Sri Lanka’s Noorani Estates plans expansion, possible listing

Standing left to right – Mr. Dinesh Jebamani (Chief Manager Liability Product Management and New Age Media – Seylan Bank), Mr.Sudesh Peiris (Senior Manager – Digital Banking Channels – Seylan Bank), Ms. S.Senevirathne (Representative of the Revenue Department – Western Province), Mr. Tilan Wijeyesekera (Deputy General Manager – Retail Banking – Seylan Bank) and Mr. Malik Wickremanayaka (Deputy General Manager – Operations – Seylan Bank)

May 30, 2014 (LBO) – Sri Lanka’s Noorani Estates (Pvt) Ltd, a poultry firm that operates under the brand Nelfarms is planning to invest over one billion rupees over three years to expand, with a possible stock exchange listing also on the cards, a top official said. “We are very bullish about the industry,” Noordeen Sethwala, Executive Director of Noorani Estates (Pvt) Limited said.

“Consumption in Sri Lanka is still small compared to other countries. So we have long way to go.”

The company sells eggs and day old chicks but it wants to move into the broiler sector with meat and sausage and ready to eat meat processing.

“We are planning to invest about one billion rupees over the next two to three years to expand the business on broiler processing and to make ready-to-eat meat.”

Sethwala said the business the family business had now grown with several generations being involved and a listing on the stock market is also being considered.

“We are also looking for other finance opportunities apart from our own funding as well,” he said.

“Now we have 440 shareholders. They all are tied into this company and there might be people who want to exit.”

The firm launched a new brand this week.

The company was also in talks with an i