Business
Expolanka Group focuses on international expansion, proposes to delist from the Colombo Stock Exchange
With a history of over 45 years, the Expolanka Group today has transformed itself into a leading logistics company with an international presence spanning 39 countries. Being a supply chain specialist, the Company is one of the leading service providers to the export industry in Sri Lanka and generates a significant share of its earnings in foreign currency. With its global presence and international customer base as well as its multi-cultural work force, the Expolanka Group is one of the few Sri Lankan companies that has been able to expand globally.
Supported by capital infused by its parent company, SG Holdings Global Pte Ltd, as and when needed, the Company has grown amidst turbulent times. SG Holdings Global Pte Ltd, which made its initial investment in EHL in 2014, currently owns 82.43% of the shares of the Company.
The challenging global macro environment and the accompanying geopolitical tensions have resulted in a significant bottleneck for the Group to continue with its expansion drive. The recent financial performance of the company has been greatly impacted by these challenges and has consequently resulted in a period of earnings volatility.
Notwithstanding the earnings volatility in the recent past, EHL’s parent company has plans for EHL to focus on its core business and grow its international operations. In those circumstances, the capital requirements for Expolanka Holdings will become increasingly international in nature requiring it to raise capital from outside of Sri Lanka and in foreign currency, which borrowings would result in increased gearing and a high forex risk to the local minority shareholders, thereby impacting shareholder wealth.
The Board, having considered the need to expand its international operations and the resulting high gearing as well as the attendant forex risk occasioned as a result thereof and taking into account the interests of its minority shareholders, has approved a proposal to delist the shares of Expolanka Holdings PLC from the Colombo Stock Exchange, subject to necessary shareholder sanction and regulatory approvals and clearances.
“We would like to thank our valued shareholders for their continued confidence in the Board and for the constant support extended to the Company over several years. We are confident that this proposal is in the best interest of our shareholders which provides an attractive and fair premium that will enable our minority shareholders to unlock value.
The Company will continue to comply with Sri Lanka’s statutory reporting and compliance requirements and focus on delivering on its promise to the Country and its people. As previously, post-delisting, the Company will continue to navigate market complexities in a fast-revolving business environment while continuing to drive sustainable growth as it strives to gain market share as one of the top-tier logistics companies in the world,” said Hanif Yusoof, Director, Expolanka Holdings PLC
Expolanka Holdings is a globally acclaimed conglomerate based in Sri Lanka, known for its diversified presence in four pivotal sectors: logistics, leisure, IT, and food. Guided by a forward-thinking mindset and a meticulously planned growth roadmap, EHL consistently challenges industry standards, further cementing its leadership in these dynamic sectors.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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