Eastern Merchants PLC incorporated a new subsidiary named Spice Lane (Pvt) Ltd., for the purpose of further developing the trade of spices conducted by the group. The registered offices of Spice Lane will be situated at 341 Union Place, Colombo 2 and the Board of Directors of this new subsidiary comprises six of the Executive Directors of Eastern Merchants PLC.
A range of spices including cinnamon, pepper, and cloves are currently cultivated and exported from Sri Lanka, and spice exports from the country have experienced strong double-digit growth over the last few years. In particular, the Company sees massive potential in Sri Lankan cinnamon or “true cinnamon”, that is more or less exclusively native to Sri Lanka. Spice Lane was formed to explore these opportunities that we see in this sector.