A steering committee set up under the aegis of the Finance Ministry is also scouting for restructuring expertise to help guide the process.
rnldblquote The restructuring proposal has been sent for cabinet approval. Once the government
quote s direction is clear, we will get an investment banker in to do a valuation,
dblquote SLIC Chairman, Crisantha Perera told the media today.
rnMeanwhile, SLIC is putting its own house in order. Its financial reporting is being restructured to suit International Accounting Standards. ldblquote We are currently following the Sri Lanka Accounting Standards, but IAS is needed when we look for overseas partners,
dblquote Perera said.
rnSLIC today signed up three professional fund managers to outsource part of its general life fund.
rnNational Asset Management Ltd (NAMAL), Ceybank Unit Trust and Commercial Fund Management (Comtrust) have each been given Rs. 200 mn to invest in quoted companies, gilt-edge securities, promissory notes, debt instruments, bills of exchange