This will follow its unbundling from parent company, diversified hospitality group -
In a notice to shareholders, Meikles company secretary
"The Board of Directors of the company wish to advise shareholders and members of the investing public that the board is engaged in discussions and is considering various proposals which, if implemented, may have a material impact on the value of the company's shares.
"In this regard the directors have determined to unbundle from the company and separately list on the
"To this end the company has engaged professional advisors. Shareholder approvals will be sought in due course, with these processes running alongside normal year end procedures. "Shareholders and members of the investing public are advised to exercise caution and consult their professional advisors before dealing in the company's shares until the full details of the transaction(s) are announced or upon withdrawal of this cautionary," said
Parent company, Meikles has expressed optimism for the agriculture business and export crops going forward as the country has received good rains during this 2020/21 season coupled with improved electricity supplies needed for irrigation.
"The good rains received this season bodes well for the group's agriculture segment and growth in export crops is expected in the forthcoming financial year.
"Our dams are full and power, which is essential for irrigation and estate factories will be available not only from traditional sources, but also from the solar projects," said
According to the update, bulk tea production benefited from early rains and grew by 41 percent and 6 percent for the quarter and year to date, respectively.
But bulk tea production was 17 percent behind last year as at the half year ended
In volume terms, bulk tea export sales were behind last year by 8 percent and 10 percent for the quarter and year to date, respectively.
Average bulk tea export price for the quarter of
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