Sri Lanka expects a billion dollars from asset sales: Fin Min

ECONOMYNEXT – Sri Lanka expects to raise around a $1 billion from sales of non-strategic assets, this year, Finance Minister Ravi Karunanayake said.

The non-strategic firms will be sold through the stock exchange, he said.

Among the firms mentioned earlier as being slated for sale are Hyatt Hotel, a unit of state-run Litro Gas; Hotel Developers, which owns the Colombo Hilton building; Grand Orient Hotel, a unit of Bank of Ceylon; and Waters Edge, which comes under the Urban Development Authority and Lanka Hospitals.

Hyatt Hotel and Hotel Developers were expropriated by the ousted Rajapaksa regime, violating property rights of people, and dealing a devastating blow to the safety of foreign and domestic investments in the country.

Waters Edge was a private project built on state land sold under controversial circumstances and re-vested in the government by a court order. (Colombo/Mar15/2017)

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