ECONOMYNEXT – Sri Lanka’s Expolanka Holdings said it had bought a 100 percent stake in US-based IDEA Logistics LLC, though two overseas unit for 97 million US dollars.
“EFL Global Logistics (Pte.) Ltd (Singapore) and EFL Global LLC (USA), fully owned subsidiaries of Expolanka Holdings PLC (Expolanka), has acquired 100% equity interest of IDEA Logistics LLC and its Group of Companies on the 10th August 2021 for a total purchase consideration of 9.7 million UD dollars,” the firm said in a stock exchange filing.
IDEA Logistics LLC is a Central American logistics company headquartered in the United States, servicing a range of US customers, offering freight forwarding, warehousing and trucking services.
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 Friday, it gained 1.7 percent to 149.25 rupees, a day after it jumped nearly 20 percent.
“The acquisition is an important strategic initiative enabling Expolanka to expand its operations into Central America, which is gaining popularity as an emerging and fast-growing apparel manufacturing hub, in relation to Near Shoring strategies adopted by leading US customers,” the firm said. (Colombo/Aug27/2021)