Tea Smallholder Factories PLC Interim Financial
Statements
31st March 2025
2025 Unaudited | 2024 Unaudited | Change % |
633,711 | 857,694 | (26) |
(633,388) | (841,564) | (25) |
323 | 16,130 | 98 |
41,059 | 35,780 | 15 |
(28,644) | (36,317) | (21) |
(4,705) | (6,380) | (26) |
8,034 | 9,213 | (13) |
(1,299) | (3,160) | (59) |
1,565 | 2,169 | (28) |
266 | (991) | (127) |
- | 42,214 | (100) |
8,300 | 50,436 | (84) |
(2,572) | (9,751) | (74) |
5,728 | 40,685 | 86 |
2025 Unaudited | 2024 Audited | Change % |
2,797,104 | 3,055,960 | (8) |
(2,764,636) | (3,094,974) | (11) |
32,469 | (39,014) | (183) |
151,696 | 159,989 | (5) |
(138,457) | (145,761) | (5) |
(20,826) | (22,705) | (8) |
24,881 | (47,491) | (152) |
(7,482) | (22,074) | (66) |
6,583 | 7,663 | (14) |
(899) | (14,411) | (94) |
7,940 | 42,214 | (81) |
31,922 | (19,688) | (262) |
(10,399) | 25,917 | (140) |
21,523 | 6,229 | 246 |
TEA SMALLHOLDER FACTORIES PLC
No. 186, Vauxhall Street, Colombo 02.
INCOME STATEMENT
22-May-2025
Note
For the quarter ended 31st March
For the twelve months ended 31st March
Revenue from Contracts with Customers Cost of Sales
Gross Profit / (Loss)
Other Income Administrative Expenses Management Fees
Results From Operating Activities
Finance Cost Finance Income
Net Finance Income / (Expense)
5
Change in Fair Value of Investment Property
8
Profit / (Loss) Before Tax
Tax (Expense) / Reversal
Profit / (Loss) for the period
6
Rs. Rs. Rs.
Earnings per share - Basic 0.19 1.36 0.72
Earnings per share - Diluted 0.19 1.36 0.72
Dividend per Share 0.21 - 0.21
Rs.
0.21
0.21
-
Note : All values are in Rupees '000s, unless otherwise stated.
Figures in brackets indicate deductions.
Tea Smallholder Factories PLC - Interim Financial Statements
2025 Unaudited | 2024 Unaudited | Change % |
5,728 | 40,685 | 86 |
(772) | 71,483 | (101) |
231 | (21,445) | (101) |
(540) | 50,038 | (101) |
6,183 | (2,575) | (340) |
(1,855) | 772 | (340) |
4,328 | (1,803) | (340) |
3,788 | 48,235 | (92) |
3,788 | 48,235 | (92) |
9,516 | 88,920 | (89) |
2025 Unaudited | 2024 Audited | Change % |
21,523 | 6,229 | 246 |
28,400 | 71,483 | (60) |
(8,520) | (21,445) | (60) |
19,880 | 50,038 | (60) |
6,183 | (2,575) | (340) |
(1,855) | 772 | (340) |
4,328 | (1,803) | (340) |
24,208 | 48,235 | (50) |
24,208 | 48,235 | (50) |
45,732 | 54,464 | (16) |
TEA SMALLHOLDER FACTORIES PLC
No. 186, Vauxhall Street, Colombo 02.
22-May-2025
STATEMENT OF COMPREHENSIVE INCOME
For the quarter ended 31st March
For the twelve months ended 31st March
Profit / (Loss) for the Period
Other Comprehensive Income
Other comprehensive income not to be reclassified to income statement in subsequent periods
Revaluation of Land and Buildings Tax Effect
Re-measurement Gain/ Loss) on Defined Benefit Plans Tax Effect
Net Other Comprehensive Income/ (Loss) not to be reclassified to Income Statement in subsequent periods
Total Other Comprehensive Income for the period, net of tax Total Comprehensive Income for the period, net of tax
Note : All values are in Rupees '000s, unless otherwise stated.
Figures in brackets indicate deductions.
