Sierra Cables to wind up Tea Leaf Resort subsidiary

Sri Lanka’s Sierra Cables PLC said it has resolved to voluntarily wind up its subsidiary The Tea Leaf Resort Holding (Private) Limited, in line with the provisions of Companies Act No. 07 of 2007.

In a stock market disclosure, Sierra Cables said the winding up would take place under Section 334(2) of the act and a meeting of the company’s creditors has been scheduled for July 21, 2025.

The agenda includes laying before the creditors the Statement of Affairs of the company, prepared by its directors, seeking their approval for the voluntary winding up and the appointment of a liquidator, as provided under Section 335 of the act.

Sierra Cables is the majority shareholder of The Tea Leaf Resort Holding. 

The company did not provide further details on the rationale behind the winding-up decision. 

Sierra Cables has in recent years diversified into several other sectors.