Colombo Port

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The US$ 240 million project includes the expansion of the Queen Elizabeth Quay and the construction of a new container quay. The project is intended to increase the Terminal capacity from 260,000 TEU to 1.1 million TEU. The project company ownership structure was originally divided as follows: John Keells Holdings Ltd. holds 33.75% of the shares; P&O Netherlands, a subsidiary of the P&O Ports, owns 15.25% of the shares; P&O Nedlloyd, a joint-venture between the P&O Ports and Nedlloyd, holds 10%; Evergreen holds 10%; and the Sri Lanka Port Authority holds 15% of the shares. The remainings shares are held by the ADB, IFC and Commonwealth Development (CDC). In March 2006, UAE's DP World became a shareholder of Colombo Port after it acquired P&O Ports. In April 2007, Denmark’s AP Moller-Maersk bought out DP World’s share in SAGT, thereby becoming the second-largest shareholder in the project company (26.25%). In May 2008, ADB exercised its put option in respect of its 7.5% share of SAGT. As a consequence, John Keells Holdings Ltd. acquired its pro rata entitlement of 4.22% of the share capital of SAGT, increasing its total share to 38%, while the balance was acquired by A.P. Moller-Maersk, increasing its total share to 29.5%. Financial institutions also provided debt financing for the project (ADB - US$39 million, of which US$ 7.4 million constitutes equity investment; IFC - US$35 million A loan and US$7.3 million in equity; CDC - US$43.5 million). http://portal.pohub.com/portal/page_pageid=761,248760&_dad=pogprtl&_schema=POGPRTL http://www.sagt.com.lk/index.asp