SRI LANKA: Leading companies show interest in buying Kabool Lanka Textile Mills

COLOMBO: Leading companies from United Kingdom, India, Pakistan and Sri Lanka have shown interest in buying Kabool Lanka Textile Mills Limited, which has been closed for the past two years.

According to an official of the Bank of Ceylon, which has called for invitations for the outright sale of the textile manufacturing plant in Thulhiriya, the response was very good and positive.

Ownership of the Kabool Textile Mill was taken over by Bank of Ceylon and Hatton National Bank for which the former Kabool management owed money. Since they could not settle their debt, the Korean Company abandoned the plant.

"However the Government owned textile mills machinery in the plant can be still be used after servicing," the Bank official said.

The Treasury subsequently paid salaries of the 3500 employees. The two banks are expected to finalise the sale soon. The plant comprising of spinning weaving, dyeing, printing and finishing machinery is powered by four - Wartsila diesel generators producing 11.2 mega watts.

Other facilities available are a fresh water treatment plant, oil and fuel storage tanks, mechanical and electrical workshops.

The housing complex consists of 112 units for the staff. A three storeyed modern training centre with a capacity for 300 trainees and up to date auditorium with Audio and Video facilities are in place. A single storeyed holiday bugalalow has been provided with all amenities A nine hole golf course with a club house is also available for recreation.


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Added: September 21, 2005 Source: Agencies
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