AGM Statement and project update

RNS Number : 4624U

SKIL Ports & Logistics Limited

29 July 2015

 

29 July 2015

SKIL Ports & Logistics Limited

("SPL" or the "Company")

AGM Statement and project update

SPL, which is developing a modern port and logistics facility in Navi Mumbai, India, made the following statement at its AGM which was held today at Elizabeth House, Les Ruettes Brayes, St Peter Port, Guernsey at 12 noon.

The Company is pleased to report that activity on site is resuming and that re-mobilisation of the contractor's workforce is expected to commence within the next 10-15 days.

Whilst the local community issues referred to in the Company's results, announced on 20 May 2015, have now been resolved as a result of these, the Company now expects that the facility to be part operational during the first half of 2016.

The Company is also pleased to announce that the ground reclamation that has been carried out to date has remained intact over the recent monsoon period.

The Company will update the market again once the re-mobilisation works have commenced will keep the market updated with regards to the delivery timelines of key milestones.

Nikhil Gandhi, Executive Chairman of SPL said, "The recent delays are now behind us. I do not foresee any further delays to the timetable".

Enquiries:

SPL                                          Nikhil Gandhi/Pavan Bakhshi/Jay Mehta

                                                C/O Redleaf PR [phone]

Cenkos Securities plc              Stephen Keys/Mark Connelly
(Nomad and Broker)                 [phone]

Redleaf PR                               Charlie Geller/Harriet Lynch
(Financial PR)                            [phone]

                                                [e-mail]

 

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