Wednesday Dec 25, 2024
Wednesday Dec 25, 2024
Monday, 11 March 2019 00:00 - - {{hitsCtrl.values.hits}}
In a transaction concluded on 25 February, MAC Holdings Ltd., a diversified group of companies which pioneers and is recognised as a market leader in global logistics, announced it acquired a 50% equity stake in Finlays Linehaul Express Ltd. from Finlays Colombo Ltd..
Launched in August 2008 as a joint venture between Finlays Colombo Ltd. and Linehaul Express (LINEX), Hong Kong based Logistics Company, Finlays Linehaul Express operates as the exclusive General Sales Agent for the wholesale courier operations of Cathay Pacific and Dragon Air.
With this acquisition, MAC will expand their capability in delivering on their forte of ‘one-stop shop’ freight and logistics provider. The courier service offering enabled through this acquisition will provide enhanced value addition to the clientele of MAC.
LINEX, the Joint Venture Partner of Finlays Linehaul Express, is the largest wholesale airport- to-airport express services provider in the world with a portfolio of Customs Brokerage, Airport-to-Door Services and Airport-to-Airport Services. This new partnership is geared to bring innovative and new solutions to the market and has already harnessed the e-commerce portfolio of LINEX as enhanced offering to the Sri Lankan market.
The company’s fully comprehensive, global e-commerce logistics solutions provide cost-effective and reliable solutions facilitating e-commerce transactions. The hybrid channels of LINEX leverages the group’s strengths in linehaul services into the destination country and is able to inject directly into the cross-borders mail systems. Hence, a full range of cost effective parcel and post services will be available to the Sri Lankan market with these offerings.
Commenting on MAC’s acquisition of the equity stake held by Finlays Colombo Ltd., Lenton Group CEO and Chairman Morty Langslow stated that LINEX was looking forward to working closely with the new JV partner to bring innovative and timely services to the Sri Lankan Market.
Finlays Sri Lanka CEO and Country Head Gihan Jayasinghe stated: “This sale forms part of a strategic divestment process currently underway at Finlays Colombo to enable the company to better focus and grow its core tea-related businesses. We have had a wonderful and memorable partnership with the Lenton Group for the past 10 years and are confident that MAC together with the local team will continue to offer high quality and world class services to our numerous customers.”
Further, MAC Chairman and Managing Director Andre Fernando said: “We are delighted to partner with the Lenton Group to enhance the services offered to our customers and excited with the opportunities presented with the expansion of logistics requirements of the Sri Lankan and regional markets.”
