Expolanka Holdings divests Commodities arm, Lanka Premier Foods for Rs. 550 m
Friday, 8 November 2013 06:51
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Expolanka Holdings PLC divested its fully owned subsidiaries Expolanka Commodities Ltd. and Lanka Premier Foods Ltd. for a sum of Rs. 550 million.
As Expolanka Holdings’ import and entrepot trading arm, Expolanka Commodities Ltd. is involved in import and trade of agricultural commodities such as dates, onions, garlic, coriander, red split lentils, dried fish, canned fish, wheat flour and spices among other commodities.
Lanka Premier Foods Ltd. markets bakery specialty breads for consumer and food service sector under the brand PaanPaan.
Group CEO of Expolanka Holdings PLC Hanif Yusoof said: “As a part of restructuring our portfolio we decided to divest these two companies. This move will enable us to concentrate even more on our core businesses and free up capital for the future growth of the organisation.”
Expolanka is a diversified conglomerate with interests in freight and logistics, travel and leisure, international trading and manufacturing and strategic investments and services sectors, listed on the Colombo Stock Exchange. It has a global presence of 17countries in Asia, Africa, Middle East and the US, and recorded a group turnover of Rs. 50 billion in the FY 2012/2013.
