Renuka Holdings Group has control of 75.6% of Guardian Capital Partners PLC (WAPO) for Rs. 636 million in a strategic investment and diversification.

In a filing to the CSE, Renuka Holdings PLC said subsidiary Shaw Walla and Hedges Ltd. acquired 8.7 million shares (or 33.67%) in Guardian Capital for Rs. 283.24 million or Rs. 32.30 per share and Shall Wallace Investments PLC bought 7.74 million shares (29.97%) for Rs. 252.13 million.

Separately Renuka Holdings related parties S.V. Rajiyah and J.J.B. Aloysius bought 3.13 million shares or 12% for Rs. 101 million.

Yesterday WAPO closed the day at Rs. 34.70 up by 7.4% or Rs. 2.40 with 21.87 million shares changing hands via 372 trades for Rs. 707 million. The public float of Guardia Capital is 13% held by 2,070 shareholders. Carson Cumberbatch PLC’s Ceylon Guardian Investment Trust as at 30 June held 84% stake or 21.7 million shares and Carson Cumberbatch held 2.25%.

Guardian Capital had assets worth Rs. 793 million as at 30 June and revenue reserves of Rs. 276 million. Net assets per share was Rs. 30.56, up from Rs. 30.38 as on 31 March.

In its interim accounts for 1Q of FY22, Guardian Capital said the company together with its parent Ceylon Guardian Investment Trust PLC entered into a Share Sales and Purchase Agreement (SSPA) with Gazelle Asset Management Ltd. (GAZELLE), a Company incorporated in Singapore, for the sale of 21,692,800 ordinary shares being 83.97% stake held by CGIT of the company to GAZELLE.

The purchase consideration per share will be determined based on the net asset value of the company as at a date mutually agreed by the parties prior to the transaction plus a premium of Rs. 40 million.

NDB Investment Bank is the exclusive Financial Advisors to the Transaction. Shareholder approval was duly obtained at an Extraordinary General Meeting held on 7 January for substantially altering the nature of the business carried on by the Company under section 185 (2) (d) of the Companies Act No. 07 of 2007 and Article 87 (1)(vi) of the Articles of Association of the company which was one of the conditions precedents.

“The transaction is yet to be completed as at the date of signing these Financial Statements and has taken a longer period than anticipated at the time of signing the Share Sale and Purchase Agreement,” Guardian Capital said.

However, this deal was terminated in early October.

https://www.ft.lk/front-page/Renuka-Holdings-buys-control-of-Carson-s-Guardian-Capital-for-Rs-636-m/44-725084

Galle Face Properties Ltd, a subsidiary of conglomerate Renuka Holdings PLC, recently partnered with Sampath Bank PLC, as the exclusive project funding partner for the development of the Galle Face Icon, a 30-storey building with grade A office space, amenities, serviced suites and recreational areas located between the Beira Lake and Galle Face Green.

Commenting on the funding amounting to Rs. 4Bn, Senior Deputy General Manager – International Banking of Sampath Bank PLC Ms. Shashi Kandambi said, “We are pleased to be a part of this prominent and upcoming flagship project of the Renuka Group – The Galle Face Icon – which we believe will be an important addition to the Central Business District of Colombo. We are proud to be associated with a true Sri Lankan conglomerate’s growth”.

Director Galle Face Properties Ltd Palitha Gunathilaka further added saying, “We are equally pleased by the support extended by Sampath Bank and its foresight to partner with us on this iconic project”,

Architects of the project are PWA Architects while the construction of the project is handled by Sanken Construction (Pvt) Ltd. The ground breaking took place in 2020 and the development is expected to be completed in 2023.

Renuka Holdings PLC is a diversified organisation listed on the Colombo Stock Exchange and is the holding company for subsidiaries engaged in Agri Food export, Consumer brands, Property and Investments, tracing its roots to 1866.

https://island.lk/sampath-bank-exclusive-project-funding-partner-for-development-of-galle-face-icon/

- Hopes to strengthen balance sheet and make further investments with further infusion of equity
- Rights Issue comes hot on the heels of its subsidiary, Renuka Capital, making substantial gain on disposal of its investment in On’ally Holdings

Renuka Holdings PLC (RHL) has announced plans to raise Rs. 1.031 billion via a Rights Issue closing on 16 December to carry out debt settlements and to fund future investments into Group subsidiaries,

according to a circular issued to its shareholders.

