Sri Lanka's state-run carrier, SriLankan Airlines, has attracted interest from budget carrier AirAsia and five other bidders as the island nation aims to mitigate losses incurred by government-owned enterprises under a US$2.9 billion International Monetary Fund (IMF) program.
According to a statement released by Sri Lanka's finance ministry, AirAsia Consulting has submitted a request for qualification (RfQ) for the acquisition of shares in SriLankan Airlines Limited. Additionally, FitsAir, Sri Lanka's privately-owned low-cost airline, has also submitted an RfQ for the acquisition of shares.
The list of bidders also includes Dharshaan Elite Investment Holding (Pvt) Ltd, Sherisha Technologies Private Limited, Treasure Republic Guardians Limited, and local conglomerate Hayleys PLC.
The government of Sri Lanka, through the Ministry of Finance, Economic Stabilization, and National Policies, called for RfQs from potential investors for the acquisition of shares in SriLankan Airlines Limited on October 31, 2023, through international and local media.
The deadline for submission of proposals was April 22, 2024, and six RfQs were received. These proposals will be evaluated according to the Special Guidelines on Divestiture of State-Owned Enterprises approved by the Cabinet of Ministers in July 2023.
The evