Sri Lanka Govt. gives go-ahead to Port City

• PM Ranil Wickremesinghe finds lost EIA and submits to Cabinet
• Reprieve for much maligned largest-ever foreign investment project
• Second EIA needed for Phase II construction including golf course and F1 track
• India raised no official objection, Sirisena likely to visit China in March+

An excavator (right) being used at the site of the planned Port City project in Fort yesterday. The project is likely to be made active yet again – Pic by Shehan Gunasekera

By Uditha Jayasinghe
After weeks of uncertainty the new Government yesterday gave the green light for the mega $ 1.4 billion China funded port city project.
Ending speculation, the new Cabinet, barely a month in office, allowed the project to continue after perusing an environmental assessment study conducted by a local university.
The port city was a major item in the joint Opposition campaign at Presidential poll whilst severe warnings were issued after the victory of Maithripala Sirisena as well. However, judging by yesterday’s Cabinet decision, almost akin to a U-turn, it appears that the much maligned port city project is back in the water.
“We are satisfied with the Environmental Impact Assessment (EIA) done by the Moratuwa University,” Cabinet spokesman and Health Minister Dr. Rajitha Senaratne told reporters, adding that a second EIA would be needed to assess construction once reclamation of land from the sea was completed.
“There is time for that,” he said. “Funding is by the Chinese company so we see no reason why it cannot go ahead.”
Multinational China Communications Construction Company (CCCC) subsidiary the China Harbour Engineering Company is creating the new island off Colombo’s harbour, which was started during former President Mahinda Rajapaksa’s decade in power.
However, presidential elections last month saw the removal of Rajapaksa and the appointment of his former Cabinet member President Maithripala Sirisena.
Sirisena subsequently appointed a 27-member Cabinet headed by Prime Minister Ranil Wickremesinghe who had earlier warned that the port city project would be scrapped if it failed to meet environmental standards.
This prompted the project promoter to issue a press statement setting the record straight. Despite that criticism allegations persisted. A follow up full page paid advertisement was also published.

Known to be the single largest investment project in Sri Lanka, the port city will also have Sri Lanka’s first 100-storey skyscraper under Phase II of its work. This phase would include the construction of hotels, shopping malls, a golf course as well as a F1 track.
The site is on 233 hectares of reclaimed land along the iconic coastline of Colombo. Under the proposed deal, 108 hectares would be given to the Chinese firm, including 20 hectares on an outright basis and the rest on a 99-year lease.
However, ownership of land by foreigners is illegal in Sri Lanka and Dr. Senaratne acknowledged that the Government would have to “look into” proprietorship details.
“At the moment foreign companies can only hold land on a lease basis up to 99 years. As far as we can ascertain the State does not own this land as its being reclaimed by the Chinese company. We will rectify the shortcomings,” he said.
Dr. Senaratne also insisted that no concerns had been officially raised by the Indian Government and Sirisena would likely visit China after overseeing a visit by Indian Prime Minister Narendra Modi in March.
Over the past month CHEC ramped up advertising about the project insisting it would put a spotlight on Sri Lanka by positioning the island as the ultimate “Gateway to South Asia” and strengthen tourist arrivals over the next 30 years.

Colombo City Centre construction begins with $ 150 m investment

• Lifestyle retail mall, a 200-room NEXT Hotel and 180 residential units in mega complex by Abans Group and SilverNeedle Hospitality of Singapore

Defence and Urban Development Secretary Gotabaya Rajapaksa (left), Colombo City Centre Partners Chairman and SilverNeedle Hospitality MD and Group CEO Iqbal Jumabhoy, Abans Group Chairperson Aban Pestonjee and Abans Director Rusi Pestonjee at the groundbreaking ceremony of the Colombo City Centre yesterday – Pic by Sameera Wijesinghe

