SriLankan Airlines prepping for stake sale
A stake sale in cash-strapped flag carrier SriLankan Airlines could be green-lighted soon, Aviation Minister Nimal Siripala de Silva said.
The Minister said talks with potential investors would take place soon.
“There is a lot of discussion in the country about the loss-making national carrier and the reforms it should undergo,” he said.
“SLA doesn’t have the financial capacity to repay debts. The government can’t help out SLA anymore. So, restructuring of SriLankan Airlines, and obtaining capital investments, is critically.”
The Minister says the government’s focus is safeguarding employees and keeping the ailine flying.
The ground handling unit will could be spun off into a separate business and a 49% share will be offered to an investor.
“SriLankan was making profits when it was operating as a joint venture with Emirates in 1998, and it was not a burden to the government back then. In the new collaboration we envisage, we will make strategic decisions.”
The airline has debts of over $1 billion.
Ray Monty
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