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2018-10-30
This is to inform you that in accordance with a decision taken by Bairaha Farms PLC and our 50% owned Joint Venture Companies; Fortune Agro Industries (Pvt) Ltd. together with Windsor Real Estate Ltd., signed an Agreement as well as executed on 30th October 2018, a deed of transfer with CIC Grains (Pvt) Ltd. by the said joint venture companies of ours to acquire the land in extent of 4A 1R 6P, together with Buildings and Silos for the storage and drying of maize of CIC Grains (Pvt) Ltd., factory located at Moneragala, for a total purchase consideration of Rs.340 Million.
This acquisition will enable Fortune Agro Industries (Pvt) Ltd which is engaged in Feed-Milling to increase its total maize storage capacity up to 28,000 Metric Tonnes. This acquisition will enable maize farmers from Moneragala & adjoining districts to sell their production to our joint venture maize storage and collection center in itself.
As it is generally known, when official permits for the import of maize are not issued on a regular basis to meet the requirement of the Industry, having additional storage capacity would ensure the availability of a vital raw material like maize which will help to increase our production which in turn will help the availability of poultry feed for our Group as well as for the Poultry Industry.
Mr. Yakooth Naleem, Managing Director of Bairaha Farms PLC., says that he is confident that the end result would be a Win-Win situation for Bairaha, the Joint Venture Partners, the Joint-Venture Companies and maize farmers in Sri Lanka. Caption.1 – Feed mill.
