Expolanka continues acquisition spree

Friday, 10 September 2021 02:31 - - {{hitsCtrl.values.hits}}

Invests $ 6.1 m to buy 100% of US-based bonded container freight station and trucking services
Third acquisition with $ 18 m investment in 6 months

The most profitable and valuable listed corporate, Expolanka Holdings Plc is forging ahead with its strategic acquisition spree, adding one more in the US with an investment of $ 6.1 million.

In a disclosure to the Colombo Stock Exchange, Expolanka said fully-owned subsidiary EFL Global Logistics Ltd. in Singapore had bought 100% equity of Complete Transport System LLC for $ 6.1 million on 8 September.

Complete Transport System LLC is a company incorporated in the US offering bonded container freight station and trucking services.

«The acquisition will enable EFL, the global logistics brand of Expolanka Holdings Plc, to strengthen and expand its service offering to its customers by providing value added logistics services,» Expolanka said.

The latest acquisition was announced after the market was closed. Expolanka share price bounced back yesterday, thereby helping the overall revival of the Colombo bourse.

Expo gained by Rs. 4 or 2.4% to Rs. 175 with 10.4 million shares changing hands via 4,050 trades for Rs. 1.8 billion. Its market capitalisation amounted to Rs. 342.1 billion accounting for 8.56% of the total of CSE.

This is the third acquisition by Expolanka in the past six months. Last month it announced the acquisition of IDEA Logistics LLC and its group of companies for $ 9.7 million. IDEA Logistics is a Central American logistics company headquartered in the US, servicing a range of US customers, offering freight forwarding, warehousing and trucking services.

In March Expolanka bought 100% of Seville Container Freight Station Inc. and related companies for $ 2.2 million. Seville is a bonded container freight station and a bonded trucking company located in the strategically important John F. Kennedy Airport in the US.

Expolanka’s operations currently spans over 60 cities in 29 countries making it a truly Sri Lankan multinational in the global logistics industry.

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