Access Engineering buys warehouse -logistics firm for Rs. 925 m

Thursday, 3 October 2019 02:39 - - {{hitsCtrl.values.hits}}

Access Engineering PLC has bought 100% stake of WUS Logistics Ltd. for Rs. 925 million. W.U.S. Logistics owns a land of 41.5 acres in Kimbulapitiya to be used for warehousing purposes.

In 2018 the BOI said it signed an agreement with W.U.S. Logistics to set up a logistics city, which will include warehousing facilities, cold room facilities, in-house value addition and multi-country consolidation services, auditorium, business communication centre, exhibitions centre, logistic education centre and research and development facility.

The investment for that project was to be $ 50 million. The venture was owned by W.U. Seneviratne & Company, a well-known envelop manufacturer.

As at 30 June, Access Engineering, the premier civil engineering firm in the Sri Lankan construction sector had Rs. 47 billion in Group assets of which the company’s figure was Rs. 33.2 billion. Retained earnings were Rs. 12 billion at Group level and equity attributable to shareholders of the parent was Rs. 21.2 billion.

AEL has the following wholly-owned subsidiaries: Access Realties Ltd., Access Realties II Ltd., ARL Elevate Ltd. and Horizon Holdings Ventures Ltd. Other subsidiaries are Sathosa Motors PLC, which is 84% owned by AEL, Access Projects Ltd., which is (80% owned) and Harbour Village Ltd., (60.83% owned). AEL has 50% joint ventures in Blue Star Realties Ltd. Its associate company ZPMC Lanka Company Ltd., in which AEL has a 30% stake is a joint venture with Shanghai, Zhenhua Heavy Industries Ltd. of China (ZPMC), the world’s largest container handling equipment manufacturer.