By Sarah Hannan
Secretary to the Ministry of Defence and Urban Development Authority, Gotabaya Rajapaksa, laid the foundation stone for the Colombo City Centre (CCC) yesterday at Sir James Pieris Mawatha, Colombo 02, officially marking the commencement of construction.
A joint venture between the Abans Group and SilverNeedle Hospitality of Singapore, Colombo City Centre Partners Ltd. will engage internationally-renowned partners to complete this landmark at the heart of Colombo.
The multipurpose lifestyle centre is scheduled for completion in early 2018 with a $ 150-million investment and consists of a lifestyle retail mall, a 200-room NEXT Hotel and 180 residential units.
Colombo City Centre Partners Ltd. Chairman and SilverNeedle Hospitality MD and Group CEO Iqbal Jumabhoy stated that the dream of redefining Colombo’s skyline became a reality.
Elaborating on the time taken between the official announcement and the groundbreaking and foundation-laying ceremony held yesterday Jumabhoy noted: “Before we got to this stage of breaking ground and laying the foundation stone, we wanted to ensure that we chose the designs and obtained all the necessary permits and approvals to begin construction.”

“I am honoured to know that SilverNeedle has taken a decision to make such a major investment for the future development of Colombo. SilverNeedle taking such an initiative will send much-needed signals of business confidence to other Australian companies. I am very confident that we will see further investments come across the line in the coming years,” Australian High Commissioner Robyn Mudie stated.
Rising 48 storeys above Colombo’s central building district, the structure contains over 1,000,000 square feet. The first five levels of the centre, with an area of 230,000 square feet, will comprise the lifestyle retail mall. Just above the mall will be a 200-room NEXT Hotel marking its first entry into the Asian continent after Australia.
The upper levels of CCC will offer 180 residential units where residents will enjoy exclusive club amenities and use of the sky terrace.
Speaking about the additional features of the CCC Colombo City Centre Partners Director and Abans Group Chairperson Aban Pestonjee commented: “Currently there is no place in Sri Lanka where the whole family can go and enjoy themselves. We want to provide entertainment for Sri Lankans and their families as well as tourists with a mix of local and international brands, a cinema and food court. This will allow children and their parents to spend valuable family time together.”
The lead designer of this project is award-winning global architecture firm Aedas, while Gensler is responsible for the interior of the hotel and residences.
SN Property, a wholly-owned subsidiary of SilverNeedle Hospitality and international award-winning project management and construction consultants Gleeds Hooloomann are project managers. Retail planning and securing tenants for the lifestyle mall will be handled by Hong Kong-based Husband Retail Consulting. Veteran property manager Richard Buultjens will focus on sales and marketing for the residential units and leasing of the retail space.

Iconic luxury hotel and residences ITC Colombo One

• Indian giant’s maiden overseas foray in hospitality sector with $ 300 m investment

Ground breaking ceremony of ITC Colombo One yesterday: From left Colombo Mayor A. J. M. Muzammil, Indian High Commissioner Y.K. Sinha , Investment Promotion Minister Lakshman Yapa Abeywardena, Economic Development Minister Basil Rajapaksa, ITC Chairman Y. C. Deveshwar and Central Bank Governor Ajith Nivard Cabraal – Pic by Lasantha Kumara

The groundbreaking ceremony for the iconic luxury hotel and residences ITC Colombo One took place yesterday, in the presence of Minister of Economic Development Basil Rajapaksa, High Commissioner of India to Sri Lanka Y.K. Sinha and ITC Ltd. Chairman Y.C. Deveshwar. ITC is one of India’s largest multi-business enterprises.
Other dignitaries who were present at this auspicious occasion included Minister of Investment Promotion Lakshman Yapa Abeywardena, Mayor A.J.M. Muzammil, Central Bank Governor Ajith Nivard Cabraal and Army Commander Lieutenant General R.M. Daya Ratnayake.

