New Bud

A strategy to expand its investment options will see Amana Investments venturing into the tea brokering business shortly.

Amana will hold a 55 per cent stake in the Rs. 15 million venture, with six other investors taking up the balance shareholding.

The new firm endash Tea Commodity Brokers endash opens shop in early July and will tap into its investors contact base for business at the weekly tea auctions.

The decision to venture into tea brokering comes as Amanas investments avenues are restricted to ventures that strictly adhere to Islamic laws – a rare commodity in a non-Islamic nation like Sri Lanka.

The move will broaden Amanas investment portfolio, says Amana spokesperson Israth Rauf, adding to its Islamic banking and insurance business.

Tea Commodity Brokers joins eight commodity brokers at the weekly auction.

The brokerage will also compete for tea stocks from plantations.

Top tea expert Sarath Sirisena will head Tea Commodity Brokers. Sirisena is credited with starting Mercantile Produce Brokers.