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| Sunday, 21 March 2004 |
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Sale of RPK Richard Pieris and Company Limited (RPC) and John Keells Holdings Limited (JKH) have entered in to a sale-and-purchase agreement, whereby RPC will acquire the 50% stake owned by JKH in RPK Management Services (RPK), for a total sum of Rs465.75 million. The transaction is to be completed on March 31, 2004. The acquisition would enable RPC to further consolidate and secure its sources of rubber. RPC is looking to venture into the export of branded value added teas and the acquisition would complement this effort. RPC is also considering tourism and real estate development opportunities within the estates. JKH reviews and rationalises its portfolio on a regular basis and this disposal is part of that process. RPK was formed in 1992 as a Joint Venture, to own and manage regional plantation companies privatised by the Government. RPK has controlling stakes in two publicly quoted plantation companies, Kegalle Plantations Ltd. and Maskeliya Plantations Ltd. Additionally, it controls Exotic Horticulture (Pvt) Ltd., which grows fruits and vegetables and Hamefa Kegalle Ltd., a rubber wood furniture manufacturer. |
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