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John Keells Holdings Ltd (JKH) yesterday successfully completed the execution of the Agreement in relation to purchase of the 90 percent of the shares of Lanka Marine Services Ltd (LMS), JKH Director Susantha Ratnayake said in a media release.

The signing took place in the office of the Secretary to the Treasury, Charitha Ratwatte. The Agreements were executed among the Government, John Keells Holdings Ltd, the Ceylon Petroleum Corporation and the Sri Lanka Ports Authority.

JKH was selected by a competitive bidding process conducted by the Government through the Public Enterprises Reforms Commission (PERC) to identify and investor to purchase and develop LMSL into a world class supplier of marine fuels.

LMSL which was a Ceylon Petroleum Corporation subsidiary is at present he sole supplier of marine fuels in Sri Lanka. The company recorded a turnover in the excess of Rs. 3 billion for the year ended March 21, 2002. LMSL, now a subsidiary of the JKH Group owns a 6.5 acres facility with a storage capacity of over 28,000 tonnes and is connected to the Colombo Port and has tow barges that operate within the port of Colombo for the delivery of marine fuel to vessels, the release said.

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