Hazardous industries not allowed outside zones: Yapa

The Investment Promotion Ministry has decided to disallow any potentially hazardous industries outside industrial zones, following public protest against certain factories.

According to Minister Lakshman Yapa Abeywardena, approval to such investments will be given only after the zone is ready to accommodate such industries.

“We will not give our approval to establish any hazardous industry outside an industrial zone,” stressed Minister Abeywardena.

The public was up in arms against two factories t hat operated i n Rathupaswala and Piliyandala, which were alleged for releasing harmful substances to the environment.

Weliweriya issue cost a life while the latter led to the hospitalization of over 100 residents due to respiratory difficulties caused by a chemical leakage from the factory.

“Hereafter the Board of Investment (BoI) will not grant approval to any investments which can cause harm and could create negative public opinion,” Minister added.

Meanwhile Yapa further said the government has made arrangements to relocate the controversial Rathupaswala factorywithinanindustrialzone.

shareholding was not technically required.

“Whether or not technically required, given the spirit of disclosure rules, the GMO Fund has upon further review determined to take the more conservative approach and report the aggregate holding of the Company’s shares now rather than to wait until trading restrictions expire in 2014,”GMO Fund Chief Compliance Officer, John McGinty stated.

Asia Fort Assets Management (Pvt) Ltd holds a 10.2 percent stake in

Anilana followed by U. Dharmadasa with 6.95 percent and M.C. Amerasinghe 5.213 percent. Global Distribution Systems, under a “UL” designated flight number.

Cinnamon Air, owned and operated by Saffron Aviation (Pvt) Limited, is a joint venture between John Keells Holdings, MMBL Leisure Holdings and Phoenix Ventures.

The company will also look to invest in new distribution channels in order to gain market share in Asian, Middle-Eastern and African markets with a view to capitalizing on the increasing spending power of middle-class consumers in such emerging markets.