HVA Foods launches IPO
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Chairman HVA Foods , Rohan Fernando stressing a point at the
media briefing. Pic: Kavindra Perera
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"Heladiv Teas has made great strides as a global brand and has helped
Sri Lanka to retain its image as an exporter of quality tea", said
Chairman, HVA Foods Limited, Rohan Fernando addressing the launch of the
company's IPO on Wednesday.
He said Sri Lankan tea faces stiff competition in the world market
and added that value added exports and branding are essential to gain an
edge over others.
The global tea market primarily comprises of tea from Sri Lanka,
Kenya, Vietnam, India and China.
Fernando said the rationale for setting up HVA Lanka when there were
over 240 companies marketing tea was to do it differently and excite
world consumers with a range of flavours and presentations.
Sri Lanka tea exports under the brand Pure Ceylon Tea surpassed US$ 1
billion in 2009 and reached approximately US$ 1.5 billion last year. Sri
Lanka's main tea exporting markets are Russia, CIS and the Middle East.
Heladiv Teas has clinched several awards for branding, designing and
packaging.The brand is registered in over 40 countries.
HVA Foods Limited, a leading manufacturer and exporter of tea based
products will raise Rs. 319 million from the Initial Public Offering of
30 percent of its stake.The IPO is intended at developing the Heladiv
Innovative Centre to manufacture ice tea.
Fernando said Rs. 45 million will be allocated to acquire HVA
Holdings (Pvt) Ltd. to assign international brand rights of Heladiv to
HVA Foods Ltd.
-LF
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