Delayed Sale

The government has put off Sri Lanka Insurance Corp.
quote s privatization for the fourth time till early next year.rn

rnThe Public Enterprise Reform Commission on Wednesday wrote to the three shortlisted bidders giving them more time to submit fresh technical and financial bids till January 21, 2003.rn

rnThe competitive sales process for the 90 percent slice of SLIC began in July, but the race has narrowed down to three firm bids.rn

rnJanashakthi Insurance Ltd., Commercial Bank/DFCC Bank consortium and Aitken Spence/Stassens/Distilleries Corp. consortium had sent in their financial and technical proposals when bids closed late November. rn

rnSubsequently, PERC said the Technical Evaluation Committee had begun evaluating the bids last Monday.rn

rnUnlike the other two bidders, Janashakthi Insurance has not tied up with any foreign partner to bid for SLIC. Janashakthi bought out the remaining ownership of National Insurance Corp. early this year.rn

rnThe Commercial Bank/DFCC consortium has tied up w