Expolanka divests Pulsar Shipping and Pulsar Marine Services to DP Logistics

Expolanka Holdings PLC recently divested its Pulsar Shipping Agencies Ltd. and Pulsar Marine Services Ltd. for Rs.1.34 billion to DP Logistics Ltd. of David Pieris Group. 

The two entities were fully owned subsidiaries of Expolanka Freight Ltd., and specialises in port and agency services, husbandry services, ship chandelling and ship supply services. 

Pulsar provides afloat repairs and maintenance services for ships calling to ports of Sri Lanka. Its clients consist of oil majors, offshore operators, ship managers, operators and owners around the world.

Expolanka in a stock market filing said the disposal was undertaken after a careful consideration and strategic review of the business portfolio with a view to continuing focus and attention on the Group’s core business.
Platinum Advisors acted as the advisor to DP Logistics for this transaction.