Coming Soon

Loss making state entities face the axe under a revised mandate for the Public Enterprises Reform Commission (PERC), now in the last stages of finalisation. Loss making state entities face the axe under a revised mandate for the Public Enterprises Reform Commission (PERC), now in the last stages of finalisation. Strategic Enterprises Reform Commission (SEMA) chief Mano Tittawella told a Ceylon Chamber of Commerce forum on privatisation on Thursday that unviable state entities would either be sold or shut down under a restructuring plan for 2005.

The government will only retain a short list of entities outside the 12 strategic enterprises, and will be restructured.

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Residual stakes in already divested firms will continue to be shed, and could include stakes in Hotel Developers (Colombo Hilton) and Shell Gas.

Tittawella said the residual stakes are not expected to contribute significantly to the governments cashflow, with last of the big divesture proceeds expected from the third player for down stream petroleum retailing.

The monies form Ceylon Petroleum Corporation's (CPC) strategic partnership will however go to curtail its Rs. 30 billio