Situated along the picturesque coastline overlooking the historic Galle Face Green, ITC Colombo One is likely to offer about 350 rooms in the first phase, more than 130 luxury residences, world-class banqueting and cuisine experiences for which ITC Hotels is globally-renowned, as well as retail and full service office space. Located between the oceanfront and the Beira Lake, the hotel will offer panoramic views of the Indian Ocean as well as the city of Colombo.

ITC Hotels is India’s largest luxury hotel chain and is a part of ITC Ltd., a leading diversified enterprise in India. With a market cap of over $ 45 billion, ITC’s businesses in India span FMCGs, hotels, paperboards, paper and packaging, agri business and Information Technology.

ITC Hotels is also internationally-acclaimed for its cuisine excellence with globally-awarded brands such as Bukhara, Dum Pukht and Dakshin and also for its indigenous spa brand Kaya Kalp. ITC Hotels has set global benchmarks in its services, integrating personalisation with state-of-the-art technology to deliver planet positive luxury experiences to its guests.

Commenting on ITC’s investment in Sri Lanka, ITC Chairman Deveshwar said: “India and Sri Lanka have shared a common heritage in the sub-continent and have generations of rich socio-cultural ties. ITC Colombo One will build on this heritage and strengthen our relations even further. ITC dedicates this project to Sri Lanka and to its future progress and prosperity. I am sure that this landmark hotel will add a jewel to the crown of Sri Lanka’s hospitality sector.”
With an investment outlay of around $ 300 million, this luxury hotel will be ITC’s maiden overseas foray in the hospitality sector.
ITC Colombo One is inspired by the rich cultural ethos of Sri Lanka, its history and architecture. Uniquely differentiated with superior environmental design, the hotel is slated to achieve a LEED Platinum rating. This echoes ITC’s triple bottomline approach to business which has inspired ITC Hotels’ credo of ‘Responsible Luxury’, an endeavour which is manifest in the highest rating accorded to green buildings in the world – LEED platinum, for all its luxury hotels – making it the ‘greenest luxury hotel chain in the world’.

CICT attracts first-ever 16,000+ TEU ship to Port of Colombo

The Port of Colombo delivered on its promise of establishing Colombo as the regional maritime hub when the brand new 16,000+ TEU ship MV MSC New York berthed at Colombo International Container Terminals Ltd. (CICT) yesterday.
The terminal is owned and operated by China Merchants Holdings International Company Ltd. (CMHI).

CICT General Manager Marketing and Commercial Tissa Wickramasinghe said: “Today is indeed a very proud day for the Port of Colombo, CICT and the local shipping industry. Having completed the construction and equipping of the South Harbour Container Terminal in a record time of 28 months and after being in operation for just over one year, CICT has managed to attract one of the largest vessels afloat to berth at our terminal.”

He added: “This was only made possible due to the extensive and aggressive marketing of the Port of Colombo, which had been done jointly with the Sri Lanka Ports Authority. In building new infrastructure to compete with other regional hub ports, it is necessary to implement changes like what we at CICT have achieved through very high standards of service delivery, productivity and customer service.”

He further stated: “The long-term success of CICT is tied up with the future success of the Port of Colombo and in that respect CICT will be using the access to the marketing resources of their parent company CMHI in achieving Colombo’s vision to be the regional maritime hub – our team at CICT is very excited about today’s event and look forward to bringing in more ships of this capacity on a regular basis in the near future.”
The New York is owned and operated by Mediterranean Shipping Company (MSC), which is the second largest container shipping company in the world and is also the number one customer by volume at CICT. This shipping line is represented in Sri Lanka through MSC Lanka, which has played a very crucial role in attracting these ultra large carriers to call the Port of Colombo.
The New York has the capacity to carry 16,650 TEUs and on completion of cargo operations at CICT, it will have a full load of 14,896 TEUs. The vessel is on its maiden voyage after having taken delivery from the shipbuilding yard in Korea on 20 October.
The vessel is operating on a service speed of 18 knots and burning 130 tons of fuel per day. This is indeed a far cry from the ships carrying 8,000 TEUs and burning almost double the fuel per day. The total complement of crew is only 23, thereby providing massive savings through the economies of scale.
Shipping industry sources were of the view that the state-of-the-art CICT facility being the only deepwater terminal in the whole of South Asia capable of handling the largest vessels afloat would be the major catalyst in achieving the much-cherished vision of the nation and the Port of Colombo of being the maritime hub of the region.

