Expolanka Holdings PLC divested its 50% stake in Norfolk Foods (Pvt) Ltd for consideration of US$ 2.5 million, the company announced in a statement yesterday.
Norfolk Foods was a part of the International Trading and Manufacturing sector of Expolanka Holdings PLC. The divestment is part of the Group’s long-term plan to focus on its core businesses in order to optimize sustainable growth.
Shantanu Nagpal, Director of Strategic Planning & Business Development- Expolanka Holdings PLC commented, “this divestment is in continuation of our strategy to position Expolanka as a focused Sri Lankan multinational, with a dominant South Asian footprint. This divestment will enable us to concentrate even more on our core businesses and free up capital for future growth”.