Thursday, September 22, 2011

EMER consolidates subsidiary control

Eastern Merchants PLC (EMER) yesterday said it has decided to buy the controlling interest of its associate company Asian Woodware Company  (Pvt) Ltd, a manufacturer and exporter of brush handles and wooden furniture.

Accordingly, the company is planning to acquire 487, 996 shares of Woodware, each at Rs.10 for a consideration of Rs.4, 879, 960 which accounts for 50.3 percent of the company.

Further, EMER board has decided to increase its stake in its subsidiary Eamel Exports Ltd. by acquiring 5, 000 shares or 10 percent from outside shareholders for Rs.750, 000.

The trading activities of EMER include the export of Sri Lanka’s traditional commodities such as natural rubber, desiccated coconut and coconut fibre as well as non-traditional goods such as spice.

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