Exterminators ditch UK investment plans

Wednesday, 4 October 2023 00:28 - - {{hitsCtrl.values.hits}}

Exterminators PLC has decided to abandon plans to invest in a pest management and global environmental enhancement technology company in the UK.

The company said the decision was in view of the prevailing exchange control restrictions in Sri Lanka.

Original plans were announced in May this year.

Exterminators then said it would be investing £ 75,000 in “Sentario UK Ltd.” and holds 30% of the equity shares of the proposed UK Company. The investment will be made within a period of 12 months subject to obtaining necessary exchange control approvals (as applicable). The balance of £ 175,000 will be invested by Exterminators PLC Managing Director D.M. Ferreira.

“Through the proposed investment, it is expected to set up a pest management business in the UK, and novel pest and environmental enhancement technology products will be exported to B2B customers in emerging and developing markets through this company. The company formed as aforesaid will also set up an e-commerce online store to cater to the retail market in the UK, Eastern Europe, and emerging and developing markets,” said Exterminators in its May 2023 disclosure.