IWS Holdings Group Chairman Transfers APL Agency Rights to Hayleys Advantis
APL Lanka Ltd, owned by Mr. Arthur Senanayake, has transferred the rights of the APL agency to CGM CMA Lanka Ltd, a local joint venture between CGM CMA France and Hayleys Advantis Ltd, last week.
The move follows the global acquisition of APL Co. by CMA CGM France. Hayleys Advantis Ltd. and APL Co. Singapore have both agreed to pay a total value of over Rs. 1 billion towards the mutually agreed transfer of the agency to CGM CMA Lanka Ltd.
Whilst only the transfer of business has taken place, Mr. Senanayake will retain ownership of APL Lanka Ltd. in which he bought over the balance 40% from APL Co. at the price of Rs. 1.26 billion in November 2015.
After the acquisition of the controlling stake by Mr. Senanayake, APL Lanka soon became one of the leading shipping companies in Sri Lanka.
Mr. Senanayake is expected to invest a portion of these funds in his company, the IWS Holdings Group for future strategic investments.