Kassim family to invest in IT businesses after divesting more Expolanka shares
View(s):Having sold most of their shares in Expolanka PLC, the Kassim family is gearing to expand their new business , under the Aberdeen brand and invest in IT related businesses, Sattar Kassim, a family member told the Business Times. Mr. Kassim, who is a shareholder at Expolanka said that the family will invest in next generation businesses such as IT through Aberdeen Holdings, a diversified conglomerate with interests in commodity trading, packaging, aviation, solar energy, and Islamic finance and acts as a platform for strategic equity investments. “We are also keen to invest in the digital space,” he said.
The Kassim family on Tuesday further divested their shares in Expolanka Holdings, a freight forwarder with diversified interests in freight and logistics, travel and leisure, international trading and manufacturing and investments and services to the SG Holdings, a leading freight and logistics company based in Japan. Prior to this a 30 per cent stake of Expolanka was acquired in May 2014 by S.G. Holdings, whose parent Sagawa Group has presence in Singapore, Hong Kong, Vietnam, Philippines, Korea, Thailand, Indonesia, Malaysia and USA. Mr. Kassim said that he along with brothers Ousman Kassim and Farook Cassim collectively disposed a stake of 16.05 per cent on Tuesday to S.G. Holdings.
On Tuesday’s early trade, Mr. Ousman Kassim sold Rs. 163 million shares which totaled to 8.35 per cent with the other two selling 8.3 per cent each, Mr. Sattar Kassim added. The family still owns some 10 per cent in the company, but is still undecided whether this stake will be sold. Aberdeen acquired eight companies from Expolanka Holdings, Expolanka Teas Ltd., Expolanka Plantation Ltd., World Spice and Teas Ltd., Castle Commercial Ltd., Neptune Holdings Ltd., Expolanka Pharmaceutical Ltd., Bio Extracts Ltd. and Saffron Foods Ltd in 2014. The acquisition was a part of Aberdeen’s inorganic growth drive and the acquisition cost of the eight companies plus a property amounts to Rs. 1.16 billion, a family member said.
(DEC)