Cargills to set up agri-commercial bank
Cargills will set-up an agri-commercial bank in Sri Lanka which will
be a new venture by a supermarket chain operator, said Cargills Quality
Confectionaries Chairman, Stuart Young at a ceremony to launch a range
of Kist Biscuits on Thursday.
Cargills (Ceylon) PLC CEO/Deputy
Chairman, Ranjit Page, Cargills Quality Confectioneries
(Pvt) Ltd. Chairman, Stuart Young and Group Managing
Director, Imtiaz Wahid at the media briefing. Pic: Kavindra
The Central Bank gave the green light recently for Cargills to
operate a commercial bank which will benefit the agriculture and SME
sector in the country.
“Cargills will invest in expanding operations and enhancing market
share in the food and beverage sector”,Young said.
He said that the company will capitalise on the rapidly growing FMCG
sector and develop its business in the country. Cargills is a leading
supermarket chain operator with a sound distribution network across the
Cargills Group acquired the moribund factory of the former Diana
Biscuits, restoring the livelihood of workers.
The company invested Rs. 360 m on the state-of-the-art facility.
“Cargills believes that such a modern facility should remain in Sri
Lankan hands. We have salvaged the company and have put it back on
track”, he said.
Cargills (Ceylon) PLC CEO and Deputy Chairman, Ranjit Page said that
the company has a huge mission in the new environment and added that the
venture into the confectionary sector is one such initiative.
“Cargills firmly believes it can build its brand and be a leading
food manufacturer in the country”, Page said.
Cargills consolidated its operations in the North with a Rs. 500 m
state-of-the-art shopping mall which was opened on Wednesday.“Cargills
will explore and exploit opportunities for business expansion.
There is immense opportunity for business in the North and the East
which will be explored for expansion”, Page said.