Expolanka sells stake in Pulsar Shipping for Rs. 1.34 bn
18 Jul 2022
Expolanka sells stake in Pulsar Shipping for Rs. 1.34 bn
18 Jul 2022
Enters into agreement with DP Logistics
By Imesh Ranasinghe Expolanka Holdings PLC, through its wholly-owned subsidiary Expolanka Freight (Pvt.) Ltd., has entered into a share sale and purchase agreement with DP Logistics (Pvt.) Ltd. to sell its stake in Pulsar Shipping Agencies (Pvt.) Ltd. and Pulsar Marine Services (Pvt.) Ltd. for Rs 1.34 billion, as per a corporate disclosure.According to Section 8 of the Listing Rules of the Colombo Stock Exchange (CSE), Expolanka said that through its wholly-owned subsidiary Expolanka Freight (Pvt.) Ltd., has entered into a share sale and purchase agreement on 15 July 2022 with DP Logistics (Pvt.) Ltd. to sell its entire stake in Pulsar Shipping Agencies (Pvt.) Ltd. and Pulsar Marine Services (Pvt.) Ltd. for an aggregate purchase consideration of Rs. 1,344,214,000.The corporate disclosure by Expolanka said that the above disposal was undertaken after careful consideration and a strategic review of the business portfolio within Expolanka, with a view to continuing focus and attention on the core business of the group.
