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 ::
Senior Laboratory Manager of Horana rubber factory arrested over deaths in ammonia tank
-- [3 hours ago]
Rs. 485 mn worth dry rations for drought hit people in Puttalam
-- [4 hours ago]
Sri Lanka to remove unauthorized constructions on coastal belt
-- [4 hours ago]
Sri Lanka PM calls for expansive private sector ties with Iran
-- [9 hours ago]
CID investigations reveal that same person directed all high profile crimes during previous regime
US human rights report says Sri Lanka military and police harass civilians with impunity
SriLankan Airlines aims to fly higher in Middle East skies
Largest Sri Lankan business delegation participates in Commonwealth Business Forum in London
Iran, Sri Lanka speakers discuss expanding bilateral ties
Sri Lanka's main concern is achieving a sustainable future - President

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.