Sri Lanka invites bids for sale of SriLankan Airlines
Sri Lanka has invited bids for SriLankan Airlines as the island nation looks to reduce losses incurred by government-owned enterprises under a USD 2.9 billion International Monetary Fund (IMF) programme.
The airline, one of Sri Lanka’s biggest loss-making state enterprises, has struggled in recent years with a fall in tourism because of the COVID-19 pandemic and the economic crisis, reports Reuters.
The Finance Ministry posted a notice inviting bids for the airline by Dec. 5. It aims to complete the sale by June.
The government is in the process of restructuring the company’s debt, according to the bid notice.
SriLankan Airlines racked up operational losses of USD 575 million since 2015 but posted an operational profit of USD 93 million this year, financial information disclosed as part of the bid documents showed. (Source: Reuters)