Sri Lanka’s Tess Agro Plc, a food processing and export company, said IPEK SA, which is a diversified group of companies involved in oil trading, engineering and waste recycling, has concluded the private placement of shares into the company to the tune of Rs. 84 million as an initial investment.
IPEK SA LTD is a company incorporated in Cyprus and a fast-growing company focused on crude oil production, refining, international trading and waste utilization and recycling, and construction of infrastructure for oil and gas industries.
The company operates in eight countries including Lugano, Switzerland, UK and the UAE and is looking to enter the food industry. IPEK SA LTD also plans to expand its trading operations in the region by investing in Sri Lanka as a long-term goal.
With IPEK SA LTD who wants to enter the food industry has chosen Tess Agro Plc to partner with via a private placement, subscribing to 168 million new voting shares of the company where they will be the largest shareholder at Tess Agro PLC followed by Tess Pvt Ltd with a 31.13 % stake.
IPEK SA will also make an offer for the existing shares in terms of Rule 31(1)(a) of the Company Takeover and Mergers Code rule of the Securities and Exchange Commission of Sri Lanka.
TESS Agro has already negotiated with machine manufacturers to bring down the necessary machinery and begin production of the tin can manufacturing plant before year end. This is a huge boost for the local economy and to prove to foreign investors that it is a good time to invest in Sri Lanka despite the current country crisis and the possibilities are endless. “This is only the beginning as IPEK and TESS AGRO PLC have major plans for the future of the Company.
Several more project proposals are being considered and we intend on making TESS a synonymous name throughout the world,” said Dilshan Fernando CEO of Tess Agro Plc. (Pictured)