Govt sets up restructuring Unit to assist in privatizing seven entitles including SriLankan, Litro

23 March 2023 07:34 pm Views - {{hitsCtrl.values.hits}} 13 Bookmark

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The government has set up the State-Owned Enterprise Restructuring Unit (SRU) under the Ministry of Finance to assist in privatizing selected State Owned Enterprises such as Sri Lankan Airlines Ltd. Sri Lankan Catering Ltd., Sri Lanka Telecom PLC and Litro Gas Lanka Ltd., including Litro Gas Terminals (Pvt) Ltd (LPG retailing).

The Finance Ministry said that government is in the process of implementing deep economic reforms including in the State-Owned Enterprise (SOE) sector. Such reforms are intended to enhance competition, productivity and efficiency across the economy.

Accordingly, the cabinet has approved the divestment of shares in Sri Lankan Airlines Ltd including Sri Lankan Catering Ltd., Sri Lanka Telecom PLC, Sri Lanka Insurance Corporation Ltd, Canwill Holdings Pvt. Ltd., (Grand Hyatt Hotel), Hotel Developers Lanka Ltd., (Hilton Hotel Colombo), Litro Gas Lanka Ltd., including Litro Gas Terminals (Pvt) Ltd., (LPG retailing) and Lanka Hospital Corporation PLC

The Finance Ministry said that SRU will appoint recognized professional and qualified consulting firms or development finance institutions to provide transaction advisory services to the above entities and assist them in the transfer of share rights.

They said the selection of such client advisory firms will begin shortly.

The SRU will advertise in local and international media for the Expression of Interest (EOI) and Request For Proposal process (RFP) to select suitable investors for these transactions in a transparent and credible manner, the Finance Ministry said. (Darshana Sanjeewa Balasuriya)

Comments - 13

Premlal Thursday, 23 March 2023 08:08 PM

Great news. Long overdue . Will ultimately get the government out of running businesses which they have been hopeless at over many decades . Will reduce corruption as politicians and their catches will not be interfering and involved in business decisions and it's management . The government should not to be in the the business of running businesses .

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Shelly Thursday, 23 March 2023 09:02 PM

Wow excellent move by President RW. This is the way to move forward and rebuild. Much respect. Finally there is some hope for Sri Lanka.

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Lanka putha Thursday, 23 March 2023 09:06 PM

So how many thousands of people have to loose their jobs.

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C.K.Lankaputhra Friday, 24 March 2023 08:05 AM

All those who were excess over to the required number will loose. Specially the torch holders.

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Zaza Thursday, 23 March 2023 09:24 PM

These are not the President’s calls, but the Calls of the World Bank. We are for it.

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Karalasingam Sivalingam Thursday, 23 March 2023 09:57 PM

This is most welcome all loss incurring institutions should be privatised without delay.

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Jayantha Thursday, 23 March 2023 10:41 PM

Very good decision. Same way privatize ceb,water board and also moat of the document issuing processes. For example make the emmision test certificate as emmision test and revenue license at emission center. So just collect that revenue license payment at that place. So no need to pay and keep government staff or spend government money to issue revenue license. Same way do for where possible so that government can stop doing business and just get a cut as income

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Dammika Balasooriya Friday, 24 March 2023 12:08 AM

Can somebody tell me why RW sell profit making entities like SLT, SL Catering, Litro, Hilton, Lanka Hospitals instead of introducing an independent system where government corporations will continue make profit for people without the undue influence of politicians like it was the case under the Solbery Constitution before 1972!

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Shocked citizen Friday, 24 March 2023 12:13 AM

It breaks my heart to see the government selling its profit making entities to private parties! When they are elected they put their henchman to the top most positions of the SOEs! Instead of changing that system they sell! This is a proper "ihe aemmata kotte maru kirimak"

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Ara Friday, 24 March 2023 12:52 AM

All the profitable ones

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Amaran Friday, 24 March 2023 01:11 AM

Great News, indeed. SriLankan Airlines must be privatised first. All odd UNQUALIFIED people are in now. Bloody MR (SLPP) backed politicos cannot run the business. Government undue influence must be totally eliminated.

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Air Lanka was better thought of brand Friday, 24 March 2023 07:05 PM

Sri Lankan Airlines should not have been called that. It was only short sighted desperation that made it be closely identified with Sri Lanka thereby taking away from the better thought of brand name of Air Lanka. Once it is privatized they will cling on to Sri Lankan name but once not owned by our public it is no different to Indian airline.

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Lokka Friday, 24 March 2023 02:04 AM

Why not CEB, Ceypet Co , the most corrupt and loss making entities included. What is the logic in efficient and profitable ventures such as Telecom and Insurance Corporation privatization. Is it to collect funds to pay loans? A case of killing the goose laying golden eggs!

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