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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's John Keells Holdings in 650mn mixed resort

Sri Lanka's John Keells Holdings in 650mn mixed resort

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
July 10, 2013 (LBO) - Sri Lanka's John Keells Holdings said it was shortly expecting state approval as a 'strategic development project' for a 650 million dollar mixed development project in Colombo.

The project will be on land occupied by subsidiaries Ceylon Cold Stores, John Keells Plc, John Keells Properties (Pvt) Ltd and Waterfront Properties in the Colombo 02 district, the firm said in a stock exchange filing.

JKH said the project company of the 'Integrated Resort', a widely used euphemism in Sri Lanka for a gaming project will enter into a deal with the Board of Investment of Sri Lanka as a 'strategic development project'.

Such projects are given wide ranging tax breaks and incentives by the BOI.

Sri Lanka investment promotions ministry is formally expected to announce the approval of the project tomorrow
http://www.lankabusinessonline.com/news/sri-lankas-john-keells-holdings-in-650mn-mixed-resort/775161965

sriranga

sriranga
Co-Admin
By Jayantha Kovilagodage
July 11, 2013 (LBO) - A mixed resort project in Sri Lanka's capital Colombo by listed John Keells group will involve investments up to 850 million US dollars, officials said.

Investment promotions minister Lakshaman Yapa Abeywardene, said Thursday the project has been approved by the state investment agency, the Board of Investment of Sri Lanka, which gives tax holidays.

JKH said in a statement Wednesday it is building an 'integrated resort' but made no mention of gaming, though the project is widely expected to have a casino.

Minister Abeywardene said the promotors could operate a casino in the premises if they wanted to but the government had not issued a license.

No information was provided on a specific foreign partner.

BOI director general Lakshman Jayaweera said the project expects to raise up to 300 million dollars from a number overseas investors through a rights issue.
http://www.lankabusinessonline.com/news/sri-lanka-john-keells-mixed-resort-investment-up-to-$850mn/2021753490

http://sharemarket-srilanka.blogspot.co.uk/

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