According to the circular, the new Ordinary Voting Shares will be issued at a price of Rs. 14 amounting to Rs. 93,486,356. The new Ordinary Non-Voting Shares will be issued at a price of Rs. 10 amounting to Rs. 96,426,220.

The total proceeds expected to be raised through the Rights Issue is Rs. 103,128,978.

Renuka Holdings PLC ordinary share price closed as at 7 December as at Rs. 15.10 and its net asset value per share as at 30 September was Rs. 62.87.

For the six months ended 30 September 2020, the organisation recorded a turnover of Rs. 4.2 billion, a net profit of Rs. 208 million and equity attributable to shareholders of Rs. 6.4 billion.

The group consists of two main verticals – Food and Beverage, and Property and Investment. Renuka Holdings’ interest in this sector is owned through Renuka Foods PLC, which consists of: Agribusiness – Renuka Agri Foods PLC and Renuka Agri Organics Ltd., Sri Lanka’s leading coconut-based food and beverage manufacturers, Renuka Teas Ceylon Ltd. – a speciality organic and superfood tea enterprise and Kandy Plantations Ltd., Sri Lanka’s largest owner of organic certified coconut lands.

The FMCG business is led by Richlife Dairies Ltd., which is within the top five dairy companies, and Shaw Wallace Ceylon, the owner of the leading brands of canned fish, snacks, among other brands.

In the Property and Investment sector, the ongoing construction of its flagship development ‘Galle Face Icon’ is progressing well with all piling work complete and excavation ongoing by Sanken. The construction will be above ground by April 2021.

Once completed it will be a 32-storey tower situated in the Galle Face District of Colombo 3, consisting of a total construction area of 450,000 sq ft, with vistas over Galle Face Green and the new Port City. The group also draws income from the operating Baseline Business Centre and other group lands.

On the investment side, the Group set up a dedicated listed entity in 2016, Renuka Capital PLC, which just sold its maiden significant investment in On’ally Holdings PLC (Unity Plaza) at more than triple its original investment cost.

The Rights Issue is being carried out on a digital platform in light of the impact of COVID on the postal services, since there is a practical difficulty in dispatching the Provisional Letter of Allotment to the shareholders of the company within the stipulated time frame.

However the Colombo Stock Exchange has facilitated for eligible shareholders to apply for their rights entitlement via CDS (for CDS account holders). All eligible shareholders of the company, both CDS and Non-CDS, are encouraged to follow the procedure set out and uploaded to the website www.cse.lk and www.cds.lk/renuka-holdings-plc-right-issues/prior to applying to the Rights Issue. If any shareholder is unsure, they can contact Kasun on 070 4375 236.

The Directors of the Company are I.R. Rajiyah, Dr. S.R. Rajiyah, S.V. Rajiyah, L.M. Abeywickrama, S. Dominic, T.K. Bandaranayake, J.M. Swaminathan, A.L. Rajiyah, V. Sanmugam and J. J. B. A. Rajiyah.

http://www.ft.lk/front-page/Renuka-Holdings-to-raise-Rs-1-b-via-Rights-Issue-on-CSE-digital-platform/44-709953

Renuka Holding PLC (RHL) has announced plans to raise Rs. 1.031 billion via a Rights Issue closing on December 16 to carry out debt settlements and to fund future investments into Group subsidiaries according to a circular issued to its shareholders.

According to the circular, the new Ordinary Voting Shares will be issued at a price of Rs. 14 amounting to Rs. 934,863,56. The new Ordinary Non-Voting Shares will be issued at a price of Rs. 10 amounting Rs. 96,426,220.

