New state-owned enterprise to run Lotus Tower

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Sri Lanka will set up a new state enterprise to manage the commercial activities of the lotus tower built for the telecom regulator.

The cabinet has approved a proposal presented by the Minister of Finance to empower the general treasury to establish a government-owned company to administrate the commercializing activities which are to be commenced immediately.

The Lotus Tower was initiated in 2012 and is due to be handed over to the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) in the near future.

The tower will be used for communication, observation and other leisure facilities, with construction costing $104.3 million, funded by EXIM Bank of the People’s Republic of China.

When completed the tower will be the tallest self-supported structure in South Asia.