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May 30, 2013 (LBO) - Sri Lanka's Hemas Holdings Plc, said it gained control of J L Morrison Sons & Jones (Ceylon) Plc, an old established consumer goods and pharma company for 1.7 billion rupees.
Hemas bought 71.5 percent of its voting stock and 50 percent non-voting shares.
Morrisons has the brands Lacto Calamine, Valmelix, Morrisons Gripe Mixture and Morrison’s Baby products and distributes Good Knight, Kiwi, Wipro, Nivea, Garnier and L’Orea.
It also makes and distributes pharmaceuticals. Hemas has interests in consumer goods and pharmaceuticals in addition to leisure and power.
"We look forward to working closely with the team at JLM bringing our deep insights into consumer and pharmaceutical business, helping to develop JLM as a leading consumer and wellness company," Hemas Holdings Plc chief executive Husein Esufally said in a statement.
Incumbent chairman R Abeyawira who had been with the firm for 61 years and is to retire said Morrisons had found a party capable of taking the business forward and had the best with the business in the Hemas group.
http://www.lankabusinessonline.com/news/sri-lankas-hemas-group-buys-j-l-morrison-for-rs1.7bn/1978163284
Hemas bought 71.5 percent of its voting stock and 50 percent non-voting shares.
Morrisons has the brands Lacto Calamine, Valmelix, Morrisons Gripe Mixture and Morrison’s Baby products and distributes Good Knight, Kiwi, Wipro, Nivea, Garnier and L’Orea.
It also makes and distributes pharmaceuticals. Hemas has interests in consumer goods and pharmaceuticals in addition to leisure and power.
"We look forward to working closely with the team at JLM bringing our deep insights into consumer and pharmaceutical business, helping to develop JLM as a leading consumer and wellness company," Hemas Holdings Plc chief executive Husein Esufally said in a statement.
Incumbent chairman R Abeyawira who had been with the firm for 61 years and is to retire said Morrisons had found a party capable of taking the business forward and had the best with the business in the Hemas group.
http://www.lankabusinessonline.com/news/sri-lankas-hemas-group-buys-j-l-morrison-for-rs1.7bn/1978163284
