Sri Lanka to seek competitive bids for state asset sales

Sri Lanka will adopt a competitive bidding process for asset sales and will shortly call for expressions of interest from transaction advisors to support the divestment program, the head of the state enterprise re-structuring unit Suresh Shah said.

All assets will be sold through a competitive bidding process and no unsolicited bids will be accepted.

The first step will be to select transaction advisors.

“We will work with development financial institutions and qualified and experienced consultancy firms to provide transaction advisory services,” Shah said.

“After the transaction advisors study the companies, we will call for bids.”

Sri Lanka’s cabinet of ministers has given the go ahead for the sale of Sri Lankan Airlines including Sri Lankan Catering which has large volumes of debt from losses after it was taken back to state management from Emirates.

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