The total proceeds expected to be raised through the Rights Issue is Rs.1,031,289,78. Renuka Holdings PLC ordinary share price closed as at December 7 as at Rs.15.10 and its net asset value per share as at 30 th September 2020 was Rs. 62.87.

For the six months ended 30 th September 2020, the organisation recorded a turnover of Rs. 4.2 billion, a net profit of Rs. 208 million and equity attributable to shareholders of Rs. 6.4 billion.

The group consists of two main verticals – Food and Beverage, and Property and Investment.

The Rights Issue is being carried out on a digital platform in light of the impact of Covid on the postal services, since there is a practical difficulty in dispatching the Provisional Letter of Allotment to the shareholders of the company within the stipulated time frame.

Colombo Stock Exchange has facilitated for eligible shareholders to apply for their rights entitlement via CDS (for CDS account holders).

http://www.dailynews.lk/2020/12/09/finance/235581/renuka-holding-raise-rs1-bn-rights-issue

- Offer of 66 million Ordinary Voting shares at Rs. 14 per share and 9.5 million Non-Voting shares at Rs. 10 per share.
- CDS Shareholders’ Rights entitlement is uploaded to CDS Accounts and Non-CDS shareholders to follow instructions set out in cse.lk and cds.lk
- Hopes to strengthen Balance Sheet and make further investments with further infusion of equity.
- Rights Issue comes hot on the heels of its subsidiary, Renuka Capital PLC making a substantial gain on the disposal of its investment in On’ally Holdings PLC

Renuka Holding PLC (RHL) has announced plans to raise Rs. 1.031 billion via a Rights Issue closing on the 16th of December to carry out debt settlements and to fund future investments into Group subsidiaries according to a circular issued to its shareholders.

According to the circular, the new Ordinary Voting Shares will be issued at a price of Rs. 14 amounting to Rs. 934,863,56. The new Ordinary Non-Voting Shares will be issued at a price of Rs. 10 amounting Rs. 96,426,220.

The total proceeds expected to be raised through the Rights Issue is Rs. 1,031,289,78.

Renuka Holdings PLC ordinary share price closed as at 07th December as at Rs. 15.10 and its net asset value per share as at 30th September 2020 was Rs. 62.87.

For the six months ended 30th September 2020, the organisation recorded a turnover of Rs. 4.2 billion, a net profit of Rs. 208 million and equity attributable to shareholders of Rs. 6.4 billion.

The group consists of two main verticals - Food and Beverage, and Property and Investment. Renuka Holdings’ interest in this sector is owned through Renuka Foods PLC, which consists of: Agribusiness - Renuka Agri Foods PLC and Renuka Agri Organics Ltd; Sri Lanka’s leading coconut based food and beverage manufacturers, Renuka Teas Ceylon Ltd – a speciality organic and superfood tea enterprise and Kandy Plantations Ltd, Sri Lanka’s largest owner of organic certified coconut lands.

The FMCG business is led by Richlife Dairies Ltd; which is within the top 5 dairy companies, and Shaw Wallace Ceylon; the owner of the leading brands of canned fish, snacks, among other brands.

In the Property and Investment sector, the ongoing construction of its flagship development ‘Galle Face Icon’ is progressing well with all piling work complete and excavation ongoing by Sanken. The construction will be above ground by April 2021.

Once completed it will be a 32-storey tower situated in the Galle Face district of Colombo 03, consisting of a total construction area of 450,000 sq ft, with vistas over Galle Face Green and the new Port City. The group also draws income from the operating Baseline Business Center and other group lands.

On the investment side, the Group set up a dedicated listed entity in 2016, Renuka Capital PLC, which just sold its maiden significant investment in On’ally Holdings PLC (Unity Plaza) at more than triple its original investment cost.

The Rights Issue is being carried out on a digital platform in light of the impact of Covid on the postal services, since there is a practical difficulty in dispatching the Provisional Letter of Allotment to the shareholders of the company within the stipulated time frame.

However the Colombo Stock Exchange has facilitated for eligible shareholders to apply for their rights entitlement via CDS (for CDS account holders).

