Hemas divests logistics arm for Rs. 1.27 b

Hemas Holdings PLC has divested its logistics arm for Rs. 1.27 billion as part of restructuring to focus on core sectors.

It said the fully owned subsidiary Hemas Transportation Ltd. sold its entire shareholding in Spectra Logistics Ltd. to GAC Logistics for Rs. 1.275 billion yesterday.

Hemas has previously said it was increasing focus on building and strengthening its market leading position in consumer, healthcare and mobility sectors.

In December last year, Hemas sold Serendib Hotels PLC for Rs. 793 million to Browns Investments PLC, and in March last year sold their travel and aviation assets for Rs. 201 million.

Of the core verticals, mobility interests included integrated logistics, liner shipping agencies and the Emirates Airline agency.