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Cargo Boat Development Company PLC announced last week that they had withdrawn from the proposed commercial complex project at Baybrooke Street by Renuka Land (PVT) LTD.

Prolonged time taken by the Board of Investment to extend the project implementation period stipulated in the Principal agreement was stated as the reason that influenced the aforesaid decision.

According to a statement issued by the Chairman of Cargo Boat Development PLC, R.B. Thambiayah, Renuka Lands (PVT) LTD has sought approval from the BOI to extend the project implementation period up to June 30, 2019 as the exemptions granted in the Principal agreement expires on March 31, 2018.

The statement says that BOI’s delay in finalizing the extension of the project implementation period hindered the progress and affected the feasibility of the project. This had resulted in the Board of Cargo Boat Development Company deciding to withdraw from investing in the project.