Lanka Cement looking to rebuild defunct cement factory

Lanka Cement looking to rebuild defunct cement factory
Published: 16 March 2011

Sri Lanka’s listed Lanka Cement PLC is looking for a local investor to rebuild a defunct cement factory, officials said.

Lanka Cement owns a factory in Sri Lanka’s northern Jaffna peninsula in which several foreign investors have expressed interest. The factory was closed during a 30-year war which ended in May 2009. But the firm is now looking for a local partner.

"Due to security measures our preference is only for a local investor," Gamage said. "We also want to avoid any kind of monopoly.

"The premises are at present occupied by the Sri Lanka Army and they will vacate it soon."

Lanka Cement is controlled by the government through a 62 per cent stake held by Sri Lanka Cement Corporation, also a state entity.