New finance company

22 July 2010 12:41 pm - 9 - {{hitsCtrl.values.hits}}

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By Sandun A. Jayasekera

The cabinet has given approval to a proposal to establish a Company named ‘State Resources Management Corporation’ (SRMC) for the management and development of under utilized assets of public ventures and other semi government institutions presently non operative.

The SRMC, expected to be set up in two months by the State Resources and enterprise Development Ministry under the Companies Act, will take over current assets of all non viable state ventures and develop them to make profit making ventures. The initial capital set aside for the SRMC is Rs. 100 million.

Approval was also granted by the Cabinet to issue international Sovereign Bonds up to US$ one billion this year in the international capital market at longer term maturity under the supervision of the Central Bank of Sri Lanka.

The Government expects to use the proceeds of this International Sovereign Bonds to settle the high cost short term dept in order to help to improve the government debt management and maintain interests rates stability.

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Comments - 9

TDDC Thursday, 22 July 2010 01:47 PM

who will be the chairman?

Senior Citizen Thursday, 22 July 2010 02:19 PM

More jobs for the boys

Concerned Thursday, 22 July 2010 03:33 PM

Smell a rat?

fxt Thursday, 22 July 2010 05:17 PM

More money for the 'boys'!

peter Thursday, 22 July 2010 05:20 PM

THIS WILL BE ANOTHER LOSS-MAKING VENTURE!

Kumar Wijayasekara Thursday, 22 July 2010 09:28 PM

- Another 'family' venture?

Dinesh Friday, 23 July 2010 04:06 AM

Hope this will not be another Sakvithi or Golden Key racket

Roshan Friday, 23 July 2010 04:21 AM

Yes one of them in the family tree will be the chairman, so that the funds will be controlled.

Aslea Friday, 23 July 2010 10:22 PM

Probably this could be a gift from Lalith Kotalawela to the government, for saving him from GK and other Ceylinco cases involving the cheating of public funds.

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New finance company

Comments - 9

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