CEB divests LTL shares to West Coast Power

28 May 2024 01:23 am Views - {{hitsCtrl.values.hits}} 2 Bookmark

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The Ceylon Electricity Board (CEB) has partly settled the dues for energy purchases from West Coast Power (Pvt.) Ltd by divesting a 28 percent stake of its shares in LTL Holdings (Pvt.) Ltd to the company.

“The CEB has divested a 28 percent stake in LTL Holdings (Pvt.) Ltd for a consideration of Rs.26,081,160,000 to West Coast Power (Pvt.) Ltd on February 7, 2024, for the part settlement of prolong outstanding on energy purchases from the company,” a filing to the Colombo Stock Exchange yesterday stated.

The transfer of shares took place in terms of Section 8.2 of the Listing Rules of the Colombo Stock Exchange, the disclosure added.

Now the CEB shareholding in LTL Holdings (Pvt.) Ltd has decreased to 35 percent.

Comments - 2

James Tuesday, 28 May 2024 08:44 AM

Very contradictory statements. It is said that CEB is running on profit and yet struggle to settle the debts

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SLEx Tuesday, 28 May 2024 02:51 PM

The amount of Debt compared to the profit being made is vast. They are surely paying some debts off with the profit, but if we were to pay off debts collected so far just with profits, the electricity bill will not go down for a decade or so. Profits need to be used now to invest in making CEB efficient so we will not need to keep paying high tariffs for electricity.

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