Sri Lanka: Ministry of Defence to acquire Lanka Cement facility

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Updated Thu, 27 Nov 2014 09:59:20 GMT

Sri Lanka's Ministry of Defence is reportedly planning to acquire Lanka Cement PLC’s property at Kankasanthurai. In a disclosure to the Colombo Stock Exchange, Lanka Cement’s Chairman and Managing Director N.S.M. Samsudeen said that the property includes 104 acres of land and existing buildings.

If the acquisition goes ahead, Lanka Cement, a subsidiary of state-owned Sri Lanka Cement Corporation, has requested compensation from the Ministry of Defence for the land and buildings. Furthermore, all staff would be retired under the government sponsored voluntary retirement scheme.