Emirates has no plans to acquire Sri Lanka airline: report
Jun 20, 2017 10:02 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Dubai-based Emirates, a one-time equity partner of Sri Lanka's state-run carrier, said it had no plans acquire the airline again, a media report said.
Emirates' management contract was terminated by Sri Lanka's ex-President Mahinda Rajapaksa in 2008 and the airline had suffered massive losses since then.
Bloomberg Newswires quoted Emirates as saying that it had no plans to acquire a Sri Lanka airline or airport stake.
Sri Lanka called expressions of interest to find an equity partner to take a 49 percent stake in SriLankan Airlines, but there were no takers.
Sri Lanka had earlier called bids for its second international airport in Mattala, but it is now strongly expected to strike a deal with a Chinese firm.
In 201, Emirates' profits plunged 82 percent to 1.3 billion UAE Dirhams ($340 million) amid problems in US markets and rising competition as the airline added capacity with Airbus A380 aircraft.
Sri Lanka's DailyFT newspaper citing un-named sources said business tycoon Harry Jayewardene had teamed up with Japan's All Nippon Airways and Japan Airlines to launch a bid for a 49 percent stake in SriLankan. (Colombo/June20/2017)