July 10, 2013 (LBO) – Sri Lanka’s John Keells Holdings said it was shortly expecting state approval as a ‘strategic development project’ for a 650 million dollar mixed development project in Colombo. The project will be on land occupied by subsidiaries Ceylon Cold Stores, John Keells Plc, John Keells Properties (Pvt) Ltd and Waterfront Properties in the Colombo 02 district, the firm said in a stock exchange filing.
JKH said the project company of the ‘Integrated Resort’, a widely used euphemism in Sri Lanka for a gaming project will enter into a deal with the Board of Investment of Sri Lanka as a ‘strategic development project’.
Such projects are given wide ranging tax breaks and incentives by the BOI.
Sri Lanka investment promotions ministry is formally expected to announce the approval of the project tomorrow.