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| Friday, 14 November 2003 |
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Divestiture of NPCL in December Expressions of Interest (EOIs) will be called from interested parties for the 90% divestiture in National Paper Company Limited (NPCL) in late December by the Public Enterprise Reforms Commission. The Technical Evaluation Committee (TEC) appointed by the Treasury met last week at PERC and evaluated the proposals submitted. On recommendations of the TEC the Departmental Tender Board appointed KPMG Ford Rhodes Thornton & Company as financial advisors for the transaction, PERC said. Proposals for the provision of financial advisory services to restructure NPCL were received from Ernst & Young,Ford Rhodes Thornton & Co, Merchant Bank of Sri Lanka, PricewaterhouseCoopers, Vanik Incorporation Limited and Management Frontiers. The Cabinet in early October approved the divestiture of 90% shares in NPCL to a suitable investor with 10% gifted to employees. The NPCL was established in 1955. Its Head office is at Union place and has two mills at Embilipitiya and Valachchenai. In 1992, National Paper Corporation was converted into a public limited liability company under the Conversion Act No 23 of 1987 and is known as the National Paper Co. Ltd. (NPCL) The Embiliptitya Mill was commissioned in 1978 with a capacity of 15,000 MT of paper per annum. The Valachchenai Mill was established in 1955 with a capacity of 22,500 MT of paper per annum. |
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