Hunas Holdings offloads Rainforest Tea Factory for Rs.1.215 bn



Hunas Holdings PLC announced the sale of its subsidiary Rainforest Tea Factory (Pvt) Ltd for a total consideration of Rs.1.215 billion, consisting of approximately Rs.256 million in cash proceeds and the transfer of approximately Rs.960 million in associated debt liabilities.


The said shares of Rainforest Tea Factory is sold to Nanayakkara Appuge Udayanga Ranmal (80 percent), and Rupasinghe Arachchige Nelka Rupasinghe (10 percent).


In a disclosure to the Colombo Stock Exchange (CSE), Hunas Holdings said the disposal of Rainforest Tea Factory represents a strategic milestone in the company’s focused expansion into the thriving leisure sector.


“This divestment aligns with medium to long-term value creation to all stakeholders, 


whilst enabling a financial restructuring that will strengthen the group’s balance sheet enhancing its financial! resilience,” it said.


The transaction also sharpens the company’s focus on core growth areas, optimises resource allocation, and positions the business for sustained value creation, it added.


The disclosure highlighted that the Board has obtained an independent valuation report from G.W.G.

Abeygunawardene FRICS (Chartered Valuation Surveyor) dated 02 August 2024 to derive an independent opinion on the valuation that is being considered for the sale.


The valuation of Rainforest Tea Factory is estimated at Rs. 740.5 million.



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