Expolanka Holdings PLC yesterday sold a 38 percent stake in Asia Pacific Institute of Information Technology (Pvt.) Limited (APIIT) to a Malaysian private equity fund in a deal worth Rs.663.7 million. According to a stock exchange disclosure by Expolanka, the buyer was Landas Bijak SDN BHD, a subsidiary of Malaysian state-owned private equity fund, Ekuiti Nasional Berhad (Ekuinas).

However, the education arm of Ekuinas, ILMU Education Group Bhd (IEG), is believed to be negotiating a deal with APITT shareholders to acquire the controlling stake of APITT.

After yesterday’s deal, Expolanka still holds a 15 percent stake in APIIT jointly with another party, Mirror Business learns.

In recent times Expolanka was seen selling its unrelated businesses under its group to focus on its core-business interests - freight forwarding and logistics.

After months of consideration, Expolanka in November divested two of its food sector subsidiaries - Expolanka Commodities (Pvt.) Ltd and Lanka Premier Foods (Pvt.) Ltd to Aberdeen Holdings, a company owned by some of the board members of Expolanka, for a total consideration of Rs.550 million.

“In line with our portfolio restructuring we decided it’s best we divest APIIT as it was ready for the next leap by way of expansion, which best fits the new buyers’ vision. For Expo it was about concentrating on our core businesses for the future growth of the organisation as a whole,” said Expolanka Group CEO Hanif Yusoof following the deal. Expolanka entered the education sphere in 1999 forming APIIT Lanka.