Sri Lanka Chemcel operations to cease

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Jun 04, 2015 (LBO) – Archer Daniels Midland, a multinational said that its closing the Sri Lankan unit of chemicals manufacturing, Chemcel (Pvt) limited, in which Chemanex PLC also has a stake.

“Archer Daniels Midland Europe BV, the main shareholder of Chemcel, has informed us that Chemcel will cease operations based on a number of considerations,” Chemanex said in a stock exhcange filing.

“We currently own 23.15 percent of Chemcel and it is reflected in our books at an investment value of 272 million rupees.”

The statement said Chemcel has substantial cash balances and it is currently estimated that upon a liquidation of the company Chemanex PLC would be able to realize its investment value.