Expolanka Holdings acquires three US logistics companies

By Hiran H.Senewiratne 

Expolanka Holdings PLC  acquired three logistics companies in the US for US$ 2.2 million to expand its logistics operations based out of New York’s John F. Kennedy (JFK) International Airport, stock market analysts said.

Expolanka revealed that its subsidiary acquired 100 percent stakes in New York- based Seville Container Freight Station Inc., Seville Freight Systems Inc. and Seville Transfer Ltd. for a purchase consideration of US$ 2.2 million on March 1, this year, a market disclosure revealed last week.

“Seville is a bonded container freight station (CFS) and a bonded trucking company located in the strategically important John F. Kennedy Airport in the United States of America, the disclosure said.

Towards the end of last year Expolanka launched its new JFK office and facility in a grand opening event.

Seville Container Freight Station Inc. is categorised as a general warehousing and storage firm while Seville Freight Systems is categorised as a transportation consultant and Seville Transfer Ltd. as a local general freight trucking firm, informed sources said.

Yesterday, CSE activities got off on a positive note but during the latter part of the day they turned negative. The reason being that the UNHCR amended resolution on Sri Lanka has increased worries for stock market investors. Further, a gloomy economic condition is adding insult to injury. Due to these external factors, stock market investors are psychologically affected, market sources said.

Consequently, both indices moved downwards. All Share Price Index went down by 87.07 points and the S and PSL20 declined by 25.24 points. Turnover stood at Rs. 812.4 million without a crossing. 

In the retail market, top five companies that mainly contributed to the turnover were; Dipped Products Rs. 95.6 million (1.9 million shares traded, Sampath Bank Rs. 92.2 million (595,000 shares traded), Expolanka Rs. 75.1 million (1.59 million shares traded), JKH Rs. 62.4 million (421,000 shares traded), and LOLC Rs. 50.4 million (164,0000 shares traded). During the day 31.5 million share volumes changed hands in 10346 transactions.

Citizens Development Business Finance PLC (CDB) raised Euro 5 million (around Rs. 1.15 billion) in Tier II qualifying capital, strengthening its capital ratios aimed at supporting its business growth. The Tier II qualified subordinated loan which has a tenure of five years has been extended by Triodos Microfinance Fund and Triodos Fair Share Fund which are two financial inclusion funds managed by Triodos Investment Management. Triodos Investment Management BV is a 100 percent subsidiary of Triodos Bank, one of the world’s leading sustainable banks with branches in The Netherlands, Belgium, United Kingdom, Spain and Germany. Triodos Investment Management is a globally recognised leader in impact investing.

Sri Lanka’s rupee quoted weaker at 197.50/198.50 levels to the US dollar in the one-week forward market on Monday while bond yields remained unchanged, dealers said. The rupee last closed in the one- week forward market at 197.00/198.00 to the US dollar on Friday.