Hemas charts for new horizons via entry into ship owning biz

Hemas Holdings PLC has invested a 17% stake in Mercantile Shipping Company PLC (MSCL) as a move to expand its presence in the maritime sector through a strategic relationship with Mercantile Shipping.

MSCL is the leading ship owner and operator in Sri Lanka. The company has a history of successfully operating vessels for more than 25 years. As the first private shipping entity in Sri Lanka the company has 2 brand new multipurpose ships on order from a shipyard in the Netherlands. These vessels will commence operations by mid 2009.

The purchase of the shares followed intense talks between the two companies. Mercantile Shipping Managing Director Thomas Kriwat is looking forward to a fruitful cooperation. “We are well-established as an experienced ship owner in the global shipping community, working with a number of top class charterers. Hemas has a strong interest in expanding to the maritime sector. We hope to exploit the synergies of our mutual strengths to take the business forward”.

Head of Shipping at Hemas, Irshad Musheen said, “The Hemas Group’s determination to have a maritime presence is supported by a fundamental philosophy to explore and discover new business horizons. The MSCL strategic partnership enhances the combined strengths of our mutual asset owning capabilities.”

Imtiaz Esufally, Director Hemas Holdings commenting on this stated “this move in the right direction will enable Hemas and MSCL to forge a long lasting partnership taking the business to new heights”.

Hemas Holdings Ltd is one of Sri Lanka’s top conglomerates with a focus on five key sectors - FMCG, Healthcare, Transportation, Leisure and Strategic Investments.