Bairaha Farms invests Rs. 310 m in expansion

Friday, 27 October 2023 01:25 - - {{hitsCtrl.values.hits}}

Bairaha Farms Plc has invested Rs. 310 million to expand its business.

In a fling to the CSE, the Company said a newly incorporated subsidiary - Global Reach Foods Ltd, has acquired land and building located In Pannala, in the Kurunegala District for Rs. 214.19 million along with machinery (excluding plant and equipment used for fish processing) owned by Rainbow Foods Ltd., for Rs. 95 million.

It said Global Reach Foods Ltd., plans to initially engage in the production and export of certain niche meat-based products. The Company is expected to commence operations in November.

Besides three Directors from Bairaha Farms PLC, who would be appointed as Directors in Global

Reach Foods Ltd, to represent Bairaha Farms, another two external Directors would be

appointed as Executive Directors, who have the expertise with regard to production and export of the above products.