Melstacorp enters into USD20mn joint venture to distribute cement

May 25, 2018 (LBO) – Melstacorp has entered into a joint venture agreement with Pyramid Gama (Private) Limited for importation, processing, packaging, and distribution of cement.

The company said in a stock exchange filing that the agreement is effective from 18th May and operations are to be undertaken by a joint venture company in the name of Melsta Gama (Private) Limited.

Pyramid Gama is a joint venture between Pyramid Holdings of Sri Lanka and Gama Corp of Indonesia.

“Pyramid Holdings is the holding company of Pyramid Wilmar which is today the leading Edible Oil and Specialty Fats Syndicate in Sri Lanka,” Melstacorp said.

“Gama group of Indonesia is one of the largest cement players in the region, which currently manages one of the largest cement producing operations in the region.”

The company said the initial phase of the project is estimated to cost approximately 20 million US dollars.

Melstacorp is a diversified holding company, with business interest spanning beverage, plantations, telecommunication, financial services and other diversified Sectors.