Sri Lanka to list Mobitel, Hyatt other state enterprises: Budget 2017

Nov 10, 2016 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake said several state-owned enterprises such as Mobitel, Hyatt, Waters Edge, Grand Oriental Hotel will be listed on the Colombo Stock Exchange.

The firms are to be listed during 2017, he said presenting budget proposals for 2017.

“We will also list non-strategic enterprises such as Hyatt, Grand Oriental Hotel, Waters Edge, West Coast, Manthai Salt, Hambanthota Salt and Hilton during 2017,” Karunanayake said, adding the company Mobitel too has requested a listing.

“Broad basing the ownership, it is expected that such listing will allow the government to raise at least USD 1,000 million, to settle our existing uneconomical, questionable and high cost debt that we inherited from the previous regime.”

“We will also inform the Parliament of any other planned listing that may be undertaken during 2017.”

He also proposed that 25 new firms should list on the Colombo Stock Exchange (CSE) during 2017.

The new securities act will be presented in the first quarter in 2017, and a separate board will be set up on the CSE for Small and Medium Enterprises.

SriLankan and Mihin air which has been running at colossal losses are now being commercialised, he added.