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49% stake in SriLankan Catering and Ground Handling offered to Investors to repay debt

30 Aug 2022

 
  • EOIs called as airlines’ debt surpasses $ 1.1 bn 
  • Nimal Siripala says funds from divestment to ease debt burden
  • Expresses willingness to offer larger stake to local investors
  By Imesh Ranasinghe     The Sri Lankan Government has decided to call for Expressions of Interest (EOIs) from private investors to invest in a 49% stake and the administration of SriLankan Catering Ltd. and SriLankan Cargo Ground Handling (the airline’s ground handling unit, referred to as Ground Handling), the profit-making arms of SriLankan Airlines, as a part of its restructuring process, said Minister of Shipping and Aviation Nimal Siripala de Silva. Speaking to reporters yesterday (29), he said that the total debt of SriLankan Airlines has reached $ 1.126 billion (Rs. 401 billion), while the funds obtained by selling the shares of SriLankan Catering and its ground handling unit will be only used to reduce the debt burden of the airline. Accordingly, the Government has decided to issue 49% shares and administration of SriLankan Catering Ltd. to any potential private investor, while keeping a 51% stake with the Government. SriLankan Catering has been a profit-making subsidy of SriLankan Airlines in the last 10 years except in the 2020/21 financial year due to the pandemic.   Read full story on The Morning Business on Page 7  

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