Lanka Cement PLC (LCP) has requested financial support from the Treasury to rehabilitate the KKS (Kankesanthurai) Cement Factory, sources close to the Treasury said. “At a meeting last Wednesday, LCP Chairman, Sisira Paranagama requested the Treasury for this plant to be revived,” one source told the Business Times.
He said the plant can be redone with US$ 150 million within one year. Mr. Paranagama was not available to confirm this.
An industry source said that while one way of rehabilitating the plant is through Treasury funds, the other way is to have a rights issue for the public-listed company. “This is an attractive option (rights issue) the company will be exploring," he added.
Seabulk International Bulk Handling Services, an Italian Cement transportation firm has submitted a proposal to set up operations to transport cement of LCP which is also still being reviewed.
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