Daily News Online

Saturday, 24 September 2011


| Business Editor: 0094 11 2429221 | Fax: 0094 11 2343694 | E mail: business@dailynews.lk |

South harbour container terminal deal sealed

US $ 500 million investment:

The Board of Investment and the Sri Lanka Ports Authority have signed an agreement with Colombo International Container Terminals Limited to develop and operate the Colombo South Container Terminal. The total investment for the project is Rs 50 billion (US $ 500 million). The China Merchant Holdings will invest 55 percent of the cost while Aitken Spence PlC will hold 30 percent and Sri Lanka Ports Authority 15 percent.

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New Rs 50 m bicycle plant for Vavuniya

One of the leading bicycle manufacturers in the country, Hanian Lanka will launch a Rs 50 million worth project to produce and supply bicycles to the North and East of Sri Lanka in conjunction with the Indian High Commission shortly. Hanian Lanka Chairman Amal Suriyage told Daily News Business the bicycle manufacturing plant will be set up in the next six months on a half acre land in Menik Farm in Vavuniya. The plant will include two modern assembling lines able to produce 100 bicycles a day.

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Amana in Rp 16 m IPO in the Maldives

Amana Takaful (Maldives) PLC has opened a Maldivian Rupiyaa 16 million (Rs 125 million)Initial Public Offer in the Maldives, personifying cross border synergies in both capital market development and financial services. The IPO which opened on Tuesday (20) will close on October19. The share issue will be for 800,000 ordinary shares at Rupiyaa 16 each.

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The Commonwealth Association of Tax Administrators (CATA) are having their annual sessions in Colombo from September 19 to 23. They took time off from their deliberations to visit places of interest in Kandy on Wednesday. The delegation visited the Sri Dalada Maligawa as well as the Pinnawela Elephant Orphanage among other places of interest. Here several members from the delegation pose for a picture with a python during a stopover. Pictures by Sumanachandra Ariyawansa

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