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Seven bus companies to be divested on Jan. 16

by Rajmi Manatunga

The seven remaining cluster bus companies of the Ceylon Transport Board will be divested to the private sector at the Colombo Stock Exchange on January 16, the Public Enterprise Reform Commission said.

PERC sources said that four investors including IBIS which purchased six cluster bus companies in October, a renowned Singaporian company and two Sri Lankan investors had submitted bid bonds for the divestiture.

The companies to be listed are the Vavuniya, Northern, New Eastern, Ruhuna, Nuwara Eliya, Uva and Wayamba bus companies which did not receive eligible bids at the October 31 listing.

"In terms of the divestiture, 39 per cent of shares and the management of the companies will be given to the private sector while the government will retain a majority 51 per cent shares," the Transport Ministry said.

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