SG Holdings announced on September 24 that it had completed the acquisition of all shares of EXPOLANKA HOLDINGS by its wholly owned subsidiary, SG HOLDINGS GLOBAL (SGG), making EXPOLANKA HOLDINGS a wholly owned subsidiary.
Expolanka, headquartered in Colombo, Sri Lanka, is involved in freight logistics and travel/tourism services. With SGG's complete acquisition, it will become a sub-subsidiary of SG Holdings.
Prior to becoming a wholly owned subsidiary, SGG held 99.69% of the outstanding shares. Upon becoming a wholly owned subsidiary, SGG acquired the shares for 185 Sri Lankan rupees per share, with a total acquisition cost of 1.124 billion Sri Lankan rupees (581 million yen).
The company states that the impact of making the subsidiary a wholly owned subsidiary on SG Holdings' consolidated financial results will be minor.
■ Overview of Expolanca
Name: EXPOLANKA HOLDINGS
Location: Colombo, Sri Lanka
Business activities: Freight logistics, travel and tourism, trade and manufacturing, investment business
Capital: 4.097 billion LKR (Sri Lankan Rupees)
Year of establishment: 2003
Total number of outstanding shares: 1,954,915,000 shares
