ECONOMYNEX – Sri Lanka’s Expolanka Holdings said it had bought 100 percent of US-based Complete Transport System LLC through an overseas unit for 6.1 million US dollars, continuing an acquisition spree as the firm made unusually high profits amid a Coronavirus pandemic.
“EFL Global Logistics (Pte.) Ltd (Singapore) a, fully owned subsidiary of Expolanka Holdings PLC (Expolanka), has acquired 100% equity interest of Complete Transport System LLC for a purchase consideration of 6.1 million US dollars on the 8th September 2021,” the company said in a statement.
Complete Transport System LLC is a company incorporated in the United States offering bonded container freight station and trucking services, it said.
“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.”
The latest acquisition comes nearly two weeks after same overseas unit along with EFL Global LLC (USA), another fully owned subsidiary of Expolanka acquired US-based IDEA Logistics LLC, a Central American logistics company in the United States at 9.7 million US dollars.
Expolanka is worth 342.1 billion rupees is the most valuable company in the Colombo Stock Exchange.
Colombo-listed Expolanka stock has more than doubled to near 150 rupees over take-over speculation and dollarised revenues as Sri Lanka’s rupee fell steeply.
On Thursday, it gained 2.3 percent to 175 rupees. The share has gained gradually on speculation about its acquisitions, brokers say.