Reply To:
Name - Reply Comment
Last Updated : 2024-05-19 17:25:00
12 July 2023 02:22 am - 5 - {{hitsCtrl.values.hits}}
The government has finalised transaction advisors to assist in the proposed divestiture of seven state-owned
enterprises (SOEs) as part of its SOE reforms programme.
Accordingly, the Cabinet Spokesperson Minister Bandula Gunawardana yesterday announced that the International Finance Corporation (IFC), the World Bank’s private sector investment arm, has been chosen as the transaction advisor for the divestiture of SriLankan Airlines, Sri Lanka Telecom and Lanka Hospitals Corporation.
United States-based Alvarez & Marsal Holdings has been chosen as the transaction advisor for the divestiture of Sri Lanka Insurance Corporation while Colliers Singapore has been selected to act as the transaction advisor for the divestiture of Hotel Developers Ceylon Limited.
Similarly, Deloitte India has been chosen to act as transaction advisors for the divestiture of both Canwill Holdings and Litro Gas Ceylon Limited.
President Ranil Wickremesinghe sought the approval of the Cabinet Ministers to enter into relevant agreements with the selected institutions to move ahead with the divestment process. Gunawardana noted that expertise of globally reputed institutions is critical in the SOE divestment process.
The State-Owned Enterprise Restructuring Unit (SOERU) established under the Finance Ministry called for Expressions of Interest (EOI) and Requests for Proposals (RFP) under the international competitive procurement procedure to select transaction consultants following a Cabinet decision to restructure the above SOEs.
The Government Information Department noted that transaction advisors for the divestiture of Sri Lanka Insurance Corporation, Hotel Developers Ceylon Limited, Canwill Holdings and Litro Gas Ceylon Limited have been selected from the shortlisted proposals by the standing procurement committee appointed by the Cabinet of Ministers following the selection method based on quality and cost.
“The government believes that the appointment of these expert transaction advisors ensures an efficient and transparent divestiture process. By leveraging their expertise, the government is working towards the successful transition of these entities, which promotes economic growth and sustainability,” SOERU Director General Suresh Shah said in a statement.
The SOE reforms remain a key condition of the US$ 3 billion International Monetary Fund (IMF) rescue package Sri Lanka received in March. The SOE reforms are expected to enhance competition, productivity and efficiency across the economy, while reducing the burden on state coffers.
Cisco Wednesday, 12 July 2023 09:25 AM
Earlier under Yahapalana government paid enormous amount to Lazard company for divestiture of Canwill Holdings and process abandoned after Easter attack. Now a different company. Just spending public money on satisfing few peoples agendas. Even Indian and Chinese SOEs operating SL soil making profits, why cant SL governments SOE cant sustain? Purely appointment of incapable henchmen as head of SOEs. This practice continued from 1970s to date. People who supported to the prevailing government were appointed and they (appointee) explore new avenues for siphoning money from the projects.
N V Jen Wednesday, 12 July 2023 01:43 PM
Can you find a suitable country to divest the government of Sri Lanka for next 25 years, to run the nation efficiently and free of corruption?
Born again Wednesday, 12 July 2023 05:10 PM
Shah is another Kaputa apparatchik. He sold liquor most of his career.
Tissa Fernando Wednesday, 12 July 2023 11:33 PM
All those close to Ranil will buy these entities at dirt cheap price. Those guys will make big profit by selling individual assets of those entities.
Tissa Fernando Wednesday, 12 July 2023 11:39 PM
Surest Shah has been a beer merchant for most of his life. He is a good friend of Ravi Karunanayake who is operating from behind to grab some of these companies at dirt cheap price.
Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Reply To:
Name - Reply Comment
The state-run loss-making State Mortgage & Investment Bank (SMIB) has reveale
US authorities are currently reviewing the manifest of every cargo aboard MV
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
17 May 2024 - 0 - 128
