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CPC, LIOC joint venture cemented

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The Board of Directors of Lanka IOC PLC, (LIOC) has approved the formation of a Joint Venture with Ceylon Petroleum Corporation (CPC).

This was disclosed by Lanka IOC in a stock exchange filing. CPC will hold a 51% stake while LIOC would hold the remaining 49% shares. The share price of the company has risen sharply in anticipation of a successful joint venture.

Given the high indebtedness of its only competitor, the company is expected to reap significant benefits over the long term.

Thursday, January 6, 2022 – 01:00

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