Expolanka Holdings divests companies in its international trading and manufacturing sector
View(s):Sri Lanka’s Expolanka Holdings PLC on Tuesday announced that it has divested its stakes in several companies which held significant capital employed, for a sum of Rs. 740 million.
The divested companies were part of the group’s international trading and manufacturing sector.
The companies are – Expolanka Teas (Pvt) Ltd, Expolanka Plantation (Pvt) Ltd, World Spices & Teas (Pvt) Ltd, Neptune Holdings (Pvt) Ltd, Castle Commercial (Pv) Ltd, Expolanka Pharmaceuticals (Pvt) Ltd, Bio Extracts (Pvt) Ltd and Saffron Foods (Pvt) Ltd.
The divestment is part of the group’s long-term plan to focus on its core businesses in order to optimise sustainable growth, a company statement said.
Shantanu Nagpal, Head of Strategic Planning and Business Development- Expolanka Holdings PLC commented, “This move is a strategic one, which we implemented with a clear vision for our future. The divestment will enable us to concentrate even more on our core businesses and free up capital for future growth of the organisation”.
In addition to the divestment, Expolanka entered into a Sale Agreement to sell its land located at No. 245/49 and 245/50 of Avissawella Road for a sum of Rs. 421 million. The completion of this sale will take place on or before November 30.