Access Engineering to build warehouse on 41-acre land in Negombo
Access Engineering PLC announced today (2) that it has acquired 100% of the issued shares of W U S Logistics (Private) Limited for Rs. 925 million to construct a warehouse on W U S Logistics’ 41.5 acre land situated in Kimbulapitiya, Negombo.
In a disclosure to the Colombo Stock Exchange (CSE) Access Engineering stated that the transaction took place on 30th September.
W U S Logistics (Pvt) Ltd is a family-owned logistics and property company based in Colombo whose services include warehousing, transportation, fulfillment, customized logistics, international trade services and print media solutions.
The Board of Investment (BOI) signed an agreement with W U S Logistics to set up a logistics city in Negombo.
This city was to include warehousing facilities, cold room facilities, in-house value addition and multi country consolidation services, auditorium, business communication centre, exhibitions centre, logistic education centre and research & development facility.
The committed investment by W.U.S Logistics (Pvt) Ltd was Rs 8.9 billion (US $49.8 million).