The Directors of the Company are I.R. Rajiyah, Dr. S.R. Rajiyah, S.V. Rajiyah, L.M. Abeywickrama, S. Dominic, T.K. Bandaranayake, J.M. Swaminathan, A.L. Rajiyah, V. Sanmugam and J. J. B. A. Rajiyah.

Photo Caption: S. V. Rajiyah - Managing Director of Renuka Holding PLC

http://bizenglish.adaderana.lk/renuka-holding-plc-to-raise-rs-1-031bn-via-rights-issue/

The ground-breaking ceremony was held in the presence of Renuka Group Chairperson Indu Rajiyah, Galle Face Properties Chairman Dr. Ranjit Rajiyah, Managing Director Shamindra Rajiyah, Sanken Construction Managing Director Ranjith Gunatilleke and Phillip Weeraratne of PWA Architects, among other officials and guests.

The Galle Face Icon project will be a 32-storey building situated in the Galle Face District of Colombo 03, and once completed will receive the Gold Standard lead certification. With a total construction area of 450,000 sq. ft., the building will have Grade A office spaces in 22 floors with room for 300 car park slots. The top three floors will be the Galle Face Icon Club which will consist of a members’ lounge, restaurant, bar and also spaces for meetings and conference. The terrace area will have uninterrupted vistas of the Indian Ocean, Galle Face Green and the Beira Lake area.

Operated by Renuka’s subsidiary Galle Face Properties Ltd., the Galle Face Icon is located between the Beira Lake and Galle Face, with multiple access points.

The construction is spearheaded by Sanken Construction Ltd. with PWA Architects. Also involved are Perigon Lanka Ltd. as project managers, civil and structural engineering consultants and structural engineers, Haritha Consultants as MEP engineers and LJ Energy Lanka Ltd. as the green consultants.

Renuka Holdings PLC is a diversified organisation listed on the Colombo Stock Exchange and is the holding company for subsidiaries engaged in agri food, organic plantations, FMCG, dairy, property, investments and services, tracing its roots to 1866.

http://www.ft.lk/front-page/Galle-Face-Icon-commences-construction-with-ground-breaking-ceremony/44-694908

Renuka Holdings PLC was one of the two Sri Lankan companies selected by Forbes Asia for this great honour at an award ceremony at the Shangri-La Hotel in Singapore recently. Forbes Asia’s ‘Best under a Billion’ are Asia Pacific’s top midsized companies. According to Forbes, the criteria of selection included profitability, growth, modest indebtedness and future prospects.

Forbes editors picked 200 companies out of a universe of over 15,000 Asia Pacific companies with actively traded shares and sales between US$ five million and US$ one billion.

As per Renuka Holdings annual report for 2011/2012 released to the Colombo Stock Exchange, it is a diversified holding company with subsidiaries engaged in three core sectors. The food and beverage sector is headed by Renuka Shaw Wallace PLC (formerly known as Coco Lanka PLC).

Renuka Shaw Wallace’s businesses consist of Fast Moving Consumer Goods (FMCG), food service, dairy and agri exports. These operate under Renuka Consumer Foods, Shaw Wallace Ceylon, Shaw Wallace Food Services, Renuka Products, Renuka Agri Foods, Renuka Organics, Renuka Teas Ceylon and Kandy Plantations. Renuka Shaw Wallace operates five factories, nine processing centres, two plantations, and an out-grower network exceeding 5,000 farmer families and a state-of-the-art warehouse and logistics centre. The organisation exports to 61 countries, and locally distributes to 65,000 grocery outlets island-wide as well as to hotel, restaurants, catering establishments among others. The company directly employs 1,240 people.

http://www.ft.lk

Renuka Holdings PLC (RHL) is on an aggressive expansion and is pursuing value added food and beverage exports, automotive, Fast Moving Consumer Goods (FMCG) food service, portfolio management and property development on the back of the peace dividend, officials said.

