Sri Lanka's Keells Food Products is planning to buy meat processing firm D&W Foods for LKR700m ($5.24m) and upgrade manufacturing facilities.
The acquisition includes D&W Foods' production facility at Makundara Industrial Estate West, Pannala, Sri Lanka.
The company, which is a part of John Keells, plans to fund the acquisition and improvements entirely through a rights issue.
It plans to issue 17 million shares at LKR60 ($0.44) per share through a 2-for-1 rights, and raise LKR1.02bn ($7.64m).
D&W Foods is a Sri Lanka-Belgium joint venture company that was established for contract manufacturing and export of sausages and other processed meats.
Source:
http://meatandseafood.food-business-review.com/news/sri-lankas-keells-food-to-acquire-dw-foods-260612
