Tuesday, June 25, 2024

Latest Posts

Sherisha / Supreme Global combine international  strengths to acquire Sri Lankan Airlines

June 07, Colombo (LNW): In a significant development, the Sherisha Technologies / Supreme Global Consortium has strengthened its bid to acquire Sri Lankan Airlines with the inclusion of several high-profile strategic partners. 

This move comes as the consortium provides clarifications to the State-Owned Enterprises Restructuring Unit (SOERU) and notifies the Sri Lankan government of this significant advancement. Aviation Ministry sources said.  

SOE restructuring unit says clarifications raised at pre-bid meetings and responses provided are subsequently published on the treasury website to ensure greater transparency for the first time. 

Sherisha Technologies / Supreme Global Consortium has patnered with Terminal Holdings LLC from Abu Dhabi owned by Sheikh Tahnoon bin Zayed al-Nahyan, one of the wealthiest individuals globally.

, Terminal Holdings brings a wealth of expertise and financial muscle to the consortium. Sheikh Tahnoon is a pivotal figure in Abu Dhabi’s business landscape, known for his substantial contributions to expanding the emirate’s business interests worldwide. 

His portfolio spans multiple sectors including energy, finance, and aviation, with a net worth estimated in the billions of dollars.

 Terminal Holdings’ involvement will enhance operational and commercial efficiencies in Sri Lankan Airlines through airline advisory, ground handling operations, and in-flight catering services.

 In a bold move, the consortium has secured a partnership with Challenge Aerospace LLC and Emirates Aerospace LLC, committing to supply 20 Airbus aircraft (9 narrow-bodied A320s and 11 wide-bodied A330s) within two years of operation. 

This bold initiative is coupled with a commitment to provide up to USD 300 million worth of aircraft spares, significantly enhancing the consortium’s financial capability post-acquisition. 

The establishment of a Maintenance, Repair, and Overhaul (MRO) facility in Sri Lanka will cater to the growing regional demand, further strengthening the nation’s aviation infrastructure.

 This substantial financial backing highlights the consortium’s ability to secure large-scale funding and strategic partnerships, laying a solid foundation for the revitalization of Sri Lankan Airlines.

 Adding to the consortium’s robust financial framework is the support from MBS Global Investments, the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani. 

MBS Global Investments is renowned for its extensive network and investment expertise, particularly in fintech, green technologies, real estate, logistics and aviation. The backing of MBS Global Investments, with its ties to the Qatar royal family and access to sovereign wealth, provides an added layer of reliability and financial strength. 

This support underscores the consortium’s ability to leverage Qatar’s immense wealth and commitment to large-scale, impactful investments.

 As previously announced, MMAG Holdings Berhad’s subsidiary, MMAG Aviation Consortium SDN BHD (MAC), continues to play a crucial role in the consortium.

 Their contributions include establishing a robust cargo feeder network for Sri Lankan Airlines, assisting in comprehensive restructuring efforts post-acquisition, and leveraging Sri Lanka’s strategic geographic position to enhance its capacity as a global air cargo hub. 

These strategic alliances, formed within a short span during the Expression of Interest (EOI) process, underscore the consortium’s commitment and capability to achieve remarkable results. Despite the current economic challenges facing Sri Lanka and the state of the airline, the consortium has demonstrated its ability to secure strategic partners and large-scale funding

Latest Posts


Don't Miss

Stay in touch

To be updated with all the latest news, offers and special announcements.