Expolanka divests investments in 8 firms, land for Rs. 1.16 b

Tuesday, 18 November 2014 00:28 - - {{hitsCtrl.values.hits}}

As part of the on-going restructuring, Expolanka Holdings Plc has fully divested its investments in eights subsidiaries for Rs. 740 million. The eight firms are Expolanka teas Ltd., Expolanka plantations Ltd., World Spices & Tea Ltd., Neptune Holdings Ltd., Castle Commercial Ltd., Expolanka Pharmaceuticals Ltd., Bio Extracts Ltd., and Saffron Foods Ltd. Expolanka has also entered into a sale and purchase agreement to sell its land located at Avissawella Road for Rs. 421 million to Aberdeen Holdings. The buyer was Aberdeen Holdings Ltd., whose major shareholder and director Osman Kassim is also a director of Expolanka Holdings. “The entire transaction was undertaken after undergoing a transparent and competitive bidding process which was managed and facilitated by a leading firm of Chartered Accountants and the process was overseas by the Independent Directors of the Company,” Expolanka Holdings said in a filing to the Colombo Stock Exchange. It said the company has undertaken this divestment with the aim of bringing improved returns and cash flows to the organisation and also to bring focus to the core business operations.

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