Renuka Shaw Wallace strike deal with Fiji firm

Tuesday, 10 December 2013 00:00 -     - {{hitsCtrl.values.hits}}

Renuka Shaw Wallace (COCO) last week announced that its fully owned subsidiary, Renuka Consumer Foods Ltd. sold 19.7 million ordinary voting shares (21.1% stake of voting shares) in its subsidiary Shaw Wallace Ceylon Ltd. for Rs. 211 million to Fiji-based CJ Patel and Company Ltd. and its nominees. Renuka Consumer Foods and Shaw Wallace Ceylon Ltd., entered into an agreement with CJ Patel and Company Ltd., which includes developing its manufacturing capabilities and product portfolio. Renuka Consumer Foods Ltd. currently holds 63.4% of the issued voting shares of Shaw Wallace Ceylon Ltd. and 75.9% of the non-voting shares of the company. The CJ Patel Group is headquartered in Fiji and operates across 10 countries including Australia, New Zealand, Papua New Guinea, Samoa, Tonga and India. The group’s operations include manufacturing noodles, confectioneries, snacks, dairy, fish, distribution of international brands such as Weetabix, Kimberly Clark, Nivea; media and automotive among others.