Tea Smallholder Factories PLC - Interim Financial Statements
TEA SMALLHOLDER FACTORIES PLC |
No. 186, Vauxhall Street, Colombo 02. |
2025 Unaudited 976,458 |
1,954 |
813,202 |
7,303 |
5,553 |
3,205 |
1,807,675 |
410,065 |
74,137 |
11,193 |
6,096 |
4,601 |
506,091 |
2,313,766 |
150,000 |
700,214 |
862,547 |
1,712,761 |
324,289 |
38,911 |
387 |
363,588 |
205,883 |
6,106 |
4,816 |
20,612 |
237,417 |
2,313,766 |
2024 Audited 969,805 |
2,043 |
785,472 |
7,603 |
9,439 |
4,995 |
1,779,357 |
338,860 |
74,990 |
7,118 |
6,096 |
14,026 |
441,090 |
2,220,447 |
150,000 |
680,334 |
842,998 |
1,673,332 |
303,515 |
43,131 |
408 |
347,054 |
163,688 |
5,699 |
6,418 |
24,256 |
200,061 |
2,220,447 |
As at 31st March |
ASSETS |
Non-Current Assets |
Property, Plant and Equipment |
Right of Use Assets |
Investment Property |
Intangible Assets |
Non-Current Financial Assets |
Other Non-Current Assets |
Current Assets |
Inventories |
Trade and Other Receivables |
Other Current Assets |
Income Tax Recoverable |
Cash in Hand and at Bank |
Total Assets |
EQUITY AND LIABILITIES |
Capital and Reserves |
Stated Capital |
Revaluation Reserve |
Retained Earnings |
Total Equity |
Non-Current Liabilities |
Deferred Tax Liabilities |
Employee Benefit Liabilities |
Deferred Grants and Subsidies |
Current Liabilities |
Trade and Other Payables |
Amounts due to Related Parties |
Other Current Liabilities |
Bank Overdraft |
55.78
57.09
Net Assets Per Share (Rs.)
Note : All values are in Rupees '000s, unless otherwise stated.
I certify that the financial statements comply with the requirements of the Companies Act No.7 of 2007.
sgd. |
Sisira Pushpakumara |
Head of Finance |
The Board of Directors is responsible for these financial statements. |
sgd. |
P. H. S. Uluwaduge |
Chairman |
22nd May 2025 |
sgd. |
Anusha S. Perera |
Executive Director |
TEA SMALLHOLDER FACTORIES PLC CASH FLOW STATEMENT
2025 | 2024 |
Unaudited | Audited |
31,922 | (19,688) |
(6,583) | (7,663) |
69,685 | 75,690 |
89 | 89 |
300 | 400 |
9,617 | 12,027 |
(20) | (20) |
7,482 | 22,074 |
(11,188) | (5,016) |
(7,940) | (42,214) |
93,364 | 35,679 |
(71,204) | 152,807 |
6,529 | 27,129 |
(4,074) | (1,584) |
42,193 | (117,351) |
407 | (2,374) |
(1,603) | (29,047) |
65,611 | 65,259 |
6,583 | 7,663 |
(7,482) | (22,074) |
(7,766) | (6,546) |
- | (22,706) |
56,946 | 21,596 |
(68,392) | (95,476) |
11,964 | 6,106 |
(56,428) | (89,370) |
(6,300) | - |
(6,300) | - |
(5,782) | (67,774) |
(10,230) | 57,544 |
(16,012) | (10,230) |
14,026 | 6,265 |
- | 52,041 |
(24,256) | (762) |
(10,230) | 57,544 |
4,601 | 14,026 |
- | - |
(20,612) | (24,256) |
(16,012) | (10,230) |
For the twelve months ended 31st March CASH FLOWS FROM OPERATING ACTIVITIES
Profit/ (Loss) Before Tax
ADJUSTMENTS FOR :
Finance Income
Depreciation of Property, Plant and Equipment Amortization of Right of Use Assets Amortization of Intangible Assets
Gratuity Charge and Related Cost Amortization of Grants
Finance Cost
Profit on disposal of Property, Plant and Equipment Change in Fair Value of Investment Property Operating Profit before Working Capital changes
(Increase) / Decrease in Inventories
(Increase) / Decrease in Trade and Other Receivables (Increase) / Decrease in Other Current Assets Increase / (Decrease) in Trade and Other Payables
Increase / (Decrease) in Amount due to Related Parties Increase / (Decrease) in Other Current Liabilities
Cash Generated from Operations
Finance Income Received Finance Cost Paid Gratuity Paid
Tax Paid
