Sri Lanka leases out Embilipitiya paper factory

16 November 2011: The Sri Lankan government has made arrangements to hand over the Embilipitiya Paper Corporation to an Australian company for a period of 30 years as part of the restructuring of public enterprises under the State Resources and Investment Promotions Ministry.

The Embilipitiya Paper Corporation would be handed over to M/s Perth Engineering and Maintenance Private Limited for Rs 600 million. The government has valued the machinery and assets of the company at Rs. 400 million, and the business value has been estimated at Rs 100 million. The lease agreement to hand over the paper factory will be signed today, and the government will receive 400 million rupees from the deal. The government is in the process of restructuring 23 state enterprises and the first phase included four enterprises. Embilipitiya Paper Corporation was one of the four state enterprises.

Source: Colombopage