Sri Lanka’s Chemanex Plc, to exit closed export unit
ECONOMYNEXT – Sri Lanka’s Chemanex Plc, said it was selling a 70 percent stak in an export unit for 20 million rupees to the other shareholders.
Chemanex said the unit, Cal Exports Lanka (Pvt) Ltd, will reduce its capital and from 42 million rupees to 18.7 million and return 9.2421 rupees per share on 2.52 million shares.
The firm was set up to manufacture industrial powder and adhesives.
The firm had said earlier, it was closing the business as it was found to be unviable. (Colombo/Oct19/2018)