Elevated highway from Peliyagoda to Colombo Fort

FT.lk: 

ADB has financed feasibility study and the preliminary designs; Cabinet approves major traffic easing project

Cabinet last week approved preliminary work towards building an elevated highway from Peliyagoda to Colombo Fort to ease traffic congestion and improve mobility.
As per the approval, a Memorandum of Understanding will be signed between HASS Joint Venture, Australia and the Road Development Authority to obtain detailed proposals.
Plans include constructing a new bridge over the Kelani River and an elevated highway from Peliyagoda to Colombo Fort.
Official sources said the project for the construction of the new bridge and its approaches has been formulated separately and is being financed by the Japan International Co-operation Agency (JICA) and feasibility study and the preliminary designs for the elevated highway have already been completed with financial assistance from the Asian Development Bank (ADB).
Cabinet approved the proposal on the elevated highway submitted by President Mahinda Rajapaksa in his capacity as the Minister of Highways, Ports and Shipping.

Work begins on Northern Expressway The Government has begun work on the larger Northern Expressway by finalising contract packages for link between Pothuhera to Galagedara and to Galewela on a priority basis. This portion of the expressway will connect major commercial cities Gampaha, Veyangoda, Mirigama, Kurunegala, Rideegama, Melsiripura and Galewela and further connect major commercial cities Rambukkana and Galagedara. On the Northern Expressway portion, interchanges will be constructed at Enderamulla (system interchange), Gampaha, Veyangoda, Mirigama, Nakalagamuwa, Dambokka, Kurunegala, Ridigama, Melsiripura, Galewala and Pothuhera (system interchange). On the Link Expressway interchanges will be constructed at Rambukkana and Galagedara. System interchange provides connectivity only along the expressway. The feasibility studies and preliminary designs have been already completed and the proposed expressway corridors for the above mentioned sections have been already identified. The Environmental Impact Assessment and land acquisition activities are in progress. These sections of the expressway have been divided into eight individual contract packages for implementation of construction. The proposal, made by President Mahinda Rajapaksa in his capacity as the Minister of Highways, Ports and Shipping, to proceed with the related activities was approved by the Cabinet last week.

What can businesses learn from the Royal-Thomian?

• The ‘power’ of two competing ‘brands’ synergising to create an experience much ‘larger’ than either could. Even if businesses cannot stretch their thinking to synergising with competing brands, start with complimentary brands.
• The ‘power’ of tradition (as part of the organisational DNA) – that delivers far more than following a process manual.
• The ‘power’ of alumni affinity and volunteering – that ensures effective project management involving a multitude of diverse stakeholders.
• The ‘power’ of teaming – with no hierarchical organisational structures and associated bureaucracies. Now it’s time to enjoy the ‘power’ of fun!

Basil inspects Galle-Matara Expressway

Economic Development Minister Basil Rajapaksa this week inspected the 31 kilometre-long Galle-Matara Expressway to be opened on March 15.
The road begins from Pinnaduwa, Galle and ends at Godagama, Matara. The new road constructed by local engineers under the Highways Ministry’s direction on the advice of President Mahinda Rajapaksa will make it possible for travelers to reach Kaduwela from Matara in one-and-a-half-hours. The maximum speed is 100 km per hour.

