Thailand based Southeast Asian giant Siam City Cement to further invest in Sri Lanka as part of long term business
Sri Lanka is to receive a further investment from Thailand based Southeast Asian giant Siam City Cement that indicates long term optimism in the local operation.
According to reports, after buying Swiss giant Lafarge Holcim’s Sri Lankan operations for US$ 374 million two years ago, Siam Cement continues to remain bullish on future prospects, though the first quarter’s 7% dip in industry sales has perplexed the company.
Siam City Cement Board Chairman, Paul Heinz Hugentobler has told journalists in Colombo that the company remains committed to Sri Lanka.
Reports further state that Sri Lanka’s only integrated cement manufacturer now known as INSEE Cement, with the popular “Sanstha” brand, is close to finishing a modern and eco-friendly grinding plant in Galle and will be foraying into ready-mix concrete by next month, two initiatives for which a fresh investment of US$ 20 million has been made.
“Given on-going and planned mega commercial construction, the demand for ‘engineered concrete’ and commercial ready-mix will boom and we are ready to serve it,” Hugentobler has reportedly said at a briefing to local journalists.
Sri Lankan CEO Nandana Ekanayake was also present at the news briefing.
The move by Siam City to consolidate its business in Sri Lanka through further investments is yet another show of confidence of a foreign business on the island nation’s economy. The decision by Siam City to expand its cement operations in Sri Lanka also notes the growing businesses in Sri Lanka’s construction sector given the government’s ambitious development programme.
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