Pharmaceutical manufacturer Morison PLC yesterday said that its subsidiary MSJ Industries (Ceylon) (Private) Limited would be amalgamated into the parent company.
In a disclosure to the Colombo Stock Exchange, Morison said that the amalgamation would take effect on the day the company registrar issues the Amalgamation Certificate and that all shares representing the stated capital of MSJ Industries will be cancelled without payment or other considerations.Morison will take over all assets and liabilities of MSJ Industries. All directors of Morison will remain the directors of the amalgamated company, except for Morison Managing Director Trihan Perera, who will be resigning from the board at the start of January 2018.
MSJ Industries was founded in 1959 by U. Karunatileka as a pioneering manufacturer of generic pharmaceuticals, although in recent times, MSJ Industries may have been importing pharmaceuticals, since the subsidiary had taken an import financing loan.Morison recently invested US $ 13.5 million to start constructing a pharmaceutical research and production facility at the SLINTEC Nanotechnology Park in Pitipana, Homagama. After the amalgamation, Morison would have three subsidiaries or associates: MSJ Cargoes (Ceylon) (Private) Limited, MSJ Promotional Services (Private) Limited and Agranta (Private) Limited.
The Hemas group owns 90.7 percent of the shares in Morison.