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Finance Ministry Announces Progress in Divestiture of SOE with Bidders Shortlisted

April 19, Colombo (LNW): The State-Owned Enterprise Restructuring Unit (SRU) of the Finance Ministry has disclosed the names of both local and international firms that responded to requests for quotes and the shortlisted bidders for the divestiture of government-held shares in several key state-owned enterprises (SOEs).

In a detailed press release, the SRU outlined the timeline for concluding these divestitures, targeting completion for all except SriLankan Airlines by August 2024, with the airline’s divestiture process extending to September 2024.

The divestiture initiative follows the Cabinet of Ministers’ March 2023 approval for selling government shares in major enterprises including Hotel Developers Lanka Ltd (owners of Hilton Colombo), Canwill Holdings Pvt Ltd (owners of Grand Hyatt Colombo), Lanka Hospitals Corporation PLC, Sri Lanka Telecom PLC, and others such as Litro Gas Lanka Ltd and Sri Lanka Insurance Corporation.

The divestiture process is supported by Transaction Advisors who conduct comprehensive due diligence, market sounding, and valuation. A Special Cabinet Appointed Negotiating Committee, alongside Special Project Committees comprising public and private sector members, oversee the preparation and evaluation of qualification requests and proposals, ensuring a transparent and credible process.

The government has already conducted pre-bid meetings for all entities, with deadlines for submitting qualifications now closed for several entities, while remaining open for SriLankan Airlines until April 22, 2024.

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