HVA Foods to go public this month

HVA Foods Ltd. of the HVA Group will go public next month with plans for expansion, said Chairman HVA Group, Rohan Fernando.

He said the company hopes to raise Rs. 318 million through a share offer of 19.9 million ordinary shares priced at Rs. 16 a share. The IPO will be opened on January 12 and will be closed on February 1."The company plans to expand its operations of the current product facility and improve the scope of the tea extraction plant to commercial level", Fernando said.

Heladiv Tea a well-known global brand is registered in 40 countries. It is the first time an international tea brand is opening to the public.

Fernando said the export turnover of the company will be around Rs. 600 million by the end of the financial year ending March this year.HVA Foods exports to Russia, CIS, Far East and selected markets in Europe. HVA Lanka Exports Ltd., the parent company of the HVA Group was incorporated in 1990 and has completed 20 years of operations in the country.

HVA foods was set up as a BOI company in 1997 to specialise in value added tea exports in branding as well as to harness the potential of other tea based products.

The Heladiv Innovative Centre has developed a series of products from BOP Fanings and among them are ice tea in various flavours, health care and beauty care products and residue processed as a rooting block for the horticulture industry. - LF