As a major step in its planned economic restructuring programme the government has approved the appointment of several leading consultancy firms including the International Finance Corporation (IFC) to facilitate the divestiture of seven State Owned Enteroises (SoEs) initially selected for privatization.
These developments happening as scheduled sources said that there is a strong possibility that some of these planned privatizations will take place in the first half of next year.
The Cabinet of Ministers has decided to appoint The International Finance Corporation (IFC), a member of the World Bank Group for the divestiture of Sri Lankan Airlines Limited, Lanka Hospitals Corporation PLC and Sri Lanka Telecom PLC.
The selection of advisors for remaining entities Sri Lanka Insurance Corporation Ltd (SLIC), Hotel Developers Lanka Ltd (Hilton), Canwill Holdings (Pvt) Ltd (Hyatt) and Litro Gas (Pvt) Ltd (Litro, including Litro Gas Terminals (Pvt) Ltd) was carried out through a competitive bidding process following Government’s Consultant Procurement Guidelines.
Accordingly the following transaction advisors have been selected:
• Litro Gas (Pvt) Ltd: Deloitte Touche Tohmatsu India (Deloitte India)
• Canwill Holdings (Pvt) Ltd (Hyatt): Deloitte Touche Tohmatsu India (Deloitte India
• Hotel Developers Lanka Ltd (Hilton): Colliers International Consultancy & Valuation (Singapore) Ltd and Platinum Advisors
• Sri Lanka Insurance Corporation Ltd (SLIC): Alvarez & Marsal Middle East LTD and Capital Alliance Partners LTD
Once the agreements regarding these appointments are concluded the next phase of the divestiture process will be started. The prospective investors will be invited to express interest via advertisements to be published in both the local and international press.
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