Selendiva Investments: Listing in CSE yet to be discussed
New Investment Co. charged with attracting investors
CSE listing a year long process: Dr. Godahewa
Involves valuation, CSE discussions, appointment of brokers
By Yoshitha Perera
Though conceptually, the Government has decided that the Selendiva Investments Ltd. Company would handle several investment portfolios, discussions with the Colombo Stock Exchange (CSE) pertaining to listing it have yet to commence, The Sunday Morning learnt.
The Sunday Morning was informed of this by Urban Development, Coast Conservation, Waste Disposal, and Community Cleanliness State Minister Dr. Nalaka Godahewa.
The Cabinet of Ministers has approved the proposed investment portfolios on 19 May for Selendiva Investments Ltd., which was formulated recently, allowing the firm to set up three investment portfolios using the public-private partnership (PPP) model.
According to the cabinet approval, the three investment portfolios have been recognised as the Colombo Fort Heritage Square, immovable property development, and the government-owned hospitality sector.
Dr. Godahewa said that since the cabinet paper has been approved, Selendiva Investments Ltd. will have to get the investors. “Depending on the investors, we have to look at the listing process.”
Responding to a query on the time frame that the Government is looking at, Dr. Godahewa said that the listing process would take about a year to be completed. “The listing process itself has a long procedure to follow, and as the starting point, we have got the concept agreed upon. Now, there has to be a valuation, discussions with the CSE, and there has to be brokers appointed. So, it is a long process.”
Earlier, it was reported that Selendiva Investments Ltd. took over three projects, namely, the Hotel Developers (Lanka) Ltd., Canwill Holdings (Pvt.) Ltd., and the Grand Oriental Hotel (GOH).
It was also reported that the Treasury is planning to have initial discussions with the CSE to list Selendiva Investments Ltd. with the three above-mentioned hotel properties.
However, responding to The Sunday Morning’s query on which projects are to be listed under Selendiva Investments Ltd., Dr. Godahewa said that there are so many projects highlighted in the cabinet paper and that out of them, some will be listed under the newly formed investment company.
Selendiva Investments Ltd. was established last year under 100% ownership of the Treasury, based on a cabinet decision, and it is headed by the Secretary of the Ministry of Urban Development, Chairman of the Hilton Colombo and former UDA Chairman Nimal Perera.