Expolanka Holdings persists with restructuring; divests 38% of APIIT for Rs. 663 m to Malaysian fund

Thursday, 19 December 2013 01:00 -     - {{hitsCtrl.values.hits}}

Expolanka Holdings PLC will divest 38% of its stake in its subsidiary Asia Pacific Institute of Information Technology Ltd. to Landas Bijak Sdn Bhd, a subsidiary of Ekuiti Nasional Berhad (Ekuinas), Malaysia, for Rs.663 million. However, Expolanka and other existing shareholders will remain minority shareholders. Asia Pacific Institute of Information Technology Lanka (APIIT Lanka) is a premier tertiary education institute in Colombo. In affiliation with APIIT Malaysia, it is part of a globally recognised organisation specialising in providing education and training programs in computing and information technology, business management and law. Expolanka Holdings PLC Group CEO 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 USA, and recorded a group turnover of 50 billion in FY 2012/2013. Ekuinas (Ekuiti Nasional Berhad) is a Malaysian Government-linked private equity fund management company with RM 5 billion 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.