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Parting Gift

Jan 26, 2012 (LBO) - Sri Lanka's Aitken Spence group said it booked a gain of 630 million rupees by selling a 30 percent stake in a container terminal project to China Merchant Holdings International.

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Aitken Spence bid for the terminal project with China Merchants coming in as 55 percent partner, but it pulled out after financing from a Chinese bank fell through and equity partners decided to loan money for the project.

"The directors consider the sale is in the best interest of the company and our shareholders," Aitken Spence said in a stock exchange filing.

"We are very pleased that having attracted CMHI to partner us as the sole bidder for the development and operation of the Colombo South Terminal, the project has now commenced which is the greater interest of the country.

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