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Saturday, February 19, 2011

Watawala opens Australian subsidiary

Watawala Plantations through their company secretaries yesterday informed the Colombo Stock Exchange (CSE) on an incorporation of a new subsidiary in Australia.

The filing said that the new company Watawala Tea - Australia Private Limited has been successfully incorporated by the Australian Securities and Investments Commission as a 100% owned subsidiary of Watawala.

The filing further said that an investment of AUD $7,500 was made on the subsidiary with the approval of the Exchange Control Department of Central Bank of Sri Lanka.

The main reason to open a branch of Watawala plantations in Australia was to expand and consolidate existing businesses in the Australian and New Zealand markets said a senior company official.

source - www.dailymirror.lk