Flat Tyre

Selling the remaining seven bus company faced another breakdown, the deadline for applications pushed back once again.
Meanwhile, the Public Enterprises Reform Commission (PERC) has set a February 13 deadline to the IBIS Holdings to pay up for the six bus companies. PERC says the buyer has to 60% of the bid price by Feb. 13 with the balance to be paid by March 13.rn

rn”The handing over of the management of the bus companies will take place only after this (60%) payment is made,” PERC Director General Deepal Gunaratne said in a statement on Thursday.rn

rn”The execution of management agreements and the shareholders agreements between the companies, the government and the private investors/managers will take place thereafter.”rn

rnThe 60% requested will be the first instalment of the purchase price for the equity of the following bus companies emdash Colombo Metropolitan Bus Company Limited, Gampaha Bus Company Limited, Kalutara Bus Company Limited, Mahanuwara Bus Company Limited, Sabaragamuwa Bus