The final details for the sale of a 39 per stake in the sate owned bus company is being worked out for September 24.
The stake will be auctioned over the Colombo Stock Exchange to the highest bidder.rn
rnSecretary to the Ministry of State Transport M. Susiriwardena says eight of eleven companies who submitted expressions of interest and detailed plans for the restructure of the bus companies have qualified to bid in the auctions for a piece of the 13 cluster companies. rn
rnThe prospective investor, in addition to putting up money to acquire the management stake is also required to find funds to resurrect the ailing state giant.rn
rnFund raising comes with the condition that non of the bus companys assets could be sold or put up as collateral and that interest on any loans cannot exceed 17 per cent. rn
rnA previous attempt in August to sell the stake fell through due to these tough conditions compelling interested parties asked for more time to arrange finances. rn
rnHowever, the government