Expo sells Pulsar shipping and maritime venture to David Pieris Group for Rs. 1.3 b

Expolanka Holdings PLC has sold off Pulsar Shipping Agencies Ltd. and Pulsar Marine Services Ltd. for Rs. 1.34 billion to DP Logistics Ltd. of David Pieris Group. 

The two entities were fully owned subsidiaries of Expolanka Freight Ltd., and specialises in Port and Agency Services, Husbandry services, Ship chandelling and ship supply services. 

Further Pulsar provides afloat repairs and maintenance services for ships calling in to ports of Sri Lanka. Its clients consist of Oil Majors, Offshore operators, ship managers, operators and owners around the world

Expo said the disposal was undertaken after a careful consideration and a strategic review of the business portfolio within with view to continuing focus and attention on the core business of the Group.

Platinum Advisors acted as the advisor to DP Logistics for this transaction.