This was decided by the cabinet last week in response to a memorandum submitted by Minister of Industrial Development Kumara Welgama. Accordingly government will receive 300,000t of cement supplies from American Global Partner PLC for a period of 12 months in 24 consignments.
Accordingly the Sri Lanka Cement Corporation (SLCC) the main handling agent of the government will accept the performance bond of 2% of the value of single consignment for the transaction of supplying entire cement load. In that sense SLCC is expected to furnish a 100% at sight revolving Letter of Credit for one Shipment of 12,500t until the completion of transaction.
