Colombo (LNW): The government has taken a significant step towards restructuring state-owned enterprises with the appointment of expert transaction advisors for the divestiture process. The decision is in line with the policy directive set by the government and aims to ensure more effective and transparent divestiture of key entities.
Under the leadership of the honourable President, a proposal was presented to the Cabinet of Ministers and subsequently approved. As part of the implementation process, a total of 8 entities were initially selected for divestiture. To ensure successful processes, the government decided to seek expert advice from the transaction advisors.
The appointment of advisors was carried out through a rigorous and competitive bidding process. Both local and international advisors submitted proposals, which were evaluated by a special procurement committee appointed by the Cabinet. Following the procurement process, the committee provided recommendations for the appointment of transaction advisors, which were approved by the Cabinet of Ministers today (11).
The following transaction advisors have been appointed to provide expert guidance on the divestiture of the respective entities:
Sri Lankan Airlines Limited, Lanka Hospitals Corporation PLC, Sri Lanka Telecom PLC: International Finance Corporation (IFC) has been appointed as the transaction advisor for these entities.
Litro Gas (pvt) ltd and Litro Terminals (pvt) ltd and Canville Holdings: Deloitte India has been appointed as the transaction advisor for these entities.
Hotel Developers Lanka Ltd: Colliers has been appointed as the transaction advisor for this entity.
Sri Lanka Insurance Corporation: Alvarez and Marsal has been appointed as the transaction advisor for this entity.
The government believes that the appointment of these expert transaction advisors ensures efficient and transparent divestiture process. By leveraging their expertise, the government is working towards the successful transition of these entities which promotes economic growth and sustainability.