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| Thursday, 25 September 2003 |
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Cluster company divestiture on hold again by Rajmi Manatunga The divestiture of the six CTB cluster bus companies has reached a deadlock again following last week's Supreme Court interim order restricting the investors from taking up the management of the companies. The Public Enterprises Reform Commission (PERC) entrusted with the divestiture, said yesterday they were unable to proceed with the deal but would look at alternative methods to settle the much awaited transaction. "The divestiture is currently stalled despite all our arrangements to sign the takeover agreements and complete the transaction. However, we are now paying attention to other possible options," PERC Chairman Chrisantha Perera told the Daily News. The Chairman said the deadlock had not affected the divestiture of the seven remaining companies which did not receive eligible bids at the October 31, 2002 listing. "A special committee is drafting the documents and we will go ahead with that while awaiting a positive sign on the other divestiture." |
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