Another Breakdown

The government once again shelved plans to dispose 13 state run bus companies on the Colombo Stock Exchange until further notice.rn

rnrnThe Public Enterprise Reform Commission (PERC) said Monday the divestiture of a 39 percent slice in the 13 transport companies has been put off.rn

rnA petition filed in court against the transaction, pointing out that the original sales advertisement was for 50 percent stakes and not for 39 percent, and also that the subsequent changes were not made public, are believed to have been the reason behind putting off the issue.rn

rnThe decision comes a day ahead of plans to sell the entities on the Colombo bourse on Tuesday.rn

rnInterested parties were to submit bid bonds to PERC by 3.00 pm on Monday, but the response was lukewarm, sources close to the deal said.rn

rnThere were also speculations that the UK consortium led by Transbus International (part of Mayflower Corp. with BIS Transport) were the sole contenders this evening.rn

rnThis is the second time the deal ha