Tuesday, November 30, 2010
Renuka Agri one year on since its IPO
One year on since its very successful initial public offering, Renuka Agri Foods PLC embarks on a major expansion drive. The company in a corporate disclosure stated it tied up with GraceKennedy Ltd, one of the Caribbean’s largest and most dynamic corporate entities, to embark on the commercial operations of its beverage expansion project next year. Under this project it will manufacture and pack Coconut Water in aseptic retail packaging and also produce a range of beverages for the international markets.
GraceKennedy Ltd is a long-standing customer and a current share holder of Renuka Agri Foods PLC. It is a public company listed on the stock exchanges of Jamaica, and Trinidad and Tobago. The GraceKennedy Group comprises a varied network of some 60 subsidiaries and associated companies located across the Caribbean and in North and Central America and the United Kingdom.
"Renuka’s Coconut Water will be the flagship item of a range of exciting products in the company’s tetra pack expansion. Alongside Coconut Water will also be a variety of other organic and functional drinks using Sri Lankan agricultural raw materials. Renuka Agri Foods will achieve this through the utilisation of the balance funds from the Initial Public Offering of 2009. This is set to be an exciting venture for Renuka, providing and promoting both the unique flavour, and the considerable health benefits of Sri Lanka’s coconut to a thirsty international market," said a company spokesperson from Renuka Agri Foods PLC.
Renuka Coconut Milk Powder is available in 34 international markets, including Sri Lanka. It was placed among the top 100 most valuable brands in the country in the Brand Finance Annual Publication released in 2010. Its "Van Wars / Van Yuddaya" campaign by Grant McCann Erickson recently won a Silver Effie at the Sri Lanka Effie Awards for the unique concept of creating awareness for Renuka Coconut Milk Powder among the 180 vans that transport working women on a daily basis.
Renuka Agri Foods was listed on the Colombo Stock Exchange in January 2010 after its Initial Public Offering of November 2009 opened and closed on the same day. The company is part of the Renuka Holdings PLC Group and already holds the title of Sri Lanka’s premium manufacturer and exporter of coconut-based food products.
source - www.island.lk