The government is to set up a state-owned company to manage the commercial activities of the Colombo Lotus Tower, due to be opened soon.A proposal presented by President Maithripala Sirisena in his capacity as the Defence Minister to vest power to the Treasury to set up a state-owned company to manage commercial activities of the Colombo Lotus Tower was approved by the Cabinet on Tuesday. The construction of the 350-meter-high, multi-functional transmission, television and telecommunication tower, currently the country’s tallest structure, commenced in 2012 and is due to be handed over to the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) in the near future.The project was funded by China Export - Import Bank of China (EXIM).