President declares open first segment of Rs. 27 b outer circular highway around Colombo

President Mahinda Rajapaksa, accompanied by the Ambassador of Japan Nobuhito Hobo, on Saturday declared open the first segment of the Outer Circular Highway (OCH) around Colombo.
After opening the first segment of the OCH from Kottawa to Kaduwela the President drove the first bus on the 11-kilometre long, four-lane highway launching a highway express bus service.

Kottawa-Kaduwela segment of the OCH is located in the Colombo Metropolitan Region and passes through Colombo and Gampaha Districts. Sri Lanka’s longest fly over spanning more than three kilometres is also located in this highway.

SLPA justifies Colombo Port City Development Project

The Sri Lanka Ports Authority (SLPA) has expressed its concern over statements made by various personages via the media, based on adverse information on its ‘Port City,’ the project that has been launched with the largest financial investment in Sri Lanka.
The project could be known as the largest-ever private, overseas financial investment project implemented via SLPA in Sri Lanka. The investment in its initial stage comes to US$ 1.34 billion. Most importantly, the project is not funded by the Government of Sri Lanka or the SLPA.
Accordingly, a land of 233 hectares is planned to reclaim beside the breakwater of the Colombo Port Expansion Project towards the Galle Face Green.

French biz delegation on urban infrastructure development in town

Representatives from a 10-member business-delegation visited Colombo on 4 and 5 March. This business delegation comprised of French companies in the field of urban infrastructure, especially transport.
French companies present in India and Singapore were also represented during this mission. Participating French companies included Alstom Transport, Bouygues Batiment International, Dassault Systemes, DTP Terrassement, Egis International, Signes-Paysages, Systra, Veolia Transport RATP, Vinci Concession and Unibridge.
The main area of interest for the business-delegation was the modernisation of urban mass transport systems. The renovation/electrification of the urban rail network as well as improving road access was also discussed with the local authorities. During most discussions, financing under public-private partnerships was considered the best option and the participating French companies took note of the investment concepts put forward by their counterparts.

AMAYA LEISURE, NAMUNUKULA PLANTATIONS, KEGALLE PLANTATIONS, TANGERINE, ROYAL PALMS, PROPERTY DEVELOPMENT - DIVIDEND ANNOUNCEMENTS

AMAYA LEISURE PLC
Company ID: - CONN
Date of Announcement: - 05.Mar.2014
Dividend per Share: - Rs. 4.50 per share (Not liable to 10% dividend tax) / Interim Dividend
Financial Year: - 2013/2014
XD: - 14.Mar.2014
Payment: - 24.Mar.2014
Share Transfer Book Open

NAMUNUKULA PLANTATIONS PLC
Company ID: - NAMU
Date of Announcement: - 05.Mar.2014
Dividend per Share: - Rs. 1.50 per share / Second Interim Dividend
Financial Year: - 2013/2014
XD: - 14.Mar.2014
Payment: - 21.Mar.2014
Share Transfer Book Open

First segment of outer circular highway opening on 8 March

The first segment of the Outer Circular Highway (OCH) around Colombo from Kottawa to Kaduwela will be declared open on 8 March.
The public will be able to travel on the expressway from Kaduwela to Galle bypassing the congested city traffic in Colombo once the OCH segment opened as the OCH is connected to the Southern Expressway at Kottawa.
The 11-km long Kottawa-Kaduwela segment of the OCH is located in the Colombo Metropolitan Region and passes through Colombo and Gampaha Districts.
The OCH runs around 20 km away from the city centre of Colombo, connecting radial routes and has a total length of 29.2 km.

