McLeod Russel subsidiary sells stake in Gisovu Tea
The company also said its Chairman B.M. Khaitan resigned from his position on account of his old age and he has been designated Chairman Emeritus.
The world`s largest bulk tea producer, McLeod Russel on Wednesday said its wholly-owned subsidiary Borelli Tea Holdings Ltd (BTHL) has sold its equity stake in Gisovu Tea Co of Rwanda. In February, the tea planter said the BTHL had decided to dispose of its entire share holding in Gisovu Tea, and 50 per cent of the equity shares held by it in Pfunda Tea Company Ltd, also in the east African country, for an aggregate consideration of $21 million.
The BTHL had entered into separate MoUs with the buyer, Rwanda Tea Investments. "The transaction for sale of the equity stake held by Borelli Tea Holdings Ltd, UK, the wholly-owned subsidiary of our company in Gisovu Tea Co Ltd, Rwanda, being 60 per cent of the paid up capital of Gisovu, in terms of Memorandum of Understanding signed between Borelli and Rwanda Tea Co Ltd, has been completed," it said in a regulatory filing.
The company also said its Chairman B.M. Khaitan resigned from his position on account of his old age and he has been designated Chairman Emeritus.
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Vice Chairman Aditya Khaitan has been elected as Chairman of the company`s board in his place.
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