News
China Merchants Group investment here reaches USD 2 Bn
Chairman of the China Merchants Group (CMG), Miao Jianmin, has declared that their investments here would reach nearly USD 2 bn.
CMG is China’s largest diversified conglomerate, according to a statement issued by the Hambantota International Port Group that dealt with Miao Jianmin’s recent visit. The statement quoted Jianmin’s as having said that the Group’s latest investment plans would up its accumulated investments here to reach nearly 2 billion US Dollars.
Chairman Miao Jianmin, who is on his first visit to the country, attended a signing and ribbon-cutting ceremony, held at the Hambantota International Port, for 15 projects. The China Merchants Group, which entered the Sri Lankan market, in 2008, accumulated a total investment of 1.68 billion US dollars as at the beginning of 2023. The Group has just signed another investment agreement with the Sri Lankan government, with plans to invest 400 million US dollars to build a modern logistics centre in Colombo. The new development will up CMG’s accumulated investment in Sri Lanka to reach over 2 billion US dollars, making it the largest foreign investment enterprise in the country.
“On this fertile land, we will write an extraordinary chapter together, and promote Hambantota Port to move forward and become a new bright spot and driving force in Sri Lanka and the Indian Ocean,” the CMG Chairman said.
The project signing event, held at the Hambantota Maritime Centre Sky Lounge, included MoUs, commercial agreements, office lease and land lease agreements. The partnering organisations present were Bhathiya Trading Company, COSCO Shipping Lines Lanka, Shipload Maritime, United Life Supermarket, HXZA Lanka International, Lu Fortune Investment, China State Construction Engineering Corporation, Sinopec Fuel Oil Lanka Limited and Inchcape Mackinnon Mackenzie Shipping.
Expressing full confidence in the development of the Hambantota International Port, Chairman Miao Jianmin said that CMG will continue to increase investments in Sri Lanka and establish extensive cooperation with everyone. The China Merchants Group brings to Sri Lanka their rich experience in port and park management, coupled with advanced technology. The Group plans to build the Hambantota International Port into an important logistics centre and industrial base on the island, as well as the Indian Ocean region.
With a 150-year history, the China Merchants Group is a diversified conglomerate with key business areas focused on transportation and logistics, comprehensive finance, urban and park development. The Group’s most recent interests include emerging industries, such as healthcare and testing.
In addition to the signings, HIP celebrated three projects in the industrial park that have reached completion. A ribbon cutting ceremony was held for the completed phase 1 of the INSEE warehouse by Siam City Cement, the covered bonded warehousing facility by Hambantota Port & Logistics Services and the plug-and-play, park-in-park facility by Shenzhen Xinji Group.
The event also marked the commencement of Phase II of the INSEE Warehouse by Siam City Cement (Lanka) Limited as well as the state-of-the-art yacht building facility by SeaHorse Yachts (Pvt) Ltd.
During an operation conducted in the dark hours of 01 Jan 26, the Sri Lanka Navy seized an Indian fishing boat and apprehended 11 Indian fishermen while they were poaching in Sri Lankan waters, off Kovilan of Kareinagar, Jaffna.
The Northern Naval Command spotted a group of Indian fishing boats engaging in illegal fishing, trespassing into Sri Lankan waters. In response, naval craft of the Northern Naval Command were deployed to drive away those Indian fishing boats from island waters off Kovilan.
Meanwhile, compliant boarding made by naval personnel resulted in the seizure of one Indian fishing boat and apprehension of 11 Indian fishermen who continued to engage in illegal fishing in Sri Lankan waters.
The seized boat (01) and Indian fishermen (11) were handed over to the Fisheries Inspector of Myliddy, Jaffna for onward legal proceedings.
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Tri-Forces donate LKR. 372 million, a day’s pay of all ranks to ‘Rebuilding Sri Lanka’ Fund
Members of all ranks from the Sri Lanka Army, Sri Lanka Navy and Sri Lanka Air Force have collectively donated a day’s basic salary to the ‘Rebuilding Sri Lanka’ Fund, which was established to restore livelihoods and rebuild the country following the devastation caused by Cyclone Ditwah.
Accordingly, the total contribution made by the Tri-Forces amounts to LKR. 372,776,918.28.
The cheques representing the financial contributions were handed over on Wednesday (31 December) at the Presidential Secretariat to the Secretary to the President, Dr. Nandika Sanath Kumanayake.
The donations comprised LKR. 250 million from the Commander of the Army, Major General Lasantha Rodrigo; LKR. 73,963,879.71 from the Commander of the Navy, Rear Admiral Kanchana Banagoda and LKR. 48,813,038.97 from the Commander of the Air Force, Air Marshal Vasu Bandu Edirisinghe.
Secretary to the Ministry of Defence, Air Vice Marshal Sampath Thuyacontha, was also present on the occasion.
The Ceylon Electricity Board (CEB) has submitted a proposal to the Public Utilities Commission of Sri Lanka (PUCSL) seeking an 11.57 percent increase in electricity tariffs for the first quarter of 2026, citing an estimated revenue shortfall and additional financial pressures, including cyclone-related damages.
According to documents issued by the PUCSL, the proposed tariff revision would apply to electricity consumption from January to March 2026 and includes changes to both energy charges and fixed monthly charges across all consumer categories, including domestic, religious, industrial, commercial and other users.
Under the proposal, domestic electricity consumers would face increases in unit rates as well as fixed monthly charges across all consumption blocks.
The CEB has estimated a deficit of Rs. 13,094 million for the first quarter of 2026, which it says necessitates the proposed 11.57 per cent tariff hike. The utility has noted that any deviation from this estimate whether a surplus or a shortfall will be adjusted through the Bulk Supply Tariff Adjustment (BSTA) mechanism and taken into account in the next tariff revision.
In its submission, the CEB said the proposed revision is aimed at ensuring the financial and operational stability of the power sector and mitigating potential risks to the reliability of electricity supply. The board-approved tariff structure for the first quarter of 2026 has been submitted to the PUCSL for approval and subsequent implementation, as outlined in Annex II of the proposal.
The CEB has also highlighted the financial impact of Cyclone Ditwah, which it said caused extensive damage to electricity infrastructure, with total losses estimated at around Rs. 20 billion. Of this amount, Rs. 7,016.52 million has been attributed to the first quarter of 2026, which the utility said has a direct bearing on electricity tariffs.
The CEB warned that if external funding is not secured to cover the cyclone-related expenditure, the costs incurred would need to be recovered through electricity tariffs in the second-quarter revision of 2026.
Meanwhile, the PUCSL has said that a decision on whether to approve the proposed tariff increase will be made only after following due regulatory procedures and holding discussions on the matter.
By Sujeewa Thathsara ✍️
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