Cabinet approves proposed investment facilitation structure for Selendiva Investments

The Cabinet of Ministers this week approved the proposed investment facilitation structure for the newly formed Selendiva Investments Limited, allowing the firm to setup three investment portfolios under the private — public partnership (PPP) model for facilitating institutions and investors.

Selendiva Investments Limited was established last year under 100 percent ownership of the General Treasury based on a Cabinet decision. 

It took over three ventures—Hotel Developers (Lanka) PLC which is the owning company of Hilton Colombo, Canwill Holdings Ltd., owners of the proposed Grand Hyatt Colombo hotel and residences that are under construction and Grand Oriental Hotel (GOH).

Accordingly, Prime Minister Mahinda Rajapaksa in his capacity as the Minister of Urban Development and Housing sought the approval of the Cabinet of Ministers this week to move ahead with three investment portfolios—’Colombo Fort Heritage Square’, ‘Immovable Property Development’, and ‘The Government — Owned Hospitality Sector’, under Selendiva Investments. 

The Government Information Department said the investment facilitation, which is based on PPP model, would take place while the government continues to maintain the ownership of these assets.

The Treasury was initially planning to list Selendiva Investments with the three hotel properties on Colombo Stock Exchange within the first half of the year.

Selendiva Investments is headed by former UDA Chairman Nimal Perera.

The company is expected to transform several underperforming State-owned assets viable, profitable and marketable assets.