“We reclassified our business areas this financial year into four key segments in order to forge ahead with our expansion plans. The Renuka Agri Foods PLC group (RAL) heads the agribusiness sector, McShaw Automotive Ltd group the automotive sector, Shaw Wallace Ceylon Ltd group, the FMCG and foodservice sector, while Coco Lanka PLC group is our investment arm (portfolio management and property development).” Shamindra Rajiyah, Executive Director RHL told the Business Times in an interview.

http://www.sundaytimes.lk

Agribusiness and food industry specialist Renuka Holdings Plc yesterday effected a near Rs. 1 billion deal as part of its foray into import and distribution of Fast Moving Consumer Goods (FMCG) business.

Deals included acquiring 62% stake in Shaw Wallace Marketing Ltd., for Rs. 368 million and taking over a Board of Investment (BOI) approved Pioneer Warehousing Ltd., which owns and operates a warehouse complex in Peliyagoda. For the latter Renuka Group companies have advanced Rs. 600 million. Shaw Wallace Marketing is engaged in the distribution of consumer goods and automotive products. It acts as importers and agents. Among the company’s own brands are Captain, Angler, Plaza canned fish, Ranposha Cereal Mix, Sun Gold instant drink mixes, Rainer’s essences, whilst Shaw Wallace is also distributors for Ajinomoto, Supermax, Lockheed among others.

http://www.ft.lk

Mar 16, 2011 (LBO) - Sri Lanka's Renuka Holdings has bought 61.78 percent of Shaw Wallace Marketing for 368 million rupees, making it a subsidiary, a stock exchange filing said.

Shaw Wallace Marketing, part of the Shaw Wallace group, one of the island's oldest firms, distributes consumer goods and automotive products and also acts as importers and agents.

It also has subsidiaries in food products, management services and acting as travel agents.

The purchase does not include Shaw Wallace & Hedges, an investment company, the statement said.

At the same time Shaw Wallace Marketing has acquired Pioneer Warehousing which owns a warehouse complex in Peliyagoda, north of Colombo, and a property in Colombo which will house the future corporate offices of Shaw Wallace.

"For these purchases group companies of Renuka Holdings have advanced 600 million rupees," the statement said.

http://www.lbo.lk

Renuka Holdings PLC has recorded an impressive turnover and profit after tax for the six months ended September 30, 2010 as per the interim financial statement released. The company’s profit after tax grew to Rs 387.1 million compared to Rs 113.3 million in the corresponding period of last year. Group profit after tax rose 168 percent to Rs. 616.5 million of which Rs 473.6 million was attributable to shareholders of Renuka Holdings PLC.

The consolidated turnover for the period under review grew to Rs 1.1 billion, while total assets of the Group increased to Rs 3.5 billion as at September 30, 2010.

Executive Director Shamindra Rajiyah said RHL continued taking advantage of market opportunities investing in listed shares, taking unquoted equity positions and in debt instruments.

Its total investment portfolio was Rs 1.2 billion of which 81 percent was classified as short-term investments and 19 percent as long-term investments.

"Our investment portfolio, in addition, consists of biological assets and in this regard the group continued planting Teak and Mahogany" Rajiyah said.

http://www.lankagazette.com

Aug 17, 2010 (LBO) - Sri Lanka's Renuka Holdings group June 2010 quarter net profit shot up 279 percent to 119 million rupees from a year ago on gains from higher valuations of investments, a stock exchange filing said.

TThe bulk of profits came from the investment and services business sector of the group, which said it plans to enter a new business in property development.

Group turnover, from portfolio management activities, rose 10 percent to 374 million rupees.

The results showed a sharp increase in other operating income to 114 million rupees from six million a year ago consisting of 88 million rupees at group level arising from "mark to market valuation of short term investments."

Renuka Holdings Group had short-term investments in the share market of 575 million rupees, a stated capital of 125 million rupees and accumulated profits of 1.2 billion rupees.

Sri Lanka's share market has hit record highs in recent weeks, becoming the world's second best performing bourse, until the bull-run was halted by a daily price band imposed by the regulator to curb speculation that led to unusual price hikes and trading volumes.

The bull-run was driven by post-war optimism and improving company earnings after the island's 30-year ethnic war ended in May 2009.

