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| Tuesday, 29 July 2003 |
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Only one prospective party for Elkaduwa Plantation sale by Chamitha Kuruppu Only one prospective party had submitted offers for the acquisition of 51% shares in Elkaduwa Plantation Limited, Chairman of the Public Enterprise Reforms Commission (PERC) Chrishantha Perera told the Daily News yesterday. Discussions are under way between the Government Appointed Negotiating Committee(GANC) and the buyer at present to conclude the deal. Perera refused to name the buyer but said it is a local company. If the two parties can come to a favourable agreement the deal will be finalised soon,he said. According to PERC the buyer will be recommended by the committee for Cabinet Approval. The qualified party will purchase the 51% shares of Elkaduwa Plantations pursuant to entering a share and Purchase Agreement and a Shareholders Agreement with the government. PERC called for offers in early June for the acquisition of 51% shares in Elkaduwa Plantations amounting to 9,180,000 shares. The issued share capital of the Elkaduwa Plantations, which is fully owned by the government consists of 18,000,000 shares at a par value of Rs. 10 each. Elkaduwa Plantations has 10 estates with nearly 4,052 hectares of land and has a 53-year lease commencing from 1993. This includes 1,218 hectares of tea, 1,475 hectares of land inter planted with rubber, coconut, cocoa and pepper. Though the PERC initially said Chilaw Plantations Limited will be the next in line to be called for offers, Perera said no decision has been taken to commence the sell-off. When asked about Indian Companies planning to enter Sri Lanka's petroleum sector following PERC's invitation for expressions of interest(EOI) from oil companies to sell Ceypetco's 100 petrol stations Perera refused to comment till the last date to submit EOIs which is on August 8. However, he said that a Technical Committee will be appointed in this regard. According to a PTI report datelined New Delhi, State-run Oil and Natural Gas Corporation is planning to take over petrol stations in Sri Lanka and begin retailing fuel imported from its subsidiary MRPL, in the island nation. |
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