Tea Life Ltd is considering expanding its current tea plantation portfolio. The company is currently looking at two countries - Sri Lanka and Malaysia. The company plans to issue bonds and new ordinary shares to raise money for the investment. These sources of fund result in 15% weighted average cost of capital. The following data are estimates for the project in these countries. Sri Lanka Malaysia Initial investment ($000,000) 250 500 Land lease (years) 10 15 Payback period (years) 7 11 IRR (%) 15% 16.25% A preliminary study by the company's investment team indicates that tea contributes significantly to Sri Lankan's economy, primarily in the country's export and employment. Approximately, 5% of Sri Lankans work at tea plantation (BBC, 2018). However, reports on unfavorable working conditions and recent development in the country raises security concerns. Tea plantation is only a small portion of agriculture industry in Malaysia. Hence, there are not as many Malaysians who are employed by this industry relative to its population and Sri Lanka. The investment team at Tea Life also finds that Malaysia has introduced a minimum wage in 2016 which was revised in 2019 from approx. A$300 to A$400 per month. Required Evaluate the investment opportunities. Provide reasons for your decision taking into account the financial and non-financial factors