A Renuka group statement attributed the results to "strong performances by the Group’s agribusiness, investment and service sectors."

Its listed subsidiaries include Coco Lanka and Renuka Agri Foods which export mainly coconut products.

The company said it plans to enter property development using land it owns in the capital Colombo.

“We will soon embark on our third sector which will see us entering the property development and leisure areas by utilising 1.6 acres of freehold property that the company owns in Colombo," chairperson Indu Rajiyah said in a statement.

"In the context of declining interest rates on borrowings, improved investor confidence, stable exchange rates and Sri Lanka’s overall improved rating outlook, we believe this project would contribute a significant income stream in the years ahead."

Renuka Holdings is engaged in plantations, manufacturing and exporting of Ceylon tea, coconut products, ethnic and organic foods as well as forestry, logistics and portfolio management.

http://www.lbo.lk

Sri Lanka agri-firm eyes north-east investments

Nov 10, 2009 (LBO) - Coco Lanka, a Sri Lankan agri-business firm, said it is eyeing investment opportunities in the former northern and eastern war zones.

The company said in a stock exchange filing that group net profit in the September 2009 quarter rose six percent to 66.5 million rupees from a year ago while sales fell nine percent to 337 million rupees.

Earnings per share for the quarter were 4.40 rupees compared with 3.44 rupees in the same 2008 quarter.

"The company being an investment vehicle for agriculture ventures is currently evaluating investment opportunities especially in the eastern and northern provinces on our own and with overseas partners," managing director S R Rajiyah said in a statement.
The firm, part of the Renuka Holdings group, has subsidiaries in plantations, manufacturing and global marketing of Ceylon tea, coconut products, and organic foods.

Economic activity is reviving in the island's north and east after Tamil Tiger separatists in the two regions were defeated by government forces in a campaign that ended in May.

Coco Lanka group profits for the six months to September 30, 2009 were 110 million rupees, up 65 percent over the same period last year.

http://www.lankabusinessonline.com

Country's largest exporter of coconut based food products shines at NCE Awards Renuka Rajiyah Executive Directress of Renuka Agri Foods Ltd, Sri Lanka's premier exporter of coconut based food products clinched the Gold Award for the Best Woman Exporter at the 17th annual National Chamber of Exporters (NCE) Awards, which honour outstanding achievement by successful export related ventures.

Speaking on her win, Ms. Rajiyah said This is indeed a proud moment for us, within a short period of time Renuka Agri Foods Ltd has become one of the top five firms globally in its industry and is a preferred supplier to many prestigious international supermarkets and hotels. We operate to the highest global quality standards and since we have our own plantations and manufacturing plant with a well equipped modern laboratory; we control the entire process.
The company also won the Best Food Processor (Large Category) Award and was adjudged Overall National Winner (Gold Award) at the National Agribusiness Awards 2009 held recently. These awards are the zenith of achievement for a company in the local coconut based food product industry.

R.Rajiyah receiving the award from Prof G.L Peiris Chairperson
SLT Mobitel Leisha de Silva Chandrasena and President NCE
Rohan Fernando (covered) look on

Ms. Renuka Rajiyah Executive Directress of Renuka Agri Foods Ltd, Sri Lanka's premier exporter of coconut based food products clinched the Gold Award for the Best Woman Exporter at the 17th annual National Chamber of Exporters (NCE) Awards, which honour outstanding achievement by successful export related ventures.

Speaking on her win, Ms. Rajiyah said "This is indeed a proud moment for us, within a short period of time Renuka Agri Foods Ltd has become one of the top five firms globally in its industry and is a preferred supplier to many prestigious international supermarkets and hotels. We operate to the highest global quality standards and since we have our own plantations and manufacturing plant with a well equipped modern laboratory; we control the entire process".

The company also won the Best Food Processor (Large Category) Award and was adjudged Overall National Winner (Gold Award) at the National Agribusiness Awards 2009 held recently. These awards are the zenith of achievement for a company in the local coconut based food product industry.