SEC Chief tells investors to look to fundamentals than merely following the herd

• Says problem is in institutional investors for behaving as followers
• Commends local capital market for having fundamentals in place although not “big league” yet
• Notes local equity market a “compelling one,” opines next target reaching market cap of 50% of GDP

By Shabiya Ali Ahlam
With the Colombo stock market turning bearish in recent weeks, Securities and Exchange Commission (SEC) Chairman Dr. Nalaka Godahewa on Wednesday urged investors to look at fundamentals rather than merely following the herd instinct.
“Most industries are doing well and showing high potential for growth and it is time for us to look at fundamentals and facts over mere trends,” said SEC Chairman Nalaka Godahewa during his address at the Capital Market Conference (CAPM) 2014 organised by UTO Edu Counsult.
Godahewa highlighted that the booking of profits by large foreign players often results in a drop of the market index, which is misunderstood as the beginning of a market downturn, leading people to hit the panic button. Their negative market behaviour then results in a negative trend, he said.
“The problem with retail investors anywhere in the world is that they are mere followers of market trends. They buy when the indices show positive signs and sell when indices show negative signs. This has always been a fact in our market. You can’t blame them. The problem is when our institutional investors also behave the same way. Some of them repeatedly miss opportunities in the market as a result,” asserted Godahewa.
Acknowledging that the local capital market was yet to reach its full potential, the SEC Head however commended it for getting the fundamentals right.
Listing out four pillars essential for the successful development of a capital market – macroeconomic stability, a sound and efficient banking system, solid institutional frameworks, and adequate regulation and supervision – Godahewa expressed: “Even though the capital market of Sri Lanka is still not in the big league, we can proudly say that we already have these fundamentals in place.”

Commercial Bank beats tough 2013 with Rs. 10.445 b net profit

• Turnover up 15.4% to Rs. 73.16 b
• Assets cross Rs. 600 b
• Deposits up 15.5% to Rs. 451.153 b
• Loan book grows 12.30% to Rs. 419.505 b

A characteristically resilient operational performance that gained momentum as the year progressed has enabled the Commercial Bank of Ceylon PLC to end 2013 on a strong note, despite lower demand for credit and thinning margins.
Sri Lanka’s largest private bank has reported profit before tax of Rs. 14.51 billion for the year ended 31 December 2013, on gross income of Rs. 73.16 billion, which was up Rs. 9.764 billion or 15.4% over 2012.
Profit after tax at Rs. 10.445 billion for the full year reflected a noteworthy performance amidst tough market conditions.
Describing 2013 as a period in which a number of factors combined to make it a challenging year for the banking sector, Commercial Bank Chairman Dinesh Weerakkody said: “Against this backdrop, Commercial Bank turned in a healthy performance for 2013, posting strong results against many key indicators.”
“The success of the bank’s performance is also reflected in the Group which comprises of the Commercial Bank, its subsidiaries and associates. The Group post tax profit of Rs. 10.573 billion represents a growth of 4.88%,”he added.

Sri Lanka stocks fall 0.3-pct - 21-Feb-2014

Feb 21, 2014 (LBO) – Sri Lanka stocks fall 0.32 percent for the seventh consecutive day with losses in the tobacco and diversified stocks, brokers said.

The Colombo benchmark All Share Price Index closed 18.88 points lower at 5,937.28, down 0.32 percent. The S&P SL20 closed 20.26 points lower at 3,237.27, down 0.62 percent. Turnover was 1.07 billion rupees, up from 851.92 million rupees a day earlier, with stocks of 102 firms closing in the red against 65 gainers.
JKH closed 2.10 rupees lower at 212.30 rupees with 420.00 million rupees of an off market transaction contributing to 39 percent of the daily turnover.
The aggregate value of all off market deals accounted for 50 percent of the daily market turnover.
JKH’s W0022 warrants closed 40 cents higher at 56.40 rupees and its W0023 warrants closed 2.00 rupees higher at 61.00 rupees, attracting most number of trades during the day.
Foreigners bought 244.05 million rupees worth shares while selling 682.59 million rupees of shares.
Nestle Lanka ended 79.10 rupees lower at 2,020.90 rupees and Ceylon Tobacco Company closed 12.20 rupees lower at 1,157.60 rupees, contributing most to the index drop.

