Sri Lanka eyes Emirates stake in national carrier
COLOMBO – Sri Lanka’s government is in talks to buy Emirates Airline’s stake in the national carrier, SriLankan Airlines, according to Bloomberg.
Sri Lankan chairman Nishanta Wickremasinghe said in an interview, “The government has decided to purchase. They are negotiating.â€
The government owns 51 percent of the airline while Emirates has 43.6 percent.
Emirates said two years ago it might consider selling its stake after abandoning a decade-long management of the airline.
“Emirates can confirm that the Sri Lankan government has been investigating the possibility of increasing their share in SriLankan Airlines,†the Middle East carrier said in a statement.
Sri Lanka’s government took over the running of the airline in April 2008 after Dubai-based Emirates decided not to renew its contract. Emirates said then the stake might be worth US$150 million.
The Middle East’s largest airline bought a 40 percent stake in the south Asian country’s biggest carrier in 1998 for US$70 million.
Bloomberg said SriLankan Air slumped to a loss of US$87 million in the year ended March, hurt by dwindling tourist arrivals and the global recession.
Prospects for tourism have rallied since the end of the government’s armed conflict with the Tamil Tigers
Ian Jarrett
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