ECONOMYNEXT – Sri Lanka is planning to list a state-run hotel and real estate company in the Colombo Stock Exchange by the end of the first half of 2021, Treasury Secretary Sajith Attygalle said.
The company will hold Grand Hyatt, Grand Oriental Hotel, Hotel Developers, and land belonging to the Cey-Nor Foundation.
“It will hopefully be listed in the market before the end first half of 2021,” Attygalle told an annual economic forum organized by the Ceylon Chamber of Commerce.
“More assets will be vested in it.”
Grand Hyatt and Hotel Developers were two firms that were expropriated in 2011. Hotel Developers was listed in the CSE when it was expropriated.
An expressway company will be set up to hold existing and new expressways that are built, along with attendant land.
He said the firm will raise funds.
The government will also incorporate two companies to work with the private sector to develop robotics and biotechnology.
They will have private-sector representation in their boards.
Sri Lanka will issue new financial regulations to allow the firms more autonomy he said. (Colombo/Dec03/2020-sb)