Net Cash Flow from Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Property, Plant and Equipment
Proceeds from Sale of Property, Plant and Equipment
Net Cash Flow from / (used) in Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend Paid
Net Cash from / (used) in Financing Activities
Net Increase / (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at the beginning Note A
Cash and Cash Equivalents at the end Note B
NOTES
Cash and Cash Equivalents at the beginning
Cash in Hand and at Bank
Short Term Investments (less than three months) Bank Overdraft
Cash and Cash Equivalents at the end
Cash in Hand and at Bank
Short Term Investments (less than three months) Bank Overdraft
STATEMENT OF CHANGES IN EQUITY
Stated Capital | Revaluation Reserve | Retained Earnings | Total | |
As at 1stApril 2023 | 150,000 | 630,296 | 838,569 | 1,618,865 |
Profit for the period | - | - | 6,229 | 6,229 |
Other comprehensive income | - | 50,038 | (1,803) | 48,235 |
Total comprehensive income | - | 50,038 | 4,427 | 54,464 |
Interim dividend paid - 2023/2043 | - | - | - | - |
As at 31st March 2024 | 150,000 | 680,334 | 842,996 | 1,673,329 |
As at 1stApril 2024 | 150,000 | 680,334 | 842,996 | 1,673,329 |
Profit for the period | - | - | 21,523 | 21,523 |
Other comprehensive income | - | 19,880 | 4,328 | 24,208 |
Total comprehensive income | - | 19,880 | 25,851 | 45,732 |
Interim dividend paid - 2024/2025 | - | - | (6,300) | (6,300) |
As at 31st March 2025 | 150,000 | 700,214 | 862,547 | 1,712,761 |
Note : All values are in Rupees '000s, unless otherwise stated. | ||||
Figures in brackets indicate deductions.
Tea Smallholder Factories PLC - Interim Financial Statements
TEA SMALLHOLDER FACTORIES PLC |
OPERATING SEGMENT INFORMATION |
Geographical Segment |
For the Twelve months ended 31st March |
Segment Revenue |
Revenue from contracts with customers |
Galle | |
2025 | 2024 |
Rs. | Rs. |
1,875,253 | 1,828,241 |
Rathnapura |
25 2024 |
. Rs. |
532 278,731 |
N'Eliya |
2024 |
Rs. |
319 948,988 |
Total | |
2025 | 2024 |
Rs. | Rs. |
2,797,104 | 3,055,960 |
2,797,104 | 3,055,960 |
20 2025
Rs Rs.
921,
Segment Results | ||||||
Revenue Expenditure | (1,835,623) | (1,821,943) | - (319,545) | (854,480) (871,263) | (2,690,103) | (3,012,751) |
Depreciation of Property, Plant and Equipment | (52,141) | (50,835) | - (8,914) | (14,407) (12,947) | (66,548) | (72,696) |
Amortization of Intangible Assets | (188) | (200) | - (50) | (38) (50) | (225) | (300) |
Gratuity Charge and Related Costs | (5,341) | (5,319) | - (991) | (2,573) (2,917) | (7,914) | (9,227) |
Segment Gross Profit/ (Loss) | (18,039) | (50,056) | 532 (50,769) | 49,820 61,811 | 32,314 | (39,014) |
Other Income |
Change in fair value of Investment Property |
Finance Cost |
Finance Income |
Unallocated Expenses |
Management Fees |
Profit / (Loss) Before Tax |
151,696 | 159,989 | |
7,940 | 42,214 | |
6,583 | (22,074) | |
(7,482) | 7,663 | |
(138,302) | (145,761) | |
(20,826) | (22,705) | |
31,922 | (19,688) |
Segment Assets | |
Allocated Assets | |
Non - Current Assets | |
Property, Plant & Equipment | 939,442 933,685 - - 275,283 261,016 1,214,725 1,194,701 |
Accumulated Depreciation | (224,491) (181,886) - - (62,661) (58,582) (287,152) (240,468) |
Intangible Assets | 188 1,000 - - 38 250 225 1,250 |
Accumulated Amortization | (188) (888) - - (38) (222) (225) (1,110) |
Current Assets | 318,874 268,478 - - 165,093 140,999 483,967 409,477 |
1,033,825 1,020,389 - - 377,715 343,461 1,411,540 1,363,850 | |
