Home
Register
P’ment told China Merchant to get 80% stake but after five months 20% equity released to attract another investor via stock market
Cabinet has unanimously approved Government plans to enter into a public-private partnership agreement with a State-run Chinese company for the Hambantota Port that would include setting up an industrial zone at the same location.
Special Assignment Minister Dr. Sarath Amunugama, joining the adjournment debate yesterday in Parliament, said: “According to the joint venture agreement, China Merchant would hold 80% stake and the remainder will be held by the Government. After five months, 20% equity will be made available, enabling any other investor to purchase through the stock market.
In terms of economic development, receiving Cabinet approval is a historical milestone. The proposed industrial zone, which will be the largest of its kind in the South Asian region, will make room for at least 400 industries.”
Dr. Amunugama chaired the six-member Ministerial Committee appointed to finalise the agreements related to the Hambantota Port joint venture. Government Ministers had earlier expressed confidence that the deal would be signed by the end of this month.
Previous media reports had also indicated the 20% equity divestment would be made after the lapse of several years and not immediately as detailed by Dr. Amunugama. Among other important provisions are an express prohibition of military activity in the area and the envisaged creation of an oversight committee to take care of national security.
The Government is hoping the sale, which will bring in about $ 1.12 billion, as listed out in the framework agreement that was entered into in January, will help bolster flagging reserves. The International Monetary Fund (IMF) in its latest review report flagged unmet reserve targets and called on the Central Bank to stand ready to raise rates. (AH)
- See more at: http://www.ft.lk/article/604861/H-tota-port-deal-gets-unanimous-Cabinet-approval#sthash.k4VOgFd6.dpuf
Cabinet has unanimously approved Government plans to enter into a public-private partnership agreement with a State-run Chinese company for the Hambantota Port that would include setting up an industrial zone at the same location.
Special Assignment Minister Dr. Sarath Amunugama, joining the adjournment debate yesterday in Parliament, said: “According to the joint venture agreement, China Merchant would hold 80% stake and the remainder will be held by the Government. After five months, 20% equity will be made available, enabling any other investor to purchase through the stock market.
In terms of economic development, receiving Cabinet approval is a historical milestone. The proposed industrial zone, which will be the largest of its kind in the South Asian region, will make room for at least 400 industries.”
Dr. Amunugama chaired the six-member Ministerial Committee appointed to finalise the agreements related to the Hambantota Port joint venture. Government Ministers had earlier expressed confidence that the deal would be signed by the end of this month.
Previous media reports had also indicated the 20% equity divestment would be made after the lapse of several years and not immediately as detailed by Dr. Amunugama. Among other important provisions are an express prohibition of military activity in the area and the envisaged creation of an oversight committee to take care of national security.
The Government is hoping the sale, which will bring in about $ 1.12 billion, as listed out in the framework agreement that was entered into in January, will help bolster flagging reserves. The International Monetary Fund (IMF) in its latest review report flagged unmet reserve targets and called on the Central Bank to stand ready to raise rates. (AH)
- See more at: http://www.ft.lk/article/604861/H-tota-port-deal-gets-unanimous-Cabinet-approval#sthash.k4VOgFd6.dpuf
» CCS.N0000 ( Ceylon Cold Stores)
» Sri Lanka plans to allow tourists from August, no mandatory quarantine
» When Will It Be Safe To Invest In The Stock Market Again?
» Dividend Announcements
» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්රතික්ෂේප කළ ගණිතඥයා
» SEYB.N0000 (Seylan Bank PLC)
» Here's what blind prophet Baba Vanga predicted for 2016 and beyond: It's not good
» The Korean Way !
» In the Meantime Within Our Shores!
» What is Known as Dementia?
» SRI LANKA TELECOM PLC (SLTL.N0000)
» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
» Equinox ( වසන්ත විෂුවය ) !
» COMB.N0000 (Commercial Bank of Ceylon PLC)
» REXP.N0000 (Richard Pieris Exports PLC)
» RICH.N0000 (Richard Pieris and Company PLC)
» Do You Have Computer Vision Syndrome?
» LAXAPANA BATTERIES PLC (LITE.N0000)
» What a Bank Run ?
» 104 Technical trading experiments by HUNTER
» GLAS.N0000 (Piramal Glass Ceylon PLC)
» Cboe Volatility Index
» AHPL.N0000
» TJL.N0000 (Tee Jey Lanka PLC.)
» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
» Bitcoin and Cryptocurrency
» CSD.N0000 (Seylan Developments PLC)
» PLC.N0000 (People's Leasing and Finance PLC)
» Bakery Products ?
» NTB.N0000 (Nations Trust Bank PLC)
» Going South
» When Seagulls Follow the Trawler
» Re-activating
» අපි තමයි හොඳටම කරේ !
» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
» SAMP.N0000 (Sampath Bank PLC)
» APLA.N0000 (ACL Plastics PLC)
» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
» Banks, Finance & Insurance Sector Chart
» VPEL.N0000 (Vallibel Power Erathna PLC)
» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
» WATA - Watawala
» KFP.N0000(Keels Food Products PLC)
» Capital Trust Broker in difficulty?
» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
» What Industry Would You Choose to Focus?
» Should I Stick Around, or Should I Follow Others' Lead?