Royal Ceramics exits paint subsidiary at Rs. 226 m loss

Wednesday, 10 August 2016 00:00 - - {{hitsCtrl.values.hits}}

Royal Ceramics Lanka Plc has exited from the fully-owned subsidiary Ever Paint and Chemical Industries Ltd., at a loss of Rs. 226 million.

In a filing to the CSE, the company said that the Board decided to cease the operations of the subsidiary with immediate effect and to dispose of the assets thereof.

The subsidiary was engaged in the business of manufacturing and marketing of paints and allied products.

“The immediate impact to the Group on this cessation of business is estimated at Rs. 226 million based on the estimated disposable value of the assets of the subsidiary,” Royal Ceramics added.

The announcement didn’t have a major impact on the share price of Royal Ceramics, which closed 10 cents down to Rs. 118.90.