2 April 2024 12:00 am Views - 396
SG Global Japan CEO Bokuto Yamauchi with Co- Expolanka Holdings Founder and Director Hanif Yusoof
Expolanka Holdings yesterday announced the appointment of Bokuto Yamauchi, a seasoned industry expert with a wealth of experience in logistics, as Group CEO of Expolanka Holdings and President of EFL Global.
Yamauchi takes over the position from Hanif Yusoof, who stepped down as Group CEO yesterday. He will serve on the board as an Executive Director.
In a statement to the media, Expolanka said Yamauchi’s appointment reflects the entity’s commitment to maintaining its position as a market leader.
As CEO of SG Global Japan, Yamauchi’s strategic vision and dynamic leadership have propelled the company to success.
“As the logistics industry continues to evolve rapidly, Expolanka, under Yamauchi’s stewardship, is primed to address the evolving customer needs. The transition marks a continuation of Expolanka’s legacy of excellence and innovation. With a strong foundation built by Yusoof and a visionary leader like Yamauchi at the helm, Expolanka is poised to write the next chapter in its storied history,” the entity said.
Meanwhile, in a filing to the Colombo Stock Exchange (CSE), Expolanka announced the board is reconstituted.
Accordingly, the board will comprise Bokuto Yamauchi (Chairman, Group CEO), Hanif Yusoof (Executive Director), Harsha Amarasekera (Independent Non-Executive Director), Sanjay Kulatunga (Independent Non-Executive Director), Yo Ha (Executive Director), Junji Shimasaki (Non-Executive Non-Independent Director) and Hidekazu Matsumoto (Non-Executive Non-Independent Director).
On March 1, SG Holdings, the parent company of Expolanka Holdings, announced it is to delist the company from the CSE.
At the Extraordinary General Meeting held last week, the delisting proposal received approval. SG Holdings, spearheaded the initiative to delist Expolanka Holdings PLC, offering an exit price of Rs.185 per share.
With the delisting process approved, Expolanka shares will cease trading on the CSE, removing the largest listed company out of the market.
This strategic move to delist Expolanka Holdings PLC comes against the backdrop of recent financial setbacks experienced by the company. With a forward-looking vision aimed at focusing on its core operations and expanding globally, the delisting decision is poised to yield substantial economic benefits.
Despite its esteemed legacy in Sri Lanka’s freight forwarding industry, Expolanka has recently faced financial setbacks, including four consecutive quarters of losses. This downturn has led to a decrease in net asset value per share (NAVPS), from Rs.82 to Rs.66, with further reductions anticipated in the next six months. At the offered price, the group’s trading multiple of 3x NAVPS appears relatively high, compared to the CSE average PBV multiple of 1x.