Asia Siyaka subsidiary to build new warehouse facility

27 August 2015 03:01 am - 0 - {{hitsCtrl.values.hits}}

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The board of directors of Asia Siyaka Commodities PLC has approved the setting up of a new state-of-the-art warehouse by its 100 percent owned subsidiary Asia Siyaka Warehousing (Private) Limited.

The company informed the Colombo Stock Exchange that the said warehouse would be built with a storage capacity of 100,000 square feet on a land owned by Asia Siyaka Warehousing.

Asia Siyaka annual report said the subsidiary Asia Siyaka Warehousing has entered into a 50-year lease agreement commencing from June 22, 1999 with Sri Lanka Land Reclamation and Development Corporation to lease a land in Muthurajawela for a total lease rent of Rs.47 million.

The parent company, which is a leading commodities broker in the country, however did not provide any details about how its subsidiary was planning to fund the project.

The principal activities and the nature of operations of Asia Siyaka Warehousing are to provide warehousing facilities for clients of the parent and other selected third parties.

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Asia Siyaka subsidiary to build new warehouse facility

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