SG Holdings collects 10 million shares of Sri Lanka’s Expolanka Holdings.
SG Holdings is estimated to have taken up 10 million shares of Sri Lanka’s Expolanka Holdings PLC since early August for around Rs. 2 billion, according to local media reports.
SG has been taking over shares of Expolanka for some time and the stake amounts to a mere 0.6%. The latest purchase was reportedly stepped up recently with 2.7 million shares bought on 2 September 2022.
The Daily FT newspaper has reported that SG’s move has bolstered net foreign inflow to the Colombo bourse as well whilst providing liquidity for local shareholders.
SG Holdings held 75.62% stake in Expolanka at the end of June and it had 25,248 public shareholders with 25.25% stake.
OSL take:
The move by SG Holdings to take up 10 million shares of Sri Lanka’s Expolanka Holdings is indicative of the growing business potential in the country’s private sector. The success and growth of Expolanka Holdings portrays the business conducive environment in Sri Lanka as well as the growing business potential in the country. Sri Lanka is also working on becoming an emerging business destination in the South Asian region supported by the country’s geographical positioning in the Indian Ocean and the strong trade ties enjoyed by the country. Despite facing many challenges in the past few years, Sri Lanka’s economy has shown great resilience and a majority of the private sector businesses in the country have recorded impressive profits. With Sri Lanka’s economy on the expansion path, there have been many business/investment opportunities that have come forward and with the business conducive environment in the country, foreign businesses/investors could explore the growing business/investment opportunities in the country. Foreign businesses/investors could also look at forming partnerships or joint ventures with local businesses to expand operations.
| Article Code : | VBS/AT/27092022/X_2 |