With the transfer of the port to the new China-led company, Sri Lanka received around USD 293 million as the initial payment as part of the deal.Under the 99-year lease agreement, CMPort will agree to invest an amount of up to US$ 1.12 billion into Hambantota Port and Hambantota port and marine-related activities. (Colombo Gazette) China Merchants Port Holdings Company Ltd. (CMPort) owns 85% and Sri Lanka Ports Authority (SLPA) owns 15% of the stake in Hambantota International Port Group Ltd. (HIPG), which will undertake the project identified to restructure the Hambantota Port development and transform it to be a commercially-viable national asset in collaboration with the SLPA with an envisaged investment of $794 million.Hambantota International Port Services Ltd. (HIPS), which will own common user facilities, will be 58% owned by HIPG, and 42% by the SLPA. The Hambantota port was formally handed over to a China-led company earlier this month and Sri Lanka received its initial payment for the lease. Following the signing of an agreement, the port operations was handed over to Hambantota International Port Group (HIPG) and Hambantota International Port Services (HIPS). Hambantota harbour workers today staged a protest in Colombo against the deal between the Government and China.The deal gives a Chinese company majority shares in the port.
Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedFIFA boosts World Cup prize money to US$400MOctober 27, 2017In “Sports”Windies Women to play for increased prize moneyJune 20, 2017In “latest news”Three times the charm! More Money, More Teams & Bigger Benefits for 3rd Georgetown Football Association’s Banks Beer Knockout CupNovember 9, 2013In “Sports” The winner of the 2019 men’s World Cup will walk away with a monetary reward of US $4 million, with the runner up getting half the amount ($2 million), as the ICC, on Friday, announced details of the total prize money on offer for the 10-team tournament.The total prize money of $10 million will be the same as it was in the 2015 World Cup, which was contested among 14 teams with Australia defeating New Zealand to take the trophy and the winner’s cheque.The prize purse for both the winners and the runners-up is an increase from 2015, when the winning team was awarded $3.75 million, while the runners-up were given $1.75 million. The prize-money pot for the 2015 World had seen an increase by 25%, from $8 million previously to $10 million.In the 2019 edition, the two losing semi-finalists will get $800,000 each, also an increase compared to the 2015 edition, where losing semi-finalists were awarded $600,000. The winners of each league-stage match will receive $40,000 each, and teams whose campaigns end at the league stage will get $100,000 each.The 2019 World Cup format is similar to the nine-team edition played in 1992, where each team plays the others in the round-robin phase, with the top four advancing to the semi-finals. The 46-day tournament will be played across 11 venues from 30 May to July 16.The ICC also announced its panel of commentators for the World Cup, which starts from May 30. The 24-member panel features World Cup captains Graeme Smith, Nasser Hussain, Kumar Sangakkara, Wasim Akram, Brendon McCullum, Shaun Pollock, Mike Atherton, Sourav Ganguly and Michael Clarke. Clarke, who had led Australia to victory in 2015, will be making his ICC TV commentary debut. The panel also features other experienced commentators like Ian Bishop, Simon Doull, Michael Holding, Melanie Jones, Isa Guha and Alison Mitchell, as well as Sanjay Manjrekar and Harsha Bhogle. (ESPNCricinfo)