Subject to the completion of the sale, PBTCL would cease to be a subsidiary of BTHL and a step-down subsidiary of McLeod Russel
The country’s largest bulk tea producer, McLeod Russel India, announced on Thursday that it was selling its Vietnam unit, Phu Ben Tea Company (PBTCL).
In a filing with the stock exchanges, McLeod Russel stated that pursuant to a Capital Contribution Agreement executed on October 25, 2023, between Borelli Tea Holdings (BTHL), a wholly-owned subsidiary, and PBTCL, a step-down subsidiary, and Vietnam’s TLK Agriculture Joint Stock Company, BTHL would sell 100 percent of the capital contribution in PBTCL to TLK at a net consideration equivalent to $2.15.
Subject to the completion of the sale, PBTCL would cease to be a subsidiary of BTHL and a step-down subsidiary of McLeod Russel. The expected date of completion of the sale is December 24, 2023.
Aditya Khaitan, chairman and managing director of McLeod Russel, could not be reached for comment…