Kelani Valley Plantations to expand its tea business in Africa and Poland

• 21 Jul 2023
• 0

Kelani Valley Plantations, a member of the Hayleys Group through its subsidiary Mabroc Teas Pvt Ltd is planning to invest USD 100, 000 being 70% of the share capital of Mabroc East Africa Ltd, accompany incorporated in Kenya, the company said in a stock filing. Mabroc teas also proposes to invest a sum of 428, 710 being 24% of the share capital of LIVEE Polska Sp z.o.o, a company incorporated in Poland, in order to expand its overseas business.

Mabroc Teas (Private) Limited, is a company engaged in the business of exporting tea and other commodities by procuring tea directly and also via auction, and conducting subsequent blending, bagging, packaging and marketing operations.

To facilitate this Kelani Valley Plantations will be investing Rs 500,000 in Mabroc Teas by subscribing to the rights issue of 2 million ordinary shares in Mabroc Teas in the ratio of one new share for every 4.5 ordinary shares held.

Kelani Valley Plantations said that the proposed capital infusion will be utilized by Mabroc Teas for investment in Mabroc East Africa Ltd, LIVEE Polska Sp z.o.o and to expand its local production.

YOU MAY ALSO LIKE