Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka's Tokyo Cement forms US$ 63 million subsidiary
Thu, Feb 7, 2013, 11:01 am SL Time, ColomboPage News Desk, Sri Lanka.

Feb 07, Colombo: Tokyo Cement, one of the premiere cement manufacturers in Sri Lanka, said that it had formed a wholly-owned subsidiary to expand manufacturing of cement product and generate bio mass power.

The subsidiary, Tokyo Eastern Cement Company, incorporated under the aegis of Sri Lanka's investment promotion agency, Board of Investment (BoI), will enjoy a tax holiday for five years and after that will be taxed at a 12 percent concessionary rate, the parent company said in a stock filing.

The new company will manufacture cement, cement products, and cement value added products. It will also build and operate a biomass power generation plant for the company's own use and any excess power will be sold to the national grid.

The parent company, based in Trincomalee in the Eastern Province, said according to preliminary estimates, the project would cost 8 billion rupees (US$ 63 million at the current rate). It will be financed mainly by the parent company's equity and bank loans.

The project is expected to be completed in three years.



ColomboPage - Recent 10 Stories
Sri Lanka business chamber to host seminar on bilateral trade with UK on October 29
-- [1 hour and 39 minutes ago]
Counter arguments raised to support Sri Lankan President's eligibility for the third term
-- [2 hours ago]
Three Sri Lankans alleged of spying for Pakistan charged in Indian court
-- [2 hours ago]
Sri Lanka ruling party secretary launches campaign for prime minister post
Beggars under watch in Sri Lanka after an abducted child was found with a beggar
Snap presidential election is unconstitutional, Sri Lanka Marxist party tells EC
Sri Lanka CID investigates Rs. 1.5 billion fraud in purchasing coal for Norochcholai power plant
Sri Lanka Opposition MPs who visited Port Authority ordered to appear in court
Explosion at Sri Lanka Air Force camp injures three airmen
Yuwanjana Wanasundera Wijayathilake sworn in as new Attorney General of Sri Lanka

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.