May 24, Colombo (LNW):The divestiture of national carrier Sri Lankan Airlines has turned to a triangular competition following the extension of prequalification deadline for four times under the present difficult circumstance of attracting a broader range of potential investors, Aviation Ministry announced.
Sherisha/Supreme Global Consortium, Air Asia Consulting and Hayleys PLC are poised to battle it out for the acquisition of Sri Lankan Airlines and its subsidiaries catering and ground handling services.
Accordingly at the request for qualification stage those three potential acquirers have been shortlisted from the initial six bidders.
The selection of prequalified bidders and opening of the data room had been completed, with the issuance of the Request for Proposals (RFP) for the Proposed Transaction and draft conclusive agreements scheduled shortly, Finance Ministry sources revealed.
Sherisha/Supreme Global Consortium is a powerful alliance between Supreme Global Holdings and Sherisha Technologies Private limited, with substantial backing from MBS Investments, the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani of Qatar
It has recently entered into a partnership with MMAG Holdings Bhd’s wholly-owned subsidiary MMAG Aviation Consortium Sdn Bhd (MAC), to collaborate on the aviation sector in Sri Lanka.
In a filing with Bursa Malaysia, MMAG said the collaboration would see its aviation arm, a specialist in the air cargo segment, supporting Supreme Global in the acquisition of SriLankan Airlines.
Supreme Global Holdings, led by R.M. Manivannan, is known for its substantial contributions to Sri Lanka’s economic stability, including extending of credit during the recent energy crisis.
The consortium’s strategic and financial potential is aimed at redefining the future trajectory of Sri Lankan Airlines, enhancing its international competitiveness
The agreement between MMAG and Supreme notes that MMAG Aviation will “provide freighter aircraft and operational support to establish a cargo feeder network for Sri Lankan Airlines following its acquisition by Supreme Global and its partner
Air Asia Consulting us in the fray with a well-established name in aviation consulting, known for its expertise in airline operations, strategic planning, and turnaround strategies.
Their involvement suggests a focus on operational efficiencies and expansion into new markets, promising a fresh perspective on the management and growth of Sri Lankan Airlines.
Hayleys PLC is one of Sri Lanka’s largest diversified conglomerates, with interests spanning from agriculture to transportation and logistics. Their inclusion in the shortlist brings a deep understanding of the local business landscape potentially enhancing the operational logistics and domestic connectivity of the airline.
The engagement with these shortlisted entities will be aimed at accelerating the privatization process, ensuring that the future of SriLankan Airlines aligns with strategic, financial, and operational enhancements. This initiative is part of a broader effort to stabilize and grow one of Sri Lanka’s most vital economic assets.
