Reply To:
Name - Reply Comment
Last Updated : 2024-04-25 06:31:00
Hot on the heels of the enactment of a new law to acquire underperforming and underused assets, the government today leased out the Embilipitiya Paper Corporation to an Australian company on a 30 year-period under the government’s plan to restructure some state enterprises, a Minister said today.
The employees of the paper mill will be laid off on a voluntary retirement scheme after being compensated, he said adding that 51 per cent of the corporation’s shares would remain with the state.
State Enterprise Development Minister Anton Dayasritha Tissera told the Daily Mirror that a committee appointed six months ago decided to call for bids from prospective investors to resume the operation of the paper mill that remained closed for years. The Minister said there were twelve investors short-listed among the bidders and this Australian company was finally selected.
He said the company had already paid Rs.400 million out of the total lease amount Rs.600 million, and the remaining Rs.200 million would be paid later.
“The company has allocated Rs.203 million to pay compensation to the employees.They will start manufacturing paper by April, next year,” he said. (Kelum Bandara)
nut Tuesday, 15 November 2011 11:56 AM
very good work!
dagobert Tuesday, 15 November 2011 12:33 PM
Yeap......... good.
SLPF@gmail.com Tuesday, 15 November 2011 12:48 PM
CAN WE KNOW HE NAME OF IS AUSTRALIAN COMPANY, PLEASE
saman Tuesday, 15 November 2011 01:28 PM
In foreign currency term its just 6million USD , peace of cake for a foreign investor ! Even if you want to set up a mill in sri lanka it will cost more than that ( think of money and time to build ).
Sure there is more underhand money involved !
Aruna Wednesday, 16 November 2011 03:51 AM
Hope it's not a Sri Lankan's Australian company
klk Wednesday, 16 November 2011 03:58 AM
Taking from our people and giving to foreigners.
Jodie Windenburg Wednesday, 16 November 2011 05:00 AM
30 years ? Don't we have to see how they fair first before going in to a long term deal afterall, the previous company didn't do that great (as per givernment)...
Jodie Windenburg Wednesday, 16 November 2011 05:01 AM
Australian based Sri Lankan company '?"
willowsww Wednesday, 16 November 2011 06:32 AM
10% who will get
Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Reply To:
Name - Reply Comment
US authorities are currently reviewing the manifest of every cargo aboard MV
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
Is the situation in Sri Lanka so grim that locals harbour hope that they coul