Thursday, February 12

Tag: Mahinda Samarasinghe

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...
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Ports Minister against opening shipping services sector to foreign companies
29Nov By Faraz ShauketalyNo Comments
LOCAL

Ports Minister against opening shipping services sector to foreign companies

Sri Lanka's Minister of Ports and Shipping Mahinda Samarasinghe said he is not in agreement with the 2018 budget proposal to open the shipping agency services to foreign companies and it has been included in the budget proposal without discussions with his ministry. Speaking at the Budget 2018 committee stage debate of his ministry on Tuesday, Minister Samarasinghe said he will not allow to open the sector to foreign companies without an investment guarantee since such a move will affect the local shipping agents. "Our policy is not to destroy the local businessman," he said. The Minister suggested to set a condition of at least $100 million investment for foreign companies if they want to enter in to shipping services. He said there has been good progress in the port sector an...
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Sri Lanka wants to amend Hambantota Port concession agreement
15Nov By Faraz ShauketalyNo Comments
Business

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...
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Operation of Hambantota Port under new administration to begin before January 18
10Nov By Faraz ShauketalyNo Comments
Business

Operation of Hambantota Port under new administration to begin before January 18

Sri Lanka's Minister of Port an Shipping Mahinda Samarasinghe says the date of operation of the Hambantota Port under the new administration can be announced on 8th December. According to the agreement, signed with China Merchant Port Holdings (CMPort), six months have been allowed for the operations under the new administration to begin and that period will end on the 18th of January, the Minister said speaking at a media conference held at the SLFP headquarters today. Under the agreement, 10 percent of the base money should be paid to Sri Lanka by December 8, and following discussions with the company that amount has been increased to 30 percent, the Minister said. According to Minister Samarasinghe, around 446 million US dollars will be added to the foreign reserves by 8th Dece...
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