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IBIS takes over management of bus companies on Monday

IBIS of the UK which purchased 39 per cent shares of six CTB cluster bus companies will takeover their management by January 20, the Transport Ministry said yesterday.

A spokesman for the Ministry said that the final transactions of the agreement will be completed this week between the investor and the Public Enterprise Reform Commission (PERC) to expedite the divesting process.

"The divestiture of an institution which has 53 bus depots islandwide with 17,000 employees is a long, complicated process.

The company has informed us of various complications in transferring the management of the State-owned companies to the private sector at once. These problems will be taken up during future discussions between the Government and the investors," he said.

A three-member UK delegation including IBIS Project Director Ian Bulley is now in Sri Lanka to oversee the Colombo, Gampaha, Kalutara, Sabaragamuwa, Mahanuwara and Rajarata bus companies and deal with financial matters.

This delegation will sign collective agreements with trade unions of the six companies, the CTB Jathika Sevaka Sangamaya and hold discussions with officials of the Transport Ministry, the PERC and the Treasury before the takeover agreement is signed, a spokesman for the IBIS said. (RM)

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