Expolanka divests BPO stake to Senok

Expolanka Holdings has divested 60 percent it held in Hello-Corp (Pvt) Ltd to Senok group of companies for a total consideration of Rs.60 million.

According to Expolanka, the disposal of its stake in Sri Lanka’s first ever BoI-approved BPO company, was part of its business strategy of getting rid of non-core businesses under the diversified conglomerate.

“We are divesting the non-value adding businesses and there will be a few more to come,” Expolanka Head of Marketing Paddy Weerasekera said.

Hello-Corp was initially a fully-owned subsidiary of Expolanka and company restructure carried out later divested 40 percent to Hello-Corp CEO Ravi Ravindran. According to sources, Ravindran also divested his share of Hello-Corp along with Expolanka.

In his review to the interim accounts, Expolanka CEO Hanif Yousuf said, at the group level they continue to implement strategies with more focus given to consolidate existing business.

“We have also taken steps to streamline processes and invest in developing the core sectors to reap more operational e ciencies and synergies in the medium term,” he said.

Expolanka reported a net profit of Rs.323 million in 1Q14, up17 percent from a year earlier with revenue growing from 33 percent to Rs.13.7 billion.