Melstacorp diversifies into cement imports

Saturday, 26 May 2018 00:10 - - {{hitsCtrl.values.hits}}

Ties up with JV between Indonesia’s Gama Corp and Lanka’s Pyramid Holdings
Project JV to invest $20 m initially

Business tycoon Harry Jayawardena-controlled Melstacorp PLC is diversifying into the cement business with a joint venture involving specialists in the trade.

It has entered into a joint venture agreement with Pyramid Gama Ltd., for importation, processing, packaging and distribution of cement. This will be done through a joint venture, Melsta Gama Ltd.

Pyramid Gama is a joint venture between Gama Corp. of Indonesia and Pyramid Holdings of Sri Lanka.

The Gama Group is one of the largest cement players in the region, and currently manages one of the largest cement-producing operations. Pyramid Holdings owns Pyramid Wilmar, which is the leading edible oil and specialty fats syndicate in Sri Lanka.

The cement joint venture will invest $20 million on the initial phase.

Melstacorp has interests in beverages, plantations, telecommunications and financial services, among others.