Its Official

March 19, 2007 (LBO) – John Keells Holdings (JKH) said Monday it was officially informed by the government that a letter of intent (LOI) would be issued on a private public partnership to reclaim land around the Colombo port. JKH shares closed up 2.25 at 148 rupees on Monday.

“We have received notification today that the Cabinet Sub-committee on Investment Facilitation (CSIF) has approved the issuance of a Letter of Intent (LOI) in favour of John Keells Holdings Limited (JKH) in connection with a proposal submitted by JKH to the Government of Sri Lanka,” John Keells Holdings Chairman Susantha Ratnayake said in a statement.

“The proposal envisages the reclamation and development of approximately 459 acres of land adjacent to the proposed Colombo South Harbour in a Public – Private Partnership.”

The firm said another announcement would be made after the letter of intent is issued.

Investment Promotion Minister Sarath Amunugama told reporters last week that the government had accepted a proposal by JKH to reclaim and develop the sea around the proposed Colombo south harbour.

However at the time, top officials of the company said they had not been officially informed by the government that their