Sri Lankaâ€™s Watawala Plantations to spin off tea business
ECONOMYNEXT – Sri Lanka’s Watawala Plantations is to separate its tea business and set up a new company that will be later listed on the Colombo bourse, the company said in a stock exchange filing.
Watawala Plantations will segregate its operational assets and liabilities relating to the tea business from other assets and liabilities, the statement said.
These will be transferred into a new limited company which would be subsequently listed together with the continued employment of all employees involved in the tea business, it said.
The move was decided by the Board of Directors at a meeting on Thursday.
(COLOMBO, June 30, 2017)