China Merchants Port Holdings withdraws from Sri Lanka port logistics venture
The Sri Lanka Ports Authority announced that China Merchants Port Holdings decided not to proceed with a USD392 million joint venture for a Colombo port hub.
Decision on proposed collaboration
The Sri Lanka Ports Authority stated the decision followed an assessment of external circumstances and commercial considerations. China Merchants was scheduled to hold 70 per cent of the stake while local partners held the remaining shares. The authority confirmed the project will continue without the Chinese firm.
Search for new investor
Officials are now seeking a new investor for the 150,000-square-metre logistics hub at Colombo Port. China already maintains other investments within the port complex. The company previously stated terminating the project served the best interests of all parties.
All 2 outlets report consistently
No differences in figures, names or dates across these reports.
- Business Recorder
- Dawn
Reported by
2 independent outlets. Headlines as published. Links open the original report.