George Steuart & Company Limited completed the acquisition of 51.1% in HVA Foods PLC (COSE:HVA.N0000) from HVA Group, Divasa Equity Ltd, Lake Drive Holdings Limited and others for approximately LKR 120 million.
February 01, 2021
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George Steuart & Company Limited made an offer to acquire HVA Foods PLC (COSE:HVA.N0000) from HVA Group, Divasa Equity (Pvt) Ltd, Lake Drive Holdings (Private) Limited and others for approximately LKR 230 million on December 1, 2020. Under the terms of transaction, George Steuart & Company Limited will acquire all the shares at LKR 3.5 per share. HVA Group owns 61.1% stake in HVA Foods and has agreed to sell 34 million shares constituting 51.1% of the ordinary shares in issue. A detailed offer document giving other relevant information including the period during which the Offer would be kept open in terms of the Code, will be forwarded to the Board of Directors and to the shareholders of the HVA Foods within twenty eight days. George Steuart & Company Limited's board approved the offer. The tender offer was commenced on December 31, 2020 and is expected to complete on January 20, 2021. As per announcement of January 20, 2021, the expected completion date date is extended to February 1, 2021.
George Steuart & Company Limited completed the acquisition of 51.1% in HVA Foods PLC (COSE:HVA.N0000) from HVA Group, Divasa Equity (Pvt) Ltd, Lake Drive Holdings (Private) Limited and others for approximately LKR 120 million on February 1, 2021. As per terms, 33.9 million shares will be acquire in the offer.
HVA Foods PLC is a Sri Lanka-based tea company. The Company is engaged in processing, packing and exporting teas. The Company is also engaged in the development, manufacture and distribution of tea extract-based products. Its portfolio of products includes ready-to-drink iced tea variants and superfoods, such as Moringa, spice teas and herbal infused beverages to suit wellness, mixology, culinary and hotels, restaurants and cafes (HORECA) needs. Its product collections include tea bag collection, tea from paradise, premium collection, HORECA collection, mixology collection, herbal collection, beverages, gift collection, spices and other brands. Its tea bag collection includes a flavored tea bag collection and cold brew blends. Its mixology collection includes Tropical Bellini, Rosy Cuba, Sencha Mania and Spiced Apple. Its subsidiary, H V A Holdings (Private) Limited, is the owner of the worldwide franchise for the Heladiv trademark and other brands.
George Steuart & Company Limited completed the acquisition of 51.1% in HVA Foods PLC (COSE: HVA.N0000) from HVA Group, Divasa Equity Ltd, Lake Drive Holdings Limited and others for approximately LKR 120 million.