Sri Lanka’s Expolanka Holdings diversifies core business in to moving technology products
Expolanka Holdings of Sri Lanka has reportedly diversified its core logistics business in to moving technology products, in addition to its garments shipments.
Chief Executive of Expolanka Holdings, Hanif Yusoof has said the company is also aiming to expand warehousing overseas.
“We are very strong worldwide in fashion and in fact we are now listed among the top 30 air freight companies in the world,” Yusoof to has told Economynext.
“But now we are exploring other options,” he has said soon after ringing the opening bell to start trading on the Colombo stock exchange, to mark the company’s inclusion in the S&P SL 20 index.
“We are happy to have always been a company which has had good spirit and boldness,” Yusoof has observed.
“Expolanka is now diversifying from its traditional portfolio of garments to moving tech products.”
The firm, which is now owned by Japan’s SG Holdings, are shipping tech equipment like Fitbit activity and fitness trackers, wireless-enabled wearable technology devices, HP computers and Electrolux home appliances.
Yusoof has also expressed his excitement about the transformation of the company’s warehousing operations and is looking forward to take the model into international markets.
Expolanka has warehouses in Taiwan, USA and India and company officials have said that they are looking to increase warehouse space in India.
OSL take:
The diversification of business by Sri Lanka’s Expolanka Holdings and also looking at more overseas warehouses is a clear indication of the strength and growth of the country’s private sector. The economic policies of the government of Sri Lanka has created a business conducive environment while the country’s geographical positioning in the Indian Ocean has also provided an added advantage for local businesses. Therefore, Sri Lanka is the ideal business destination in the South Asian region while also possessing a strong private sector that is open for foreign investments/partnerships.
| Article Code : | VBS/AT/28062019/Z_5 |