Sri Lanka’s Expolanka moves ahead with strategic acquisition spree
Sri Lanka’s Expolanka Holdings Plc, which has been reported as the most profitable and valuable listed corporate, is moving ahead with its strategic acquisition spree. The Company has made another acquisition in the US with an investment of US$ 6.1 million.
Expolanka’s fully-owned subsidiary EFL Global Logistics Ltd. in Singapore had bought 100% equity of Complete Transport System LLC for US$ 6.1 million, according to a disclosure to the Colombo Stock Exchange (CSE).
Complete Transport System LLC is a company incorporated in the US offering bonded container freight station and trucking services.
“The acquisition will enable EFL, the global logistics brand of Expolanka Holdings Plc, to strengthen and expand its service offering to its customers by providing value added logistics services,” Expolanka has stated in the disclosure.
This is the third acquisition by Expolanka in the past six months.
Last month the Company announced the acquisition of IDEA Logistics LLC and its group of companies for US$ 9.7 million. Expolanka bought 100% of Seville Container Freight Station Inc. and related companies for US$ 2.2 million in March.
Expolanka’s operations currently span over 60 cities in 29 countries making it a Sri Lankan multinational in the global logistics industry, according to local media reports.
The international expansion of Sri Lanka’s Expolanka is indicative of the strength and growth of the country’s private sector. Sri Lanka’s private sector has performed well and recorded impressive growth rates amidst pandemic challenges. Sri Lanka’s economic resilience, business conducive environment and ease of doing business environment have helped the country’s business sector. The country is now working towards becoming an emerging business destination in the South Asian region supported by the island’s geographical positioning in the Indian ocean and strong trade ties with foreign countries. Foreign businesses/investors could therefore explore the growing opportunities in Sri Lanka and also look at forming partnerships and joint ventures with local businesses.
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