Sri Lanka’s Industrial Asphalts leases out flood-hit site
ECONOMYNEXT – Sri Lanka’s Industrial Asphalts (Ceylon) (IAC) has leased out the site of its plant where operations were disrupted by floods in May 2016 to a unit of Thailand’s Siam City Cement Public Company Limited.
A stock exchange filing said IAC will lease the site at No. 28/1, New Nuge Road, Peliyagoda, on the banks of the Kelani river, north of Colombo, to Siam City Cement (Lanka) Ltd for 10 years.
The operations of IAC, which makes bituminous products and surface coatings for industry and household use, including road construction and maintenance, will be shifted to another site at Peliyagoda under a new subsidiary.
(COLOMBO, March 05, 2018)