8-Jun-2010 10:45 AM

Government buys back 44% stake in SriLankan from Emirates

SriLankan Airlines Chairman, Nishantha Wickremesinghe, confirmed that "all shares of the Sri Lankan Airlines sold to Emirates have been acquired" (PTI/Business Standard, 07-Jun-2010). The Sri Lankan Government sold a 43.6% stake in the carrier to Emirates for USD70 million in 1998, in line with the privatisation of the airline then known as Air Lanka. The Government, while retaining a 51% stake in the carrier, transferred management control to Emirates for 10 years. When that ended in 2008, Emirates valued its holding at approximately USD150 million. No financial details of the latest transaction were disclosed.

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