Sri Lanka’s Bairaha Farms invests Rs. 310 million in expansion
Daily FT: Bairaha Farms Plc has invested Rs. 310 million to expand its business.
In a fling to the CSE, the Company said a newly incorporated subsidiary – Global Reach Foods Ltd, has acquired land and building located In Pannala, in the Kurunegala District for Rs. 214.19 million along with machinery (excluding plant and equipment used for fish processing) owned by Rainbow Foods Ltd., for Rs. 95 million.
It said Global Reach Foods Ltd., plans to initially engage in the production and export of certain niche meat-based products. The Company is expected to commence operations in November.
Besides three Directors from Bairaha Farms PLC, who would be appointed as Directors in Global
Reach Foods Ltd, to represent Bairaha Farms, another two external Directors would be appointed as Executive Directors, who have the expertise with regard to production and export of the above products.
OSL take:
Many private sector businesses in Sri Lanka are currently engaged in expansion programmers indicating the strength and resilience of Sri Lanka’s private sector. The strength and growth of the private sector is also indicative of the overall strength and resilience of Sri Lanka’s economy to internal and external challenges. The ongoing economic activities in Sri Lanka have created many business/investment opportunities in all key economic sectors in the country. The investment by Bairaha on expanding the business is indicative of the growing opportunities in the country’s poultry as well as food supply business. Sri Lanka’s food manufacturing business is an emerging business opportunity in the country. Foreign businesses/investors could explore the expanding business/investment opportunities in Sri Lanka’s poultry and food manufacturing industries given increasing business potential. Foreign businesses could also look at forming partnerships or joint ventures with local businesses engaged in these sectors with the aim of further expansion.
| Article Code : | VBS/AT/20231101/Z_7 |