Business
JKH Disclosure regarding development of the West Container Terminal-1 of the Colombo Port
Following is the text of a Disclosure addressed by Deputy Chairman/Group Finance Director of John Keells Holdings PLC Gihan Cooray to Chief Regulatory Officer of the CSE Renuke Wijayawardhena on Sept. 30, 2021.
We write with reference to our disclosure dated 15 March 2021 regarding the JKH investment in the development of the West Container Terminal-1 (WCT-1) in the Port of Colombo, as the local partner of Adani Ports and Special Economic Zone Limited (APSEZ).
Pursuant to the receipt of the said LOI on 15 March 2021 from the Ministry of Ports and Shipping and the Sri Lanka Ports Authority (SLPA), Colombo West International Terminal (Private) Limited (CWIT), the Project Company, which has been incorporated to undertake this investment has worked towards the criteria to enable the entering into of a Build, Own and Transfer (BOT) Agreement.
We wish to inform you that the BOT Agreement between the Sri Lanka Ports Authority (SLPA) and the Colombo West International Container Terminal (Private) Limited was executed today. The BOT Agreement between the SLPA and CWIT is for a lease period of 35 years.
The WCT-1 is a deep-water terminal with a quay length of 1,400 metres and an alongside depth of 20 metres and has an annual handling capacity of approximately 3.2 million TEUs. CWIT expects to commence construction of the terminal in early CY2022 with phase 1 of the terminal, comprising of a quay length of 600 metres, slated to be operational within a period of approximately 24 months. The remainder of the terminal is expected to be completed within a further period of approximately 24 months.
The total project cost is envisaged to be approximately USD 650 million with a debt to equity mix of approximately 70:30. The JKH equity commitment is estimated to be USD 70 million, which will be infused into CWIT on a staggered basis over the project construction period. JKH will have an equity stake of 34 per cent in CWIT, while APSEZ and the SLPA will hold 51 per cent and 15 per cent, respectively. The debt funding for the project has been secured, subject to the closure of the related financing documents which will be completed prior to project commencement.
The development and operation of the WCT-1 has been identified as a Strategic Development Project with the requisite Gazette being issued on 30 July 2021.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
