Courtesy Adaderana

The Secretary to the Treasury has informed the Board of Directors of Sri Lanka Telecom PLC (SLT) and Lanka Hospitals PLC that the Cabinet of Ministers has granted approval in principle for the divestment of the stakes held by the Treasury Secretary in the two companies. 

Accordingly, the Secretary to the Treasury has informed the Board of Directors of SLT and Lanka Hospitals that the Cabinet of Ministers has granted its approval in principle for the divestment of the stake held by the Treasury Secretary in the respective companies. 

The companies have announced that they have received the approval of the Cabinet of Ministers to sell the shares owned by the government in Sri Lanka Telecom PLC and Lanka Hospital PLC, which are two companies listed in the Colombo Stock Exchange (CSE), as per the policy decision of the government.

Notifying the Colombo Stock Exchange of this decision, Sri Lanka Telecom says that the divestiture will be implemented in the near future by the State-Owned Enterprise Restructuring Unit of established  under the Ministry of Finance, Economic Stabilization and National Policy, subject to following the due process. Meanwhile, Ceylon Hospital PLC has also issued an announcement stating the same.

The Treasury holds a 49.50% stake of the issued share capital of Sri Lanka Telecom PLC.

Meanwhile, a 51.34% stake of the share capital of Lanka Hospital PLC is held by the Sri Lanka Insurance Corporation, representing the Government of Sri Lanka.