Jan 19, 2018 (LBO) – Hemas Holdings has entered into an agreement to acquire 75.1 percent stake of Sri Lanka’s leading stationery manufacturer Atlas for 5.7 billion rupees.
Hemas said in a statement that the acquisition of Atlas will increase the group’s presence in the fast-moving consumer goods space.
“Atlas will become the third largest business in HHL and will operate as a subsidiary of Hemas Holdings,” the company said.
“HHL aims to continue to drive Attas’ excellent track record of sales growth, and strengthen its market leading position, highly effective lean manufacturing and enviable dividend track record.”
Atlas Axillia Ltd formerly known as Ceylon Pencil Company, founded in 1959, currently employs 1,300 people and operates two production facilities in Peliyagoda and Kerawalapitiya.