9.1.2008
Government
will be taking over the management of the national carrier
SriLankan with effect from March 31, 2007, according to
the Chairman of the Board of Investment (BOI), Dhammika
Perera.
Perera said that the Government, which hold 51% controlling
share of its national airline, has decided to take over
the management whilst a representative from Emirates would
still remain as a member of the Board of the new management.
The agreement that was signed between Emirates and the then
government expires on March 31.
Emirates,
took over the management of SriLankan airlines with a
42 per cent stake after signing an agreement with the
then government in 1998. The Dubai based airline company
later purchased more shares from the public and increased
their share to 43.6 per cent. The stake was given to Emirates
in 1998 for US 80 million.
Emirates
President, Tim Clark has indicated that they are keen
in selling part or all of shares. He valued the present
Emirates' stake in SriLankan Airlines for USD 150m.
"Emirates
will retain its 43.6 per cent equity in the company for
the time-being, and will continue to have a Board till
the Dubai management takes a decision," he said.
Courtesy
- Government Information