November, 19, 2020
Tokyo Cement Company (Lanka) PLC is expected to sign a Supplementary Agreement with Board of Investment of Sri Lanka (BOI) for the expansion to enhance the production to produce Ordinary Portland Cement and Hydraulic Cement by one million metric ton per year at the existing location at Cod Bay, China Bay, Trincomalee.
In a Stock Exchange filing, the company stated that, based on the preliminary, estimates, the project would cost approximately US $ 12,000,000/- and translated at current Exchange rate it works out to RS.2,280,000,000/- , and will be financed mainly by internally generated funds and bank borrowings.
The project is expected to be completed by 24 months.
“The company will not to be entitled to any exemptions from Income Tax and Customs Duties on importation of project-related items required for the expansion unit,” it added.