Diana Group, manufacturers of biscuits and chocolates based in Matale, has plans to go for an Initial Public Offering, probably in the latter part of 2011with a view to expanding its business and possibly venturing into export business.
According to a senior official of the firm, the group is presently receiving a lot of interest from foreigners who are encouraging the firm to venture into exports.
“We will be going for an IPO possibly in a year’s time and this will be to raise funds for further expansion and venture into exports,” Upendra Jayasekara, general manager – operations, told The Bottom Line.
In the meantime, Diana Group, which recently disposed its sister company, Diana Biscuits Manufacturers Pvt Ltd to Cargills Ceylon Plc for Rs 350 million, has plans to utlise the proceeds to set up a new wafer plant.
“We are looking to set up another new wafer plant to manufacture wafer biscuits. However, we have not identified a specific location yet,” Jayasekara said.
When asked what would happen to the ‘Helen’ brand of biscuits which Cargills had acquired, he said Cargills would rename the biscuit with a new brand once the existing stock was sold out and the brand would not be used anymore.
The Diana Group now comprises Diana Trading and Diana Chocolate, which produces Diana biscuits and Diana chocolates.
source - www.bottomline.lk
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