Business Times

New headquarters for Cement Corporation

By Duruthu Edirimuni Chandrasekera

The Sri Lanka Cement Corporation (SLCC) will start building a 25-storied headquarters building with private apartments and a recreation facility worth Rs. 4.5 billion in Colpetty next month, according to officials.

“We got the drawings of the proposed building and will start construction at the 95-perch land belonging to SLCC in Colpetty. We intend to construct a landmark building to reap benefits from the tourism boom,” Sisira Paranagama, Chairman SLCC told the Business Times.

He explained that this building will also have the largest banquet hall in the country. “We will utilize one entire floor of 30,000 square feet for the banquet hall,” he explained. He also added that it will have five floors of apartments and a rotating restaurant at the roof top.

He said SLCC is in discussion with some food chains that are keen to locate outlets at this new site. “This new site will also plan for a large car parking facility,” Mr. Paranagama added. He said that SLCC saw a Rs. 280 million loss last year, but is on the way for major income growth this year.

“During the last six months SLCC has seen a turnaround,” he said, adding that the cement consumption has increased as a result of ongoing infrastructure development projects including road network projects in the Northern and Southern Provinces in the country. “We even managed to settle a part of SLCC debt to the Bank of Ceylon (BOC),” he added.

He said this 95 perch land where this proposed office building is to be built was mortgaged to the BOC and there was a dispute. “We managed to settle it by initially paying Rs 75 million (owing to the projected positive earnings situation during the past 6-months) and releasing this land with commitment to pay the balance within next year,” Mr. Paranagama added.

He also added that SLCC is also expected to generate more than 500 job opportunities before the end of this next year through the many projects they have outlined. “We have drawn a massive plan for the next five years. Accordingly, SLCC hopes to increase the current cement production up to 100 percent within the stipulated time frame. The Government is also planning to reopen the Kankasanthurai cement plant shortly,” Mr. Paranagama said.

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