Always striving for excellence Renuka is the only triple certified coconut company in Sri Lanka with the HACCP, ISO 22000 and the BRC (British Retail Consortium) gold standard certifications. Renuka's flagship Coconut Milk Powder is available to the Sri Lankan consumer since 2007 and is endorsed by the 'Mawbima Lanka Padanama'. A 100% Sri Lankan product and company, Renuka Agri Foods Ltd is also contributes to a larger picture by creating employment, saving foreign exchange and cutting down on the wastage of coconuts.

Sri Lanka coconut exporter wins agribusiness award

Aug 25, 2009 (LBO) - Renuka Agrifoods, a Sri Lankan exporter of value-added agro-based products, especially coconut, has won a top award for agribusiness.

The company, a subsidiary of the listed Renuka Holdings, said in a statement it was named Overall National Winner (Gold Award) at the recent National Agribusiness Awards 2009.

It also clinched the Gold Award for Food Processor (Large) Category.

The awards were organised by the National Agribusiness Council, an umbrella group of 20 trade associations representing the agribusiness sector of the country.

Chairman of the National Agribusiness Council Asoka Gopallawa said one of the main criteria which led to Renuka Agrifoods winning the award was the contribution of its local inputs.

This led to a high degree of value addition which helped uplift the rural economy, he said.

Renuka Agrifoods has sales of a billion rupees, the statement said.

It is a big exporter of coconut-based food products such as coconut milk, coconut milk powder, low-fat desiccated coconut to over 60 countries.

Sri Lankan firms involved in the agribusiness trade together with farmers from all parts of the country were recognised at the awards for the contribution to the growth and sustainability of the agribusiness sector.

The National Agribusiness Council's 20 trade associations have a combined membership of over 4,500 agribusiness enterprises such as dairy, meat processors, poultry, food processors, and fisheries.

http://www.lankabusinessonline.com

Sri Lanka coconut exporter does well in June

Aug 18, 2009 (LBO) - Sri Lanka's Coco Lanka said exports of coconut products did well in the June 2009 quarter with group net profit up 982 percent to 34 million rupees from just three million a year ago.

The company, part of the Renuka Holdings group, said in a stock exchange filing that sales fell seven percent to 290 million rupees.

Gross profit rose 147 percent to 86 million rupees from a year ago.

It reported earnings per share of 2.70 rupees in the quarter compared with 0.25 in the same quarter a year ago.

Revenue from coconut products came to 246 million rupees in the quarter, while tea brought in 32 million and organic products 12 million rupees.

"The coconut sector performed strongly with most international markets generating robust results," Coco Lanka executive director Shamindra Rajiyah said in a statement accompanying the provisional accounts.

But the company's tea exports were affected by the global recession.

"The organic business showed promise and we expect the rewards of our ground work in this quarter in the future," Rajiyah said.
"Moderation of energy cost and improved working capital management also helped boost group performance."

Rajiyah said he hopes the business that has qualified for a government export reward scheme will receive their first payment shortly.

Payment in the reward scheme, meant to reward exporters for maintaining exports and employment in the face of an economic downturn, have been delayed as the government is strapped for cash.

Rajiyah also said the end of the ethnic war, when government forces defeated Tamil Tiger rebels in May, has "opened a spectrum of opportunities" in the north and east of the island.

"We hope to engage positively in these provinces economic activity," Rajiyah said.

Renuka Holdings PLC has recorded a noteworthy turnover and profit growth for the financial year ending 2008-09. Turnover for the period reviewed grew to Rs. 1.7 billion, while total assets of the Group increased to Rs. 1.4 billion as at March 31, 2009. Earnings per share increased to Rs. 72.37 for the twelve months of 2008-09 and net assets per share grew to Rs. 110.74.

This has been attributed to exceptional performances by the Group’s food and beverage business and a steady contribution by its investment and service sector.

