Managing Director of Tokyo Cement Company (Lanka) PLC, S. R. Gnanam in a statement welcomed Ube Singapore Holdings Pte. Ltd.’s decision to deepen their investment in the Sri Lankan cement giant.
Ube Singapore Holdings recently bought 10% voting shares of Tokyo Cement, placing itself among the Top 20 shareholders of the public listed company.
Gnanam acknowledged this move by the top-notch regional leader in cement as a clear indication of the confidence they have placed on Tokyo Cement’s business strategy in the Sri Lankan market.
Tokyo Cement is one of Sri Lanka’s most valuable brands and is the largest manufacturer and supplier of cement and concrete with an installed capacity of 2.8 Mn Tons.
Gnanam expressed his appreciation to Ube Industries Ltd. Japan, the parent company of Ube Singapore Holdings, who has been a technology services partner of Tokyo Cement until now, on this investment decision. Ube Industries, Ltd. is a leading manufacturer of cement and cement related machinery. Ube Industries Ltd. is further involved in manufacturing of chemicals, plastics, battery materials and pharmaceuticals.
The existing Technical Services Agreement between the two companies facilitate the exchange of innovative product knowledge and technical expertise in cement production.
This investment through its fully owned Singaporean subsidiary will strengthen Ube Japan’s engagement with the local blue-chip to further improve its manufacturing excellence and superior product quality.
According to Gnanam, every year Tokyo Cement sends groups of its technical staff to be trained under Ube Industries’ scientists and technical experts.
Furthermore, Tokyo Cement imports high quality clinker from Ube Industries Japan that is used in the manufacturing of NIPPON CEMENT-PRO, the highest performing cement in Sri Lanka, especially formulated for high-rises and super structures.
He highlights the massive expansion drive the company is on at the moment, as part of which a hi-tech cement mill was commissioned in Trincomalee to nearly double the capacity, as a key contributor to enhance shareholder confidence. Ube Singapore Holdings is among the many investors who were observed to reiterate their confidence at the bourse on this growth momentum of the company. With this nod of encouragement from their Japanese principal, Gnanam assured that the company will further strengthen Tokyo Cement’s leadership position in the Sri Lankan market.
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