Billionaire Harry Jayawardena controlled Melstacorp PLC in disclosure to Colombo Stock Exchange (CSE), said that company has entered into a joint venture agreement with effect from 18th May 2018 with Pyramid Gama (Pvt) Ltd for importation, processing, packaging and distribution of cement to be undertaken through a joint venture company in the name of Melsta Gama (Pvt) Ltd. This marks Harry Jayawardena’s historic entrance into Sri Lanka’s construction related industries in which cement is considered a primary raw material required to booming construction industry. The initial phase of the project is estimated to cost approximately US $ 20 million according to the filing and the joint venture and the financing thereof does not amount to a major transaction of the company defined as in section 185 of the Companies Act No. 7 of 2007.

The disclosure added that Pyramid Gama is a joint venture between Pyramid Holdings of Sri Lanka and the Gama Corp of Indonesia, whilst Pyramid Holdings of Sri Lanka is the holding company of Pyramid Wilmar which is today the leading edible Oil and specialty fats syndicate in Sri Lanka. Pyramid Wilmar is also a shareholder of the Shangri-La Hotel projects in Sri Lanka which is one of the flagship and strategic development projects with a high net value investment in the country to date. The filing further added that Gama group of Indonesia is one of the largest cement players in the region.