Expolanka Holdings PLC divests 38% in APIIT for Rs.663 mln
View(s):Expolanka Holdings PLC is divesting its 38 per cent stake in subsidiary Asia Pacific Institute of Information Technology (Pvt) Ltd (APIIT) to LANDAS BIJAK SDN BHD, a subsidiary of Ekuiti Nasional Berhad (Ekuinas), Malaysia for a sum of Rs.663 million. However Expolanka and other existing shareholders will continue to remain as minority shareholders, the local company said.
APIIT Lanka is a premier, tertiary education institute in Colombo, Sri Lanka. In affiliation with APIIT Malaysia, it is part of a globally recognised organisation specializing in providing education and training programmes in Computing and Information Technology, Business Management and Law.
Group CEO of Expolanka Holdings PLC, Hanif Yusoof said, “in line with our portfolio restructuring we decided its best we divest APIIT as it was ready for the next leap by way of expansion which best fits the new buyers’ vision. For Expo it was about concentrating on our core businesses for the future growth of the organisation as a whole”.
Expolanka is a diversified conglomerate with interests in Freight and Logistics, Travel and Leisure, International Trading and Manufacturing, and Strategic Investments and Services sectors, listed in the Colombo Stock Exchange. It has a global presence of 17 countries in Asia, Africa, Middle East and the US and recorded a group turnover of Rs. 50 billion in the FY 2012/2013.
Ekuinas (Ekuiti Nasional Berhad) is a Malaysian government-linked private equity fund management company with RM5billion endowment from the Malaysian government. Ekuinas has undertaken investments in high potential Malaysian companies involved in the business of fast moving consumer goods, oil and gas, logistics, education and retail.