concession agreement Archives - Ceylon Independent

Gazettes pave way for Hambantota Port handover

9Dec

By Faraz ShauketalyNo Comments

Business, Main Story

Gazettes pave way for Hambantota Port handover

By Ashwin Hemmathagama – Our Lobby Correspondent Gazette notifications on the shareholder agreement on two joint venture entities which will operate commercial and common user facilities respectively at the Magampura Mahinda Rajapaksa Port, reached Parliament yesterday prior to handing over of the port this weekend. China Merchants Port Holdings Company Ltd. (CMPort) or its nominees will own 85% and Sri Lanka Ports Authority (SLPA) will own 15% of the stake in Hambantota International Port Group Ltd. (HIPG), which will undertake the project identified to restructure the Magampura Mahinda Rajapaksa Port development and transform it to be a commercially-viable national asset in collaboration with the SLPA with an envisaged investment of $794 million. Hambantota International Port Se...

H’tota Port tax cuts before Cabinet

Gazette outlining tax concessions to be presented to Cabinet today Parliamentary debate on tax concessions for H’tota Port expected Friday ahead of port handover on Saturday By Skandha Gunasekara As the days tick down for the official handover of the Hambantota Port to Chinese investors on Saturday, the Government is likely to rush through a crucial gazette detailing tax concessions granted to the divested Hambantota Port by seeking approval from both the Cabinet and Parliament over the next four days. Party leaders yesterday decided to debate the gazette notification issued by International Trade and Development Strategies Minister Malik Samarawickrama under the Strategic Development Act of 2008 on Friday, before approval was granted, JVP MP Vijitha Herath told the Daily F...

Sri Lanka wants to amend Hambantota Port concession agreement

Sri Lanka’s cabinet revealed Wednesday that Ports Minister sought cabinet approval to amend the current concession agreement of the Hambantota Port. Co-Cabinet Spokesman Gayantha Karunathilaka said Ports Minister Mahinda Samarasinghe sought their approval to amend the current concession agreement and to sign an additional agreement. According to the cabinet proposal, Sri Lankan government has asked China Merchants Port Holdings (CM Port) to bring the date of paying the agreed investment value forward. Upon completion of previous conditions, as per clause 4.2 of the current concession agreement, CM Port or its affiliates should pay their investment value to the government of Sri Lanka. As per the current agreement, after deducting the security deposit, 10 percent of the investme...