Lanka Plans Set up a Cement Grinding and Packing Plant in KKS

Lanka Cement PLC plans to enter into a joint venture with other international cement manufacturers to set up a cement grinding and packing plant in an area outside the high security zone in Kankesanthurai, according to Lanka Cement Managing Director and Chairman, N. S. M. Samsudeen. "My vision for the company is to install a grinding/packing plant at KKS and cater to the Rehabilitation, Resettlement Programme started by the government in the Northern Province. " "The excavation of limestone deposits is not permitted; Therefore, our only option is to set up a clinker grinding facility with foreign collaboration. Lanka Cement PLC will act us the marketing arm for Kankesan and Lanka Cement Brand OPC in the Northern region, "Samsudeen said. Lanka Cement currently markets the Kankesan Brand OPC, which commenced operations after the company began facing difficulties with regards to the importation of cement. The company posted a net loss of Rs. 4.5 million during the three months ended June 30, against Rs. 3.73 million net loss during the corresponding period last year. Turnover during the quarter stood at Rs. 20.79 million, down from Rs. 34.5 million in the previous year. The company generated a loss per share of Rs. 0.026, compared with a loss per share of Rs. 0.022 in 2011. Sri Lanka Cement Corporation maintains the majority stake in Lanka Cement at 62.5%, whilst the Secretary to the Treasury holds a 12.8% stake. Other main shareholders include People s Bank, Bank of Ceylon and the Ceylon Petroleum Corporation. Source: uaecement