By: Staff Writer
Colombo (LNW): Leading global professional services firm Alvarez & Marsal (A&M) said this week it will provide a holistic offering to the Sri Lankan Government in successfully carrying out the divestiture of Sri Lanka Insurance Corporation.
The assurance follows A&M being appointed by the Government’s State-Owned Enterprise Restructuring Unit (SRU) to advice on the divestiture of the Government’s shareholding in the state-owned SLIC.
A&M has been mandated in partnership with Capital Alliance (CAL), the Colombo-headquartered investment bank, to manage the divestment of all, or part of, the shareholding of SLIC, one of seven state-owned enterprises currently being targeted for divestiture of government ownership by the SRU.
The A&M team delivering the mandate will be led by the firm’s Sovereign Advisory Services (SAS) practice Global Head Dr. Reza Baqir, a former Governor of the State Bank of Pakistan, and previously a senior official of the IMF.
The CAL team will be led by the firm’s Investment Banking practice head Nishok Goonasekera, a former Executive Director of Morgan Stanley Asia in its Institutional Securities business.
The mandate is part of the Government’s overall reform program to enhance competitiveness, productivity and efficiency across the economy and to assist in the country’s socio-economic development and fiscal consolidation efforts.
A&M’s Global Head Sovereign Advisory Services practice Dr. Reza Baqir said: “We are delighted to support the Government of Sri Lanka’s economic reform program and its efforts to divest Government ownership in identified state-owned enterprises.
The goal of SAS is to provide a holistic offering to sovereigns to help them with their needs in sovereign finance, operational and financial performance improvement in state-owned enterprises and financial services, and related challenges. We will be working closely with our partners at CAL on this mandate.”
CAL Founder and Director Ajith Fernando said: “CAL is pleased to be partnering with A&M on this strategic collaboration, which signifies a powerful fusion of our on-the-ground knowledge and A&M’s deep restructuring experience. This is a welcome opportunity to support the Sri Lankan Government in achieving its economic reform policy objectives.”
A&M’s Financial Services Practice Managing Director Tariq Hameed said: “The appointment of A&M and CAL on this mandate is testament to the holistic approach of our Sovereign Advisory Services offer. A&M’s heritage in corporate restructuring and financial services and CAL’s local capital markets expertise makes us well-positioned to jointly lead this economically important mandate.”
