Sri Lanka’s one of the leading agriculture sector focused conglomerate, CIC Holdings PLC, has recently sold company’s stationary business, that operates under the ‘CIAL’ brand, to Packsco, an importer and distributor of pens, JK Copier photocopy paper and Nataraj products to Sri Lanka.

In a statement CIC Holdings Managing Director Samantha Ranatunga has said that the sale, which the price was not disclosed, was part of the group’s “strategic transformation”.

“As part of the project, we have decided to focus on our core competence, which CIC is certain will outperform in the market and maintain a sustainable position in the respective industries,” CIC Holdings Managing Director Samantha Ranatunga had outlines.

According to reports CIAL’s sale was done on the advice of MTI Corporate Finance, a management consultancy, advising CIC on its revamp.