Unallocated Assets | |
Non - Current Assets | |
Cost | 914,042 858,022 |
Depreciation and Amortization | (33,940) (33,038) |
Current Assets | 22,124 31,613 |
Total Assets | 2,313,766 2,220,447 |
Segment Liabilities |
Allocated Liabilities |
Non Current Liabilities |
Current Liabilities |
17,336 | 16,404 - - 13,022 12,175 | 30,358 | 28,579 | ||
120,013 | 83,284 - - 54,149 47,854 | 174,162 | 131,138 | ||
137,350 | 99,688 - - 67,171 60,029 | 204,520 | 159,717 |
Unallocated Liabilities |
Non Current Liabilities |
Current Liabilities |
333,230 | 318,475 | |
63,255 | 68,923 | |
396,485 | 387,398 | |
601,005 | 547,115 |
Segment Capital Expenditure |
Allocated Capital Expenditure |
Unallocated Capital Expenditure |
Total Liabilities
47,890 | 92,540 | |
20,503 | 2,936 | |
68,392 | 95,476 |
24,647 50,803 - 22,504 23,242 19,233
Note : All values are in Rupees '000s, unless otherwise stated. |
Figures in brackets indicate deductions. |
TEA SMALLHOLDER FACTORIES PLC |
OPERATING SEGMENT INFORMATION |
For the quarter ended 31st March Geographical Segment Galle Rathnapura N'Eliya Total 2025 2024 2025 2024 2025 2024 2025 2024 Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Segment Revenue Revenue from Contracts with Customers 452,828 528,785 - 56,259 180,884 272,650 633,711 857,694 633,711 857,694 Segment Results Revenue Expenditure (451,156) (509,207) 263 (78,790) (165,600) (230,121) (616,493) (818,118) Depreciation of Property, Plant and Equipment (13,229) (13,615) - (1,821) (3,690) (3,796) (16,919) (19,232) Amortization of Intangible Assets (38) (50) - (12) (1) (13) (38) (75) Amortization of Right of Use Assets - - - - - - - -Gratuity Charge and Related Costs (400) (2,994) - 137 308 (1,282) (92) (4,139) Segment Gross Profit/ (Loss) (11,995) 2,919 263 (24,227) 11,900 37,438 169 16,130 Other Operating Income 41,059 35,780 Change in fair value of Investment Property - 42,214 Finance Cost 12,767 (3,160) Finance Income (12,501) 2,169 Unallocated Expenses (28,489) (36,317) Management Fees (4,705) (6,380) Profit / (Loss) Before Tax 8,300 50,436 Segment Capital Expenditure Allocated Capital Expenditure 8,765 29,685 - 1,472 2,684 5,771 11,450 36,928 Unallocated Capital Expenditure (472) - 10,977 36,928 Note : All values are in Rupees '000s, unless otherwise stated. Figures in brackets indicate deductions. |
TEA SMALLHOLDER FACTORIES PLC |
NOTES TO THE INTERIM FINANCIAL STATEMENTS |
1 | Corporate Information |
Tea Smallholder Factories PLC is a public limited company incorporated and domiciled in Sri Lanka and listed on the Colombo Stock Exchange. |
2 | Approval of Financial Statements |
The interim condensed financial statements of the Company for the twelve months ended 31st March 2025 were authorized for issue by the Board of Directors on 22nd May 2025.
3 | Basis of Preparation |
The interim condensed financial statements for the twelve months ended 31st March 2025 have been prepared in accordance with LKAS 34 Interim Financial Reporting.
The interim condensed financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company's annual financial statements for the year ended 31st March 2025. |
The presentation and classification of the financial statements of the previous period have been amended, where relevant, for better presentation and to be comparable with those of the current period. |
The interim condensed financial statements are presented in Sri Lankan Rupee and all values are rounded to the nearest thousand except when otherwise indicated.
