Sri Lanka's Carsons group to buy Millers Brewery
June 20, 2014 (LBO) - Sri Lanka's Carsons Cumberbatch group said it has struck a deal to buy Millers Brewery Limited, from Cargills Ceylon Plc for 5.15 billion rupees.
The acquisition will be through Lion Brewery (Ceylon) Plc and Pearl Springs (Pvt) Ltd.
Cargills said in a stock exchange filing that it will give the firm to Carsons, debt free.
Cargills acquired the brewer during a credit bubble fired by low interest rates and also invested in improving its facilities, but became more leveraged in the process.
Many Sri Lankan firms that became highly leveraged are reducing debt and fixing their balance sheets, resulting in weak credit growth.
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