JANASHAKTHI INSURANCE - DIVIDEND ANNOUNCEMENT-20-Feb-2014

JANASHAKTHI INSURANCE COMPANY PLC
Company ID: - JINS
Date of Announcement: - 20.Feb.2014
Dividend per Share: - Rs. 1.00 per share (Dividend is Subject to Tax) / Final Dividend
Financial Year: - 2013
Shareholder Approval: - Required
AGM: - 28.Mar.2014
XD: - 31.Mar.2014
Payment: - 08.Apr.2014
Share Transfer Book Open

Port city “pump and dump” deal: Harsha

• Criticises plan to sell land to Chinese company, says prices will fall
• Claims project is not FDI as Govt. will guarantee loan from EXIM bank
• Alleges transactions questionable as company banned by World Bank in 2009, suspicious deals in 7 countries

By Uditha Jayasinghe  
Pinpointing a shocking aberration from good governance UNP MP Dr. Harsha de Silva yesterday laid bare what he termed a “dump and pump” scheme of the Government concerning the proposed US$ 1.4 billion port city project, which is to be developed with a Chinese company banned by the World Bank.
De Silva termed the project “Colombo’s largest land scam” and insisted the project would do harm to the Sri Lankan economy and by extent the people on several points. He charged that the continental shelf to be utilised for the project under international law belonged to the country and that despite previous statements made by President Mahinda Rajapaksa, the Government was planning on selling it outright to a corrupt foreign company.
The Government hopes the construction of a port city along the iconic shoreline of capital Colombo with Chinese input will attract US$20-25 billion of foreign investment. Phase I of the land filling project is expected to start in the next few months and will likely to be completed in 24 months while the project itself will be completed within 39 months.
China Commu-nications Construction Company (CCCC) has come forward to invest in the land filling process and will acquire 170 hectares from the total 233 hectare land area. According to the Cabinet paper approved in November the Sri Lankan Government will receive the remaining acres, which will be up for sale for commercial or recreational purposes.

Sri Lanka's Odel net down 40-pct in Dec quarter

Profits at Sri Lanka's Odel Plc, a fashion retailer fell 40 percent to 46.0 million rupees in the December 2013 quarter from a year earlier, amid weaker sales and narrower margins, interim accounts showed.
The firm reported earnings of 17 cents per share for the quarter. In the nine months to December it reported earnings of 72 cents per share on total profits of 195 million rupees up 12 percent. In the nine months sales were down 2.5 percent to 3.4 billion rupees, due to a slowdown in retail sales and the imposition of a value added tax, the firm said.

Altair awards construction contract to Dubai giant Shapoorji Pallonji

The $ 3 billion construction giant Shapoorji Pallonji, whose contributions to the skylines of planet earth include India’s tallest residential towers – the Imperial of Mumbai – and several skyscrapers of Dubai, has been appointed the main contractor for Sri Lanka’s Altair residential twin tower in Colombo.

The contract awarded to Shapoorji Pallonji International operating out of Dubai, covers construction of the foundations, superstructure and civil works and overseeing finishes for the unique diagrid-supported towers of Altair; a 63-storied tower leaning into a 240 metre, 68-storied vertical tower that will be the centrepiece of South Asia’s first promenade development, on the lake front of the Beira.
Construction of the 400 luxury apartment development designed by the international celebrity architect Moshe Safdie is to be completed in 2017.

Alumex comes with Rs. 839 m IPO

Hayleys Plc subsidiary Alumex Ltd., has announced a Rs. 839 million Initial Public Offering as part of listing on the Colombo Stock Exchange.
The Colombo Stock Exchange (CSE) has approved in principle an application submitted by Alumex Ltd., for the listing of 59.9 million ordinary voting shares (comprising of an Offer for Subscription tranche of 17.9 million shares and an Offer for Sale tranche of 42 million shares) at Rs.14.00 per share.
The date of the opening of the subscription list is 6 March whilst the investing public can subscribe from 18 February.