News
EOI ad next week; plans to wrap up SriLankan Airlines restructuring deal in two months
View(s):By Damith Wickremasekara
Expressions of interest to restructure SriLankan Airlines will be invited next week, with its catering service, ground handling, and destinations on offer.
Ports, Shipping and Aviation Ministry Secretary Ruwan Chandra said they hoped to advertise in the international media calling for EOI with the hope of completing the process within two months.
According to Ministry sources, the government was willing to consider offering 49 percent of the shares and retain 51 percent or agree on an outright sale depending on the offers.
An official said that they were open to negotiations on the time frame as well.
The official said that the ground handling and catering sections made an annual profit of Rs 15 billion, but the two sections were being offered to attract investors.
He said the investor would be able to operate to some of the attractive destinations in the UK, Australia, Japan, Korea and other European countries.
The moves come as the losses of SriLankan Airlines have piled up to US$ 1.3 billion.
A Treasury official said a Treasury Bond of Rs 175 billion had been defaulted thereby making it difficult for the state to support the airline.
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