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| Friday, 14 November 2003 |
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PERC to call for EOIs from bidders in two months The Public Enterprise Reforms Commission (PERC), which is in the process of restructuring nine farms belonging to the National Livestock and Development Board (NLDB) is likely to call for Interest of Expressions (EOI) from suitable bidders within the next two months. The Technical Evaluation Commission that met last week selected Ernst and Young as the financial advisor to carry forward the transaction, PERC said. Three quotations were received from S.J.M.S Associated, Ernst and Young and Merchant Bank of Sri Lanka on October 22. The quotations were evaluated by a Technical Evaluation Committee (TEC) appointed by the Secretary to the Treasury. The TEC comprises officials from PERC, National Livestock Development Board and the Treasury. However, sources said that conversion of the farms to companies and completing of management contracts will require considerable time. "There is much work to be finalised before calling for bids," sources said. PERC has called upon the financial advisor to work out a time frame, to complete their work. We would call for bids, at least some of the farms, within the next two months," sources said. The Cabinet approved the restructure of the nine farms. Ridiagama Farm, Kandakaduwa Farm (North Central Province), Kandakaduwa Farm (Southern Province), Haragama Farm, Ipil Ipil Farm, Martin Farm, Welikanda Farm, Kottukachchiya Farm and Parasangah-awewa Farm. The Cabinet approved that Weerawila, Eluvankulame Ipil Ipil farm, Welikanda and Kandakaduwa to be converted into limited liability companies and 90% of the issued share capital to be divested. Martin farm, Parasnagahawewa, Kottukachchiya, Oyamaduwa and Haragama farms will enter into a Management contract with a Managing Agent. Ridiagama farm to be excluded from the restructuring exercise pending a decision by the Cabinet. The Cabinet also noted that appropriate action should be taken to safeguard the legitimate interests of the employees in the restructured farms. |
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