The most profitable and valuable listed corporate, Expolanka Holdings Plc says its fully-owned subsidiary firm in Singapore had bought 100% equity of Complete Transport System LLC for $ 6.1 million on 8 September.
In a disclosure to the Colombo Stock Exchange, Expolanka said EFL Global Logistics Ltd , Expolanka’s subsidiary in Singapore acquired Complete Transport System LLC is a company incorporated in the US offering bonded container freight station and trucking services.
The acquisition will enable EFL to strengthen and expand its service offering to its customers by providing value-added logistics services, Expolanka said.
Following the acquisition market analysts observed a bounce-back of Expolanka share price and it has helped the overall revival of the Colombo Stocks Exchange.
Expo gained by Rs. 4 or 2.4% to Rs. 175 with 10.4 million shares changing hands via 4,050 trades for Rs. 1.8 billion. Its market capitalisation amounted to Rs. 342.1 billion accounting for 8.56% of the total of CSE.
In the past six months Expolanka acquired three firms related to the logistics sector. . Last month it announced the acquisition of IDEA Logistics LLC and its group of companies for $ 9.7 million. IDEA Logistics is a Central American logistics company headquartered in the US, servicing a range of US customers, offering freight forwarding, warehousing and trucking services.
In March Expolanka bought 100% of Seville Container Freight Station Inc. and related companies for $ 2.2 million. Seville is a bonded container freight station and a bonded trucking company located in the strategically important John F. Kennedy Airport in the US.
Expolanka’s operations currently span over 60 cities in 29 countries making it a truly Sri Lankan multinational in the global logistics industry.