Camellia exempted from new Bangladeshi legislation
By Iain Gilbert
Date: Tuesday 04 Dec 2018
(Sharecast News) - Camellia shares were on the rise after the government of Bangladesh declared that the tea industry was to be exempt from new retirement legislation.
Camellia, which produces around 2% of the world's tea, told investors in October that it expects volumes of all its core crops - Macadamia nuts, has avocados and tea leaves - to be at or near record highs following past investment and a year of favourable weather conditions.
New rules in Bangladesh require firms to make payments to employees on retirement, but those operating within the tea industry will be exempt as they already make similar payments under industry-specific legislation.
As a result, a provision for post-employment benefits of £8.2m held since 31 October will be released, increasing Camellia's pre-tax profits in the process.
As of 0840 GMT, Camellia shares had risen 2.80% to 11,000p.
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