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Sri Lanka Equity Forum » Stock Market Talk » $ 450 m pitch for KKS Cement Factory

$ 450 m pitch for KKS Cement Factory

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1 $ 450 m pitch for KKS Cement Factory on Thu Sep 29, 2016 10:43 am

Gainer

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Associate Director - Equity Analytics
Associate Director - Equity Analytics
$ 450 m pitch for KKS Cement Factory

The Lanka Cement factory at Kankesanthurai (‘KKS Factory’) was a pioneering northern industrial development project in the post-independent era. The KKS Factory commenced in 1950 under the Department of Industries and was converted to a public corporation in 1956, named Kankesan Cement Works.
The KKS factory closed its production in 1991 due to the then raging northern war. At the time of its closure, its production capacity was 115,000 MT and around 400 factory employees lost their livelihoods when it ceased operations.
Existence of limestone deposits in Kankesanthurai for cement production was a major incentive in establishing the factory in KKS. It is reported that the huge limestone deposits exceeding 80 million MT in the area is sufficient for the manufacturing of cement for another 100 years – even if they are extracted at a rate of 3,500 MT a day.
Previous news reports said that UAE-based Ras Al Khaimah Cement (RAKC) expressed interest in reviving the Kankesanthurai Cement Factory with a $ 100 million investment.
AFKO specialises in cement projects and keen to partner in the Kankesanthurai Cement Project with $ 450 million as a starting capital.
AFKO not limited to KKS and keen on cement production industries elsewhere in Sri Lanka, including Mannar.
AFKO feasibility study team will visit Sri Lanka shortly to start assessments and will enlist Korean conglomerate Ssangyong C&T which ran more than 30 large projects abroad since 1990 as their main engineering company to start KKS construction.
Lee’s AFKO Group, which merged to Korea’s multinational chaebol Hyundai Group in 2008, has its own construction and cement projects in Africa and elsewhere. Hyundai Motor Group has 18 affiliate firms with about $ 35 b turnover and is the second largest chaebol in South Korea.
The Ssangyong Group, at one time the fourth-largest South Korean conglomerate, reported annual sales around $ 20 b and has many subsidiaries under it. Singapore’s iconic Marina Bay Sands towers were a creation of Ssangyong Engineering & Construction, which is well known for landmark projects and a spin-off of Ssangyong Cement Industrial Co. Ltd.

In a new breakthrough in the ongoing revival saga of the historic Kankesanthurai (KKS) cement project, a South Korean conglomerate of global scale said it was vying to clinch the mega Northern project.

Interestingly, the Korean conglomerate is to enlist yet another gigantic Korean multinational for the required engineering services for the huge KKS project.

“We shall bring in all the necessary machineries and technology and can start from scratch; we only need Sri Lanka’s land and labour,” said Korea’s AFKO Group GMEX Chairman Keun Young Lee on 24 May.

Industries based on limestone and its derivatives:


  • Cement

  • Agriculture

  • Metallurgical processes

  • Lime wash, distemper and paints

  • Glass

  • Calcium carbide manufacture

  • Water and sanitation

  • Paper

  • Other


OSL Take:

The revival of KKS factory is good news for the construction industry in Sri Lanka as the logistical saving will be passed on to the end consumer.

Also, more job opportunities for the regional labour force is expected in the revived factory and this will in turn develop the income levels of surrounding villages in close proximity to Kankesanthurai.

The infrastructure upgrades needed to run the supply chain efficiently and the transportation requirement of finished product will also lead to further development of the Kankesanthurai region in to a modern industrial city.

2 Re: $ 450 m pitch for KKS Cement Factory on Thu Sep 29, 2016 10:47 am

bandulawee


Manager - Equity Analytics
Manager - Equity Analytics
With our Chief Minister in Jaffna KKS cement is not going to see the light of the day.

3 Re: $ 450 m pitch for KKS Cement Factory on Thu Sep 29, 2016 10:56 am

Gainer

avatar
Associate Director - Equity Analytics
Associate Director - Equity Analytics
LCEM Ready for Mega Bull Run Basketball cheers

4 Re: $ 450 m pitch for KKS Cement Factory on Thu Sep 29, 2016 11:02 am

Chinwi

avatar
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Yes. Bulls will run after it until vikneswaran command profit sharing of 80-20 % NPC & rest.

5 Re: $ 450 m pitch for KKS Cement Factory on Thu Sep 29, 2016 11:06 am

Lucky Gamage

avatar
Manager - Equity Analytics
Manager - Equity Analytics
Gainer,, what happened to TFC N and TFC X,,, is is reach your target of N 18 and  X 8,,,

6 Re: $ 450 m pitch for KKS Cement Factory on Thu Sep 29, 2016 1:48 pm

sanjulanka


Manager - Equity Analytics
Manager - Equity Analytics
7/20 Very Happy Very Happy Very Happy Basketball Basketball Basketball

7 Re: $ 450 m pitch for KKS Cement Factory on Thu Sep 29, 2016 4:29 pm

samaritan


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Finally the $450 m will pitch well outside the KKS cement factory. 
One cannot rely on keen interests & pledges!

8 Re: $ 450 m pitch for KKS Cement Factory on Fri Sep 30, 2016 6:09 pm

Shehan Dhanushka

avatar
Equity Analytic
Equity Analytic
KKS cement factory is to be revamped at a cost Rs. 1500 Million
The Sri Lanka Cement Corporation is to invest Rs. 1500 million to revamp the Kankesan Cement Plant in Kankesanthurai, which was the main cement supplier in the country prior to establishment of the Galle cement factory.
The Corporation has made a proposal in this regard to the Ministry of State Resources and Enterprise Development with regard to adding the mechanism and restructuring of the whole plant. As per the proposal the Corporation expects to recover this investment within 15 years after commencing operations, with a net profit contribution of 8%.
The factory which has an annual manufacturing capacity of 760,000 tons had not been functioning since June 1990 due to the security situation in the north.
Due to the construction boom in the country the demand is estimated to be increasing by 10% per annum. Sri Lanka imports more than 70% of cement requirements, both in bulk and bags, from Pakistan and India. Based on the Customs details, Sri Lanka had imported around 11 million metric tons of cement from January 2008 to May 2013, at a cost of Rs. 108 billion.
Cement Corporation sources said that upon revamping the KKS factory the plant operation at KKS, we will be able to produce about 10% of the cement requirement for Sri Lanka initially.(News.lk)

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