Sri Lankaâ€™s CIC sells stationary business to Packsco
ECONOMYNEXT – CIC Holdings PLC, a Sri Lankan conglomerate, has sold its stationery business, which operates under the ‘CIAL’ brand, to Packsco, an importer and distributor of pens, JK Copier photocopy paper and Nataraj products in Sri Lanka.
Managing Director of CIC Holdings Samantha Ranatunga said in a statement that the sale, the price of which was not revealed, was part of the group’s “strategic transformation”.
“As part of the project, we have decided to focus on our core competence, which CIC is certain will outperform in the market and maintain a sustainable position in the respective industries,” he said.
CIAL’s sale was done on the advice of MTI Corporate Finance, a management consultancy, advising CIC on its revamp.
“The main aim of these non-core diversifications is to move CIC to be a more profitable and competitive organization with a higher return on investment to shareholders," MTI CEO Hilmy Cader said.
Established in 1964, CIC Holdings has businesses ranging from agriculture to chemicals and from medicine to household products.