Sri Lanka EPF retains SriLankan Catering stake
Saturday June 1, 2019 19:12
ECONOMYNEXT- Sri Lanka’s 2.2 trillion rupee pension fund, the Employees’ Provident Fund (EPF), has not sold its 1 billion rupee stake in SriLankan Catering preference shares, the central bank said.
EPF reports for the last six months did not show the SriLankan Catering investment, which has so far delivered over 1 billion rupees in dividends to the fund.
The central bank, which manages the fund, said on Friday that it has not divested the SriLankan Catering stake.
Meanwhile, the EPF also has a stake in SriLankan Catering’s parent SriLankan Airlines.
The EPF had bought SriLankan Airlines shares for 500 million rupees, but there is no current book value, as the airline has been making losses since 2009.
The EPF has controversially invested 10 billion rupees in unlisted equity, with a majority of the invested capital not returning any dividends. (Colombo/Jun01/2019)