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State-Owned Enterprise Restructuring Unit closes RFPs to divest identified SOEs

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Rohan Senewiratne
Rohan Senewiratne

The Government of Sri Lanka (GoSL) is in the process of implementing deep economic reforms including in the State-Owned Enterprise (SOE) sector.

In accordance with this principle to implement SOE reforms, GOSL set up the State-Owned Enterprise Restructuring Unit (SRU) under the Ministry of Finance. GOSL has mandated the SRU to divest an identified set of SOEs.

To assist with such divestments, the SRU seeks to appoint reputed, qualified and experienced firms to provide transaction advisory services for Sri Lanka Insurance Corporation Ltd, Canwill Holdings Pvt Ltd (Grand Hyatt Hotel), Hotel Developers Lanka Ltd (Hilton Hotel Colombo) and Litro Gas Lanka Ltd including Litro Gas Terminals (Pvt) Ltd (LPG retailing) Several leading Investment Banking Firms and Audit Firms have expressed interest in this timely initiative for the country.

Atarah Capital (Private) Limited, an Investment Banking firm in Sri Lanka in collaboration with a leading accounting and consulting firm providing assurance, tax and advisory services to privately held businesses and public interest entities based in the Middle East has submitted expression of Interest (EOI) and Request for Proposal (RFP) to act as Transaction Advisors for Sri Lanka Insurance Corporation (SLIC) and Hotel Developers (Hilton).

“The submission of RFPs and EOIs for this initiative closed on May 8 Monday, and we jointly submitted the bids,” said Managing Director Atarah Capital, Rohan Senewiratne.

Explaining the procedure, he further said as per the RFP published in the website of the Ministry of Finance, the SRU will initiate a well-structured, transpired approach to select ‘Sell Side Transaction Advisors’ for all 4 entities and inform the selected party/consortium to act as Transaction Advisors.

Subsequently the selected ‘Sell Side Transaction Advisor’ will conduct a comprehensive due diligence on the target entity, conduct a valuation and thereafter advise the SRU/ entity the best value range to offer the shares to targeted investors, both operating in local and international capital markets.

Upon SRU/entity agrees on the best value range proposed by “Sell Side Transaction Advisors” then there will be international roadshows held to target investors in a very transparent manner to obtain the highest possible price for the sale of shares.


Wednesday, May 10, 2023 – 01:00

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