Closing the Books

The Treasury put away its books on Colombo International School (CIS) Monday, after selling its 49 percent stake for Rs. 86.7 mn to Ceyko Projects (Pvt) Ltd.
The sale went through on a Cabinet decision earlier in November to sell the entire minority shareholding in CIS to Ceyko Projects (Pvt) Limited for Rs. 86,729,465.rn

rnOf the Rs. 17.7 mn proceeds, 10 percent of the issued share capital at the rate of Rs. 117 per share, will be split among 121 employees who were on the staff in November 1993, when a 51 percent stake was sold to Ceyko Projects. rn

rnThe computation of the sum due to each employee will be made in accordance with the standard Government practice for the allocation of shares or their cash equivalent, Public Enterprises Reform Commission (PERC) said on Monday. rn

rnHowever, under the original agreement in 1993 the staff was tipped to receive shares in the venture.rn

rnMeanwhile, the balance of Rs. 69,027,465 will be credited to the Consolidated Fund.rn

rnPERC re-opened talks