In results released to the Colombo Stock Exchange, the organization which acquired subsidiaries Renuka Agro Exports Limited and Renuka Enterprises (Pvt) Ltd in the current financial year and also includes leading Agri business company Coco Lanka Plc, reported that profit before tax grew to Rs. 665.6 million in the twelve months ending March 31. Profit after tax at Rs. 656.3 million reflected a growth of 5607 per cent over the corresponding twelve months of last year, while profit attributed to equity holders of the parent company was Rs. 542.8 million.

Renuka Holdings Executive Director Shamindra Rajiyah said, “At a time when global economies are in recession and we are in an environment of shrinking margins, these results are a reflection of the strong fundamentals and principles on which Renuka is built and will continue to grow.”

Renuka Holdings traces its origin to the year 1866 and was listed on the Colombo Stock Exchange in 2008. The group is engaged in food & beverage manufacture, plantations, portfolio management, logistics and forestry. The Board of Directors of Renuka Holdings PLC comprises Mrs I. R. Rajiyah (Chairperson), Dr. S. R. Rajiyah, C. J. De S. Amaratunge, P. C. K. Abeykoon, S. V. Rajiyah, L. M. Abeywickrama and M. S. Dominic.

http://www.thecolombotimes.com

Renuka Coconut Milk Powder recently gained accreditation by the Mawbima Lanka Padanama thus setting its own benchmark as a truly Sri Lankan brand worthy of national patronage, the company announced.

Renuka Coconut Milk Powder is the only Sri Lankan coconut milk powder free of artificial preservatives and coloring thereby promoting healthy living among consumers. Director Marketing of the Renuka Group Shamindra Rajiyah said in a press release, “Studies have revealed that 60% of the coconut kernel is wasted by the traditional method of scraping and extracting coconut milk. It is also a tedious task.

Renuka Coconut Milk Powder recently gained accreditation by the Mawbima Lanka Padanama thus setting its own benchmark as a truly Sri Lankan brand worthy of national patronage and one that helps boost the Sri Lankan economy.

Renuka Coconut Milk Powder is the only Sri Lankan coconut milk powder free of artificial preservatives and colouring thereby promoting healthy living among consumers. The portfolio includes coconut milk powder in 300gm and 150gm packs, canned liquid coconut milk in 400ml tins, desiccated coconut in 150gm packs and a low fat liquid coconut milk for today’s health conscious consumer.

Director Marketing, Renuka Group Shamindra Rajiyah said, “Studies have revealed that 60 per cent of the coconut kernel is wasted by the traditional method of scraping and extracting coconut milk. It is also a tedious task.

A developing country such as ours cannot afford such wastage. Our state-of-the-art technology uses every bit of the kernel, thus eliminating wastage and as a result contributes to a national cause, while also offering consumers the sheer convenience of coconut milk in an instant, both in powder or liquid form”.
The Mawbima Lanka Padanama, is a non-profit earning people’s voluntary organisation which endorses and promotes locally manufactured products among Sri Lankan consumers. It encourages boosting of sales of local brands as opposed to imported items, which will, in turn, help to improve the economy of the country and thereby raised the standards of living of the general masses of the country. ‘Ganna Ape De’ and ‘Surya Singha’ Logos are the symbols of local brands of a formidable national economy.

They are offered to all accredited organisations and brands in order to differentiate their brands from the imported and multinational brands.

Renuka Agrifoods Ltd. is a Board of Investment (BoI) approved venture and a subsidiary of the Renuka Group Ltd.
Renuka is the only coconut product manufacturer with its own coconut plantations, thus ensuring that the freshest of raw material is used at all times.

“All our products are manufactured to the highest of international standards using modern technology and the most rigorous of hygienic conditions. They are constantly checked by our qualified Quality Control and Quality Assurance teams”, Rajiyah said.
The Renuka Group is the largest exporter of Coconut Milk products from Sri Lanka and available in over 52 countries. Renuka was the first coconut factory to receive ISO 22000, the very first time such a certificate has been issued by RvA (the Dutch Accreditation Council) through the SLSI. All Renuka plantations, out-grower farms, primary processing centers and the state-of-the-art production facilities have received HACCP, ISO 22000 and BRC (British Retail Consortium) Certifications in addition to Halal.