China Merchants logistics hub project off; SLPA agrees to $21.9m settlement deal
From The Sunday Times ·
Headline from The Sunday TimesRead it in
7 outlets · 10 reports · latest EN 7SI 2TA 1English 7 · Sinhala 2 · Tamil 1 · all privateOwners: all private.
Photo: NewswireAI summary · 1 min read
1 min readFrom 7 outlets- The discontinued venture was formed in 2023 by China Merchants, Access Engineering and the SLPA.
- China Merchants held a 70% stake; Access Engineering and the SLPA each held 15%.
- The settlement provides for capital refunds and the distribution of remaining company cash, after the SLPA covers tax and late-payment liabilities.
- The SLPA says it will pursue a replacement project through open competitive bidding, subject to approvals.
Based on: Newswire, Sunday Times, Daily Mirror, EconomyNext, LBO, Ada Derana, Hiru NewsWritten by AI from Newswire, Sunday Times, Daily Mirror, EconomyNext, LBO, Ada Derana, Hiru Newsthese outlets’ reports. Not reviewed by an editor. It can be wrong — the original reports are the authority. .
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Earlier coverage
Reports on the same subject from the months before this story.
- Lanka Business Online · Sri Lanka Outlines Strategic Development Plans for Colombo Port East and West Terminals
- Daily Mirror · Colombo logistics centre targets US $ 400mn investment
- Lanka Business Online · United States Announces $17 Million Investment to Modernize Port of Colombo to Reduce Shipping Costs
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