Expolanka sheds another non-core business

Japan’s Sagawa group subsidiary, Expolanka Holdings PLC, yesterday said it fully divested its investment in Neptune Papers (Pvt.) Ltd for a purchase consideration of Rs.10.6 million to Aberdeen Holdings (Pvt.) Ltd.

According to Expolanka 2014/15 annual report, it owned 100 percent of Neptune Papers. 

“The company entered into a share purchase agreement on July 17, 2015 in order to consummate the transaction,” Expolanka told the Colombo Stock Exchange.

Last year, Expolanka divested eight of its group companies to family-owned Aberdeen Holdings for a consideration of Rs.740 million. 

Expolanka Holdings had been divesting its non-core businesses even before the acquisition by the Sagawa group company, SG Holdings.

The Kassim family of Aberdeen Holdings were the founder owners of Expolanka Holdings, before they sold the 30 percent of its stake to Japan’s second largest logistics company - SG Holdings - last year, which SG Holdings increased to 51.4 percent, following a mandatory offer.

Founder owners Sattar Kassim, Osman Kassim, Farook Kassim and Shafik Kassim still hold over 30 percent stake in Expolanka.