Dankotuwa Porcelain acquires Royal Fernwood

Dankotuwa Porcelain PLC yesterday acquired 76 percent Browns Group subsidiary Royal Fernwood Porcelain Ltd in a deal to the tune of Rs.305 million.

Lanka Century Investments PLC, formerly known as Environmental Resources Investments PLC has provided Dankotuwa Porcelain PLC (DPL) a sum of Rs.300 million to carry out the acquisition.

Lanka Century Investments is the majority shareholder of Dankotuwa Porcelain. In a separate development, A.G.Weerasinghe was appointed the Chairman of Lanka Century Investments with effect from yesterday. The acquisition will see DPL take on 76 percent of shares in RFPL as part of a wider move to transform RFPL from a low-margin contract manufacturer of porcelain tableware to an internationally renowned porcelain tableware brand through the acquisition of international brands while increasing in RFPL’s production output.