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By Chamitha Kuruppu

The Public Enterprise Reforms Commission (PERC) will soon commence restructuring the Share Capital of eleven cluster bus companies by capitalising debts due to the government.

PERC Director General Deepal Gunaratna yesterday told the Daily News that PERC would be able to settle 'huge debts' due to the government by these companies in another month's time.

The eleven cluster bus companies yesterday concluded issuing share certificates to employees and the next step will be to commence the restructuring process of the Share Capital of the bus companies, he said.

Gunaratna said that due to legal requirements it would take at least another month to settle debts due to the government. " We are in constant communication to look into the legal aspect to with the Attorney General," he said.

"PERC will be able to settle the debts only after clearing the entire legal impediment," Asked about the purpose of the agreement signed between PERC and the Ibis company even when there are allegations that Ibis has failed to settle the money of the deal to the Treasury, Gunaratna said there was nothing controversial about the agreement and that it was signed to conclude the transaction. " There are several agreements to be signed in the future as well such as the share purchase agreement after the conclusion of restructuring. Gunaratna refused to comment when questioned whether Ibis is to commence work with effect from today as some of the media reported.

Issuing of Share Certificates to employees of the eleven cluster bus companies, which commenced on April 24, concluded yesterday .

Nearly 30,000 share certificates were issued to employees through the respective cluster bus company.

Though the issuing of share certificates 'officially concluded' yesterday there are no restrictions for employees to collect them from the respective company, Guarantee said When asked about the current situation about the deal a spokesperson for the Ibis company said they are unable to comment as PERC is the only authorised body who can comment on the deal.

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