facilitated for eligible shareholders to apply for their rights entitlement via CDS (for CDS account holders). All eligible shareholders of the company, both CDS and Non CDS, are encouraged to follow the procedure set out and uploaded to the website www.cse.lk and www.cds.lk/renuka-holdings-plc-right-issues/ prior to applying to the rights issue. If any shareholder is unsure, they can contact Kasun on 070 4375 236.

The Directors of the Company are Mrs. I.R. Rajiyah, Dr. S.R. Rajiyah, Mr. S.V. Rajiyah, Mr. L.M. Abeywickrama, Mr. S. Dominic, Mr. T.K. Bandaranayake, Mr. J.M. Swaminathan, Mrs. A.L. Rajiyah, Mr. V. Sanmugam and Mrs. J. J. B. A. Rajiyah.



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Hemas Consumer strengthens portfolio with L’Oréal partnership in Sri Lanka

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Hemas Consumer, the leading manufacturer and distributor in Sri Lanka’s beauty and personal care sector has strengthened its portfolio of offerings in a groundbreaking partnership with the world’s number one beauty company, L’Oréal. With this partnership Hemas Consumer obtains distributor rights to leverage its sales network and innovative marketing approaches in taking L’Oréal’s wide range of beauty and personal care brands across Sri Lanka.

Commenting on the new partnership, Sriyan de Silva Wijeyeratne, Managing Director, Hemas Consumer & Executive Director Hemas Group said, “We have spent over fifty years building successful and strong consumer brands in Sri Lanka. In keeping with our promise of consumer delight and trust, we are elated to partner a world-class cosmetics group like L’Oréal expanding our existing portfolio with the world’s most sought-after beauty and personal care products.

We are well equipped in our distribution process with island-wide sales channels to serve all parts of the country. I believe this partnership will revolutionize Sri Lanka’s beauty care industry and more prospects await as we continue to look ahead with L’Oréal.”

Sabrina Esufally, Director Business Development and Innovation at Hemas Consumer said, “This partnership will enable Sri Lankans to access the iconic brands and solutions created through years of research and innovation by L’Oréal. In the fast evolving and dynamic beauty industry, the combined strength of Hemas’s local heritage and penetration, and L’Oréal’s global technology and trust is the perfect recipe for consumer delight.”

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DFCC Bank supports industrial excellence by partnering CNCI Achiever Awards

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DFCC Bank PLC, stepped up once again for the 3rd consecutive year to partner with the Ceylon National Chamber of Industries (CNCI) as the principal sponsor and official banking partner of the CNCI Achiever Awards 2020.

The CNCI Achiever Awards was held for the 19th consecutive time to recognize the outstanding efforts of exceptional performers who have molded their respective industries with innovative solutions, while overcoming challenges and meeting the demands of their clientele. This year, the event was recently held under strict health guidelines at the Galadari Hotel in Colombo. 

Commenting on the sponsorship, Chief Executive Officer of DFCC Bank PLC Lakshman Silva stated, “We are pleased to have partnered with the Ceylon National Chamber of Industries (CNCI), as the Main Sponsor and Official Banking Partner of the 19th CNCI Achiever Awards 2020. DFCC is honored to partner in reconciling successful Sri Lankan businesses from various industrial sectors. Our partnership with this prestigious awards programme aligns seamlessly with our commitment to foster and reward industrial growth across the country and support local entrepreneurs in MSME & SME sectors.”

 

 

 

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Lanka SSL triumphs with National Gold and Top Ten Awards

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CNCI Achiever Awards 2020

Lanka Special Steel Limited (Lanka SSL), a trusted name in wires and a fully-owned subsidiary of E B Creasy & Company PLC, was recently awarded the coveted National Gold Award under the Extra Large category in the Manufacturing Sector at the Achiever Awards 2020 for Industrial Excellence.

The annual event organized by the Ceylon National Chamber of Industries (CNCI) was held in March 2021 at Colombo, and celebrated some of the leading industrialists in the country for their tremendous and continued efforts in uplifting and promoting quality standards, productivity, growth and strategy, R&D, employee welfare and others whilst contributing to both the society and economy at large.

‘We are immensely proud to have been recognized with two very prominent awards at this year’s CNCI Achiever Awards. It is a huge leap from just winning a Merit Award the last time around, and this incredible achievement certainly reflects our highly ambitious plans to strive for continued excellence. We would like to thank our valued customers and all stakeholders. We are grateful to our hardworking and committed staff at Lanka SSL who have made this possible,’ said Pravin De Silva, CEO of Lanka SSL.

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