28 September 2010

IBGL Invests Rs600mn in Sri Lanka Cinnamon Tea Production

28th September 2010, www.dailynews.lk, By Ramani Kangaraarachchi

International Business Galaxy Ltd (IBGL) will invest Rs 600 million to meet the huge demand for cinnamon tea around the world. IBGL Chairman Ajintha Wickramanayake told Daily News Business the company will go for a private placement to meet this challenge shortly.

He said two million shares at the rate of Rs 300 each will be issued to the public in a revolutionary manner.

“We can teach people how to generate income through our products utilizing funds at a time investors look for new avenues to invest their money after the recession,” he said.

The shareholders will be paid dividends at gross profit level and not at the net profit levels like in other companies.

As such shareholders have placed lot of confidence on the company and they will get higher return as a result.

It is significant that the company has allocated 20 percent from the profits to original shareholders.

Wickramanayake said IBGL offers creative and unique food and beverage products with health benefits using Sri Lanka commodities which is essential to people worldwide.

“The return on investment for the shareholders is definite and fast. IBGL is one of the first to take this opportunity to explore and produce this superlative product,’ he said.

Sri Lanka has still not recognised the commercial opportunities of Cinnamon and Green and Black tea.

The Ceylon Cinnamon with Green and Black Tea is prophylactic and a blood purifier and is one of the best beverages available in the world,” he said.

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