Lankapage Logo CP 18 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka to sign share ownership agreement with China on Hambantota Port on December 9
Thu, Dec 7, 2017, 09:48 am SL Time, ColomboPage News Desk, Sri Lanka.

Dec 07, Colombo: The government of Sri Lanka has received the approval of the cabinet of Ministers to sign the agreement of share ownership with the China state-owned company before commencing operations in the Hambanthota Port.

On July 29, the amended agreement to expand and develop the Hambantota Port under a public-private partnership was signed between the Sri Lanka Ports Authority (SLPA) and China Merchant Port Holdings (CMPort), Hambantota International Port Group (HIPG) and Hambantota International Port Services (HIPS).

Accordingly, the two companies established to develop the port, namely Hambantota International Port Group (HIPG) and Hambantota International Port Services (HIPS), are scheduled to commence respective operations, according to the said agreement, on December 09, 2017.

As per the agreement, 85% of the shares of Hambantota International Port Group will be held by China Merchants Port Holdings Company Limited or any of its subsidiaries while 15% will be held by the state-owned SLPA.

Meanwhile 58% of the shares of the Hambantota International Port Services will be controlled by HIPG while 42% will go to the SLPA.

Under the 99-year lease agreement, CMPort will agree to invest an amount of up to US$ 1.12 billion into Hambantota Port and Hambantota port and marine-related activities.

The new contract is expected to generate a lot of jobs and an investment zone.

 

ColomboPage - Recent 10 Stories ::
Sri Lanka election monitors say post-election violence seen increased
-- [7 hours ago]
UNP backbenchers meet to discuss a solution, show support to PM
-- [7 hours ago]
Sri Lanka to enter into a research cooperation agreement with International Agency for Research on Cancer
-- [8 hours ago]
Sri Lanka to get assistance from U.S. Peace Corps to improve English language education
-- [9 hours ago]
Sri Lanka, Poland agree to increase air links, bilateral cooperation
Sri Lanka's Chief Prelates call on leaders to continue unity government and fulfill promises made to people
Further economic grants to Sri Lanka from US Millennium Challenge Corporation
Thailand to seek cabinet approval to sign FTA with Sri Lanka
Sri Lanka sets out framework to improve compliance with Anti-Money Laundering standards
State Minister Eran Wickramaratne attends global tax conference in New York

Copyright © 2000, 2016 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.