Sri Lanka state cement factory to be taken over by defence ministry
Nov 25 (LBO) – Public listed Lanka Cement Plc, which is majority controlled by the state said Sri Lanka’s defence ministry has taken over its property in northern Jaffna peninsula.
The company owns one of two factories in the north that were damaged during a 30-year war.
The firm said in a stock exchange filing that the defence ministry will acquire it property in Kankasanthurai in Jaffna.
“This includes land to the extent of 104 acres and buildings,” the firm said. “Further all staff will be retired under a Government sponsored Voluntary Retirement Scheme.”
The firm said in had “requested for compensation” for the land and buildings from the defence ministry.