Holcim Lanka taker Siam City to set up ready mix plant
Aug 11, 2016 – Siam City Cement (SCCC) Thailand, the new owners of the Holcim Lanka, will introduce new features to Sri Lanka, Siam City Cement Chief Executive Officer Siva Mahasandana, who was in Sri Lanka said yesterday.
The CEO said they will introduce their ready mix plant to Sri Lanka soon. In an exclusive interview with Daily News he said they see a growing market in Sri Lanka and this was one reason they wanted to invest in the Holcim Lanka operations. “With the rapid growth in the Sri Lankan construction industry, we see tremendous opportunities in Sri Lanka.”
The company will now be re named as Siam City Cement Lanka Company Ltd. (SCCC) said in a statement that the deal will give it the largest share of the cement market in Sri Lanka.
Mahasandana said that they are not immediately keen to rebrand the Sanstha brand as it has already created a major image in Sri Lanka. “However the Holcim name will exit.”
He said that they consider the Holcim Lanka waste management plant as one of the best in Asia and they will share this experience in Thailand as well.
He also said that after several surveys they have found out that Holcim Lanka operations hold a 40% market share and they hope to maintain it. “We are also not immediately looking at exports and want to maintain this 40% for now.”
|The Siam City Cement plant in Thailand.|
Asked if they would introduce a plan to shelve their Lankan staff and offer a golden handshake he answered in the negative. “We don’t have such plans.
However since we have several other Siam City Cement companies in Bangkok, Cambodia, Bangladesh, and Vietnam, the Sri Lankan staff for the first time now have an opportunity to work in these countries.”
He also said that their team who were in Sri Lanka and met President Maithripala Sirisena and Thailand’s Ambassador to Sri Lanka, Nopporn Adchariyavanich and briefed them of their plans. Siam City is listed in the Thailand Stock Exchange (TSE) and this deal sealed for US$ 370 million. Seven bidders had expressed interest in buying LafargeHolcim’s Sri Lankan operations (Holcim Lanka), which included SCCC, business tycoon Harry Jayawardane, Dalmia Bharat, Shree Cement along withSouth-based Ramco along with Dubai based ONYX Group in United Arab Emirates.
Source :- http://www.dailynews.lk/?q=2016/08/11/business/90134