4 | Operating Segments |
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenue and expenses that relate to transactions with any of the Company's other components. The segments are determined based on the Company's geographical spread of operations. All operating segments' operating results are reviewed regularly by the CEO to make decisions about resources to be allocated to the segment and to assess its performance, and for which discrete financial information is available.
Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets (primarily the company's head office), head office expenses, and income tax liabilities.
Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment.
5 | Finance Income / (Expense) | 2025 | 2024 |
For the twelve months ended 31st March | |||
Finance Income | |||
Interest income | 6,583 | 7,663 |
Finance Expense |
Interest expense on borrowings |
(7,482) (22,074)
Net Finance Income / (Expense) (899) (14,411)TEA SMALLHOLDER FACTORIES PLC |
NOTES TO THE INTERIM FINANCIAL STATEMENTS |
6 | Tax (Expense) / Reversal | 2025 | 2024 |
For the twelve months ended 31st March | |||
Current Income Tax | |||
Current tax charge | - | - | |
(Under)/ Over provision of current tax in respect of previous years | - | 21,021 | |
Deferred Income Tax | |||
Relating to origination and reversal of temporary differences | 10,399 | 4,896 |
2025 |
Rs. |
2024 |
Rs. |
7 | Related Party Transactions |
For the twelve months ended 31st March | |
Parent Company | |
Receiving of services |
(7,188) (8,983)
Companies under common control of the parent company |
Purchase of goods |
Receiving of services |
Rent paid |
(458) |
(58,156) |
(3,330) |
(65) |
(62,600) |
(2,974) |
Transactions with equity accounted investments of the parent |
Receiving of services |
Companies which have significant influence |
Purchase of goods |
(900)
- -
7.1 | Transactions with Key Management Personnel of the Company |
The Company has paid Rs. 7.86 Mn to their Directors as fees during period ended 31st March 2025 (2023/24 - Rs.7.34 Mn). There are no non cash benefits for Key Management Personnel. Other than that, there are no transactions, arrangements and agreements with close family members of Key Management Personnel or with Companies controlled / jointly controlled / significantly influenced by Key Management Personnel and their close family members. |
7.2 | Terms and Conditions of Transactions with Related Parties |
Transaction with related parties are carried out in the ordinary course of business. Outstanding current account balances at the period end are unsecured, interest free and settlement occurs in cash. The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm's length transactions. |
7.3 | Management Fee |
The management fee to managing agents, John Keells Teas (Private) Limited was paid at contractual price. |
8 | Investment property |
In determining the fair values of the properties classified as Investment Property, company has used the market approach. |
9 | Share Information |
9.1 | Float adjusted market capitalization and Public share holdings |
Number of public shareholders |
Public holding percentage |
Compliant under option 5 - Float adjusted market capitalization (Rs.'000s) |
1,485 |
33.09 |
397,612 |
1,457 |
33.05 |
411,494 |
The Company has complied with the Rule 7.13.1 (a) of the Listing Rules of the Colombo Stock Exchange governing the minimum public holding requirement of listed entities for continuous listing requirements. As at 31st March 2025, the public holding of the Company stood at 33.09 percent surpassing the minimum requirement of 20 percent, under the option 5.
TEA SMALLHOLDER FACTORIES PLC |
NOTES TO THE INTERIM FINANCIAL STATEMENTS |
9.2 | The number of shares held by the Board of Directors and the Chief Executive Officer are as follows: |
As at 31st March 2025 |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
As at 31st March 2024 |
Nil |
Nil |
Nil |
10,000 |
Nil |
Nil |
Nil |
Nil |
Names |
Mr. K. N. J. Balendra (Resigned w.e.f 03rd April 2025) |
Mr. J. G. A. Cooray (Resigned with w.e.f 03rd April 2025) |
Mr. A. K. Gunaratne |
Ms. A. Goonetilleke |
Mr. A. Z. Hashim (Resigned w.e.f 03rd April 2025) |
Ms. S. W. F. Jameel |
Mr. P. P. Edirisinghe |
Mr. C. S. Hettiarachchi |
CEO |
Mr. R. H. Walpola |
Nil Nil
9.3 | Twenty largest shareholders of the Company are as follows: |
9.4 | Stated Capital is represented by number of shares in issue as given below: |
9.6 | Market Price per share |
For the quarter ended 31st March |
2025 |
Rs. |
49.00 |
40.00 |
40.10 |
2024 |
Rs. |
46.00 |
39.60 |
41.50 |
Highest |
Lowest |
Last Traded |
As at 31st March 2025 As at 31st December 2024
Seq.No. | Name | No. of Shares | % Holdings | No. of Shares | % Holdings |
1 | JOHN KEELLS HOLDINGS PLC | 11,286,000 | 37.62 | 11,286,000 | 37.62 |
2 | AKBAR BROTHERS PVT LTD | 7,318,000 | 24.39 | 7,318,000 | 24.39 |
3 | CENTRAL FINANCE COMPANY PLC | 6,854,814 | 22.85 | 6,854,814 | 22.85 |
4 | CF GROWTH FUND LTD | 1,933,678 | 6.45 | 1,933,678 | 6.45 |
5 | SEYLAN BANK PLC/EAGLE CREST (PVT) LTD | 208,878 | 0.70 | 232,110 | 0.77 |
6 | MR. D. RAMACHANDRAN DESHRAAM | 125,777 | 0.42 | 123,554 | 0.41 |
7 | T R L HOLDINGS (PVT) LIMITED | 104,306 | 0.35 | 100,000 | 0.33 |
8 | MR. N.D. KURUKULASURIYA NAGEN DAYARANJAN | 62,400 | 0.21 | 62,400 | 0.21 |
9 | MRS. S. VASUDEVAN SARASVATHI | 53,496 | 0.18 | 53,496 | 0.18 |
10 | DR. D.S.A. SAMARAWEERA DON SARATH ABESIRI | 53,000 | 0.18 | 53,000 | 0.18 |
11 | COMMERCIAL BANK OF CEYLON PLC/D.RAMACHANDRAN | 50,000 | 0.17 | 50,000 | 0.17 |
12 | PEOPLE S LEASING AND FINANCE PLC/N.ANOSHAN | 44,000 | 0.15 | 44,000 | 0.15 |
13 | MR. S. SIVAJEEVAN SARVANANTHAN | 39,327 | 0.13 | 40,200 | 0.13 |
14 | MR. C.N. PAKIANATHAN CALISTUS NIMALANATHAN | 37,613 | 0.13 | 37,613 | 0.13 |
15 | MR. T. RAVEENTHIRAN THAMBIRAJAH | 34,500 | 0.12 | 34,500 | 0.12 |
16 | MR. M.J.M. NAWSHAD MOHAMMED JALEEL MOHAMMED | 33,024 | 0.11 | 29,604 | 0.10 |
17 | MR. M.I. RIYAS MOHAMED ISMAIL | 28,500 | 0.10 | 28,000 | 0.09 |
18 | MR. S.S. SITHAMBARANATHAN SINNIAH SELLATHURAI | 28,290 | 0.09 | 28,290 | 0.09 |
19 | MR. M.A.M. AKASH MOHAMED AMEER MOHAMED | 25,850 | 0.09 | - | - |
20 | MR. Z.G. CARIMJEE ZOEBALY GULAMABASS | 25,000 | 0.08 | 25,000 | 0.08 |
Total | 28,346,453 94.52 28,334,259 94.45 | ||||
As at 31st March 2025 | ||
Ordinary Shares (in thousands) | 30,000 | |
9.5 | Net Assets per share | |
Net assets per share have been calculated, for all periods, based on the number of shares in issue as at 31st March 2025. | ||
As at 31st December 2024 |
30,000 |
10 | Capital Commitments |
The value of contractual commitments for acquisition of property, plant and equipment as at 31st March 2025 is Rs. 8.48 Mn. |
11 | Contingencies |
There is no Contingent Liability of the Company as at 31st March 2025. |
12 | Events After the Reporting Period |
On 3rd April 2025 Udapussellawa Plantations PLC (UPL) acquired 11,276,839 Ordinary Voting Shares in Tea Smallholder Factories PLC constituting approx. 37.59% of the total number of shares in issue in Tea Smallholder Factories PLC at a price of Rs. 35.00 per share. Subsequently UPL has made a mandatory offer to buy remaining shares from the shareholders with the concurrence of the SEC. |