Aitken Spence books Rs.630mn capital gain via terminal stake sale

Aitken Spence PLC informed the Colombo Stock Exchange today the firm would realise a capital gain of approximately Rs.630 million on the sale of its shareholding in Colombo International Container Terminal (CICT) to China Merchant (International) Company Limited (CMHI).
 

"The sale was on normal commercial terms which have been determined through arms length negotiations between the parties. The directors consider the sale is in the best interest of the company and our shareholders" the filing said.

 

Aitken Spence partnered with CMHI and Sri Lanka Ports Authority (SLPA) in building the Colombo Port’s South Container Terminal by setting up CICT, but recently said that the company wanted to pull out from the consortium due to cost escalations pertaining to the project. The ownership composition of CICT was; 55 percent by CMHI, 30 percent by Aitken Spence and 15 percent by SLPA.