Sri Lanka’s Softlogic Group to expand its operations into Africa and Asia
The Softlogic Group in Sri Lanka has reportedly decided to expand its business operations into Africa and Asia.
Softlogic Group is engaged in many businesses including healthcare, financial service and retail.
Softlogic Group Chairman Ashok Pathirage has said, “Our vision has expanded beyond our shores and we are likely to commence operations of our successful Sectors in Asian and African markets to replicate our success in Sri Lanka.”
Pathirage has made this observation to the Group’s shareholders in the annual report.
“There is significant scope for expanding our internationally certified healthcare services in to neighbouring countries with positive outcomes while African markets demonstrate potential for insurance products.
“Understandably we are excited by our next growth phase as we seek to position the Softlogic Group as a leading player in the region in selected Sectors.”
Pathirage has also noted, “Higher levels of debt relative to peers has been part and parcel of our risk profile which has been proactively managed with forethought and foresight as evinced by managed exits to realise cash flow in the recent past.”
“We are evaluating several options for reducing debt and are likely to deploy several strategies to
achieve a satisfactory outcome to improve the financial gearing of the Group.”
OSL take:
The expansion plans of Sri Lanka’s Softlogic Group in Asia and Africa are indicative of the country’s strong private sector as well as the potential for businesses to flourish in the country’s economy. The constantly improving ease of doing business environment in the country and the success of many local companies are encouraging signs for foreign businesses to explore business/investment opportunities in Sri Lanka or to look at forming business partnerships/joint ventures with local companies.
| Article Code : | VBS/AT/24072019/Z_8 |