Hayleys Advantis Limited, a subsidiary of Hayleys PLC, has acquired 94.81 percent equity stake of Sri Lanka Shipping Company Limited for a purchase price of 4.9 billion rupees.
The group said in a stock exchange filing that the transaction was carried out on 23rd August 2017.
“This acquisition is in line with the Group’s strategy on expanding its maritime operations,” Hayleys said.
“It paves the way for the establishment of the largest marine and shipping Company in Sri Lanka.”
Last month, Hayleys Advantis said they will construct a Mega Distribution Center (DC) in Kotugoda with an 3.2 billion rupee investment for the first phase.
The move is part of the company’s expansion strategy with emphasis on consolidating operations for greater efficiency.
Advantis has over a decade of experience in managing warehousing and distribution facilitates for both large and small clients through its brand Advantis 3PL Plus.
With over six decades of experience in the transportation and logistics industry in Sri Lanka, Hayleys Advantis is on an aggressive drive to expand its presence in the Asian region, already covering 10 countries.
Backed by the diversified blue-chip conglomerate Hayleys PLC, the company provides integrated logistics services through its wide network of offices across the region.