JKH says will have material equity stake; concession agreement expected

16 March 2021 09:03 am

John Keels Holdings (JKH), Sri Lanka’s largest listed entity on the Colombo Stock Exchange (CSE) yesterday affirmed its involvement in the development of the West Container Terminal (WCT), and announced a concession agreement to carry forward the project is expected in due course.

Announcing for the first time its role in the development of the terminal at the Port of Colombo, in a filing to the CSE, JKH stated that preliminary commitment has been put forward by the government.

The diversified conglomerate informed the CSE that a consortium consisting of Adani Ports and Special Economic Zone Limited (APSEZ) and JKH have received a Letter of Intent (LOI) from the Ministry of Ports and Shipping and the Sri Lanka Ports Authority, acting on behalf of the government to develop and operate the WCT in the Port of Colombo as a public-private partnership (PPP) project.

With a concession agreement expected to be executed in due course, JKH said it will have material equity stake in the project. Further details of the operating and structuring arrangements will be announced to the CSE as and when required, it added.