Industrial Asphalts to borrow up to Rs.650mn

The shareholders of Industrial Asphalts (Ceylon) PLC have approved a resolution allowing the company’s board of directors to borrow up to Rs.650 million, the chemical manufacturer said in a filing. The filing however did not provide the reasons for such borrowings.

However, the company’s production and commercial activities reached a standstill as the manufacturing facility in Peliyagoda was inundated by floods this May.