• Tue. Jul 23rd, 2024

Watawala Plantations to acquire cattle fodder growing firm Moragoda Agro Services for Rs.88.5 million

Watawala Plantations PLC has entered into a share sale and purchase agreement on 21st March
with Aruna Moragoda, who owns a 100% stake in Moragoda Agro Services (Pvt) Ltd for Rs.88.5 million.

Moragoda Agro Services engages in the business of cultivating cattle fodder.

Watawala Plantations’ fully owned subsidiary, Watawala Dairy manages a herd of 1,632 dairy cattle with a state-of-the-art milking parlor that can produce over 6 million liters of fresh milk annually.

The sourcing of local feed at a reasonable cost has become a challenge due to import restrictions imposed on maize. Last year, prices of maize doubled adding a spike to the cost of feed which is the single most significant item of cost. .

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