Arthur transfers APL agency rights to Hayleys for over Rs. 1 b

Monday, 13 November 2017 00:46 - - {{hitsCtrl.values.hits}}

APL Lanka Ltd, owned by Arthur Senanayake, has transferred the rights of the APL agency to CGM CMA Lanka Ltd, a local joint venture company between CGM CMA France and Hayleys Advantis Ltd, last week.

Arthur Senanayake

The move follows the global acquisition of APL Co by CMA-CGM France.

Hayleys Advantis Ltd. and APL Co. Singapore have both agreed to pay a total transaction value of over Rs. 1 billion towards the mutually agreed transfer of the agency to CGM CMA Lanka Ltd.

Whilst only the transfer of business has taken place, Senanayake will retain ownership of APL Lanka Ltd. in which he bought over the balance 40% from APL Co at the price of Rs. 1.26 billion in November 2015.

After the acquisition of the controlling interest by Senanayake, APL Lanka was developed to become one of the best shipping agency companies in Sri Lanka.

Senanayake is expected to invest a portion of these funds with his company IWS Holdings for future strategic investments.