CIC Holdings buys 52% of Ceylinco Pharmaceuticals

Saturday, 5 November 2011 00:07 - - {{hitsCtrl.values.hits}}

CIC Holdings has acquired a 52.94% stake amounting to 0.9 million shares of Ceylinco Pharmaceuticals for Rs. 7.65 million.

The CIC Group consists of a portfolio of businesses ranging from agriculture, livestock, industrial raw materials, construction, packaging, consumer products and services.

CIC’s turnover increased 24.05% to Rs. 2.6 billion in the six months to September 2011 while profits for the period grew 24.87% to Rs. 143.71 million. Part of CIC Group is Link Natural Products, the herbal remedy company whilst in the Fast Moving Consumer Goods (FMCG) arena, CIC represents global giant Johnson and Johnson.

CIC Holdings Chairman B.R.L. Fernando in the company’s 2010/11 Annual Report said that the pharmaceuticals and consumer products range made substantial contributions.

Link Natural Products saw over Rs. 1 billion in turnover for the first time in FY2011 and net profit grew by 11% to Rs. 85 million.