Monetary Board calls fresh bids for Seylan Bank

The Committee for Evaluation of Bids on Seylan Bank PLC has completed its evaluation of the bids submitted by the two short listed prospective inve-stors.

The evaluation revealed that the bids received were not fully compliant with the requirements of the bid conditions. At the same time, the Monetary Board was also of the view that it would be useful to review some of the criteria as set out in the original bid document.

The Monetary Board of the Central Bank of Sri Lanka has decided to invite fresh proposals once again from all five selected prospective strategic investors in accordance with revised criteria.

On that basis, an Addendum to the original bid document has been issued to the following five institutions, with an invitation to make fresh bids. These companies are: John Keells Holdings PLC, Lanka ORIX Leasing Company PLC, National Development Bank PLC, Sampath Bank PLC and V. V. Karunaratne & Company.

These institutions have been given time till June 5, 2009 to submit fresh bids. The Monetary Board is expected to make the final decision by June 16, 2009 and notify the successful bidder immediately thereafter.