Sri Lanka seeks investors for SriLankan Airlines; BNP Paribas, KPMG advisors
Jul 07, 2016 09:03 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka has called offers from strategic investors to sell loss-making SrLankan Airlines and Mihin Lanka, with BNP Paribas and KPMG appointed as transaction advisors.
NSB Fund Management, a unit of state-run National Savings Bank is the lead managers to the deal.
NSB Fund Management said by advertisement that 'invitations for expressions of interest' will be available until July 27 for a non-refundable fee of 5000 US dollars, and offers will close on August 24.
SriLankan Airlines had borrowed in international markets with Treasury guarantees and also taken credit from domestic state banks to fund losses.
The airline has been cutting routes on loss making routes to Europe and focussing on India and the Far East.
With falling fuel prices, it also trimmed losses in 2015). (Colombo/July07/2016)