Expolanka Holdings divests stake in Norfolk Foods for $ 2.5 m

Monday, 18 July 2016 00:00 - - {{hitsCtrl.values.hits}}

Expolanka Holdings PLC last week divested its 50% stake in Norfolk Foods Ltd for consideration of $ 2.5 million, with Thailand-based Asia Pacific food conglomerate CPF entering Sri Lanka with the stake.

Norfolk Foods was a part of the International Trading and Manufacturing sector of Expolanka Holdings PLC. The divestment is part of the Group’s long-term plan to focus on its core businesses in order to optimise sustainable growth.

Expolanka Holdings PLC Director of Strategic Planning & Business Development Shantanu Nagpal commented “this divestment is in continuation of our strategy to position Expolanka as a focused Sri Lankan multinational, with a dominant South Asian footprint. This divestment will enable us to concentrate even more on our core businesses and free up capital for future growth.”

Expolanka acquired controlling stake in Norfolk in December 2011 for Rs. 300 million.

Charoen Pokphand Foods Public Company Limited is the leading agro-industrial and food conglomerate in the Asia Pacific region. CPF Investments Ltd., is its subsidiary.

Charoen Pokphand Foods exports account for 60% of its turnover with 13 leading markets including China, Vietnam, India, Russia and the Philippines.

A joint venture of British and Sri Lankan origin, Norfolk Foods celebrated two decades of success in 2014. It offers quality meat, fish, poultry and vegetarian products in a portfolio of over 150 products. The company was founded by Mohamed Ziauddin who had the patronage and support of the UK based Bernard Matthews Farm in Norfolk, where Ziauddin had worked as a Director previous to his entrepreneurial venture.