The Government’s privatization arm has added a fresh set of minority stakes including parcels in NDB, Lanka Cement and Ceylon Shipping Agencies, to its list of passive investments for sale. The list included stakes in Galadari Hotels, Commercial Bank, Ceylon Agro Industries and shares in the plantation sector.
Shareholding in quoted companies in the list, at current trading prices will fetch over Rs. 1.2 billion, accounting for less than one percent of estimated government revenue of Rs. 389 billion for 2005.
The Government’s budget did not account for revenue from selling passive stake but the Finance Minister in his Budget speech said the Government will sell all its holdings in leisure stocks to help meet its revenue targets.
PERC has occasionally sold small quantities in the market since its put up the list over two years ago, but has largely held back waiting for investors to buy the entire quantity in each stock.