Sri Lanka's listed Lanka Cement PLC is in talks with a Chinese firm to construct a 25-storey office and shopping complex and is also looking for a local investor to re-build a defunct cement factory, officials said.
The planned property project is valued at about 5.0 billion rupees (45 million US dollars), Lanka Cement chairman S J Paranagama said.
The building is expected to come up on land belonging to Lanka Cement in Kollupitiya, an upmarket commercial suburb in Colombo.
"The government took a decision to develop this 95 perch land belonging to Lanka Cement on a 25-year build, operate and transfer basis," secretary to the ministry of state resources Willie Gamage said.
"At the moment we are having discussions with a Chinese company to build a 25-storey office and shopping complex within the premises."
Lanka Cement also owns a factory in Sri Lanka's northern Jaffna peninsula in which several foreign investors have expressed interest. The factory was closed during a 30-year war which ended in May 2009.
But the firm is now looking for a local partner.
"Due to security measures our preference is only for a local investor," Gamage said. "We also want to avoid any kind of monopoly.
"The premises are at present occupied by the Sri Lanka Army and they will vacate it soon."
Lanka Cement is controlled by the government through a 62 percent stake held by Sri Lanka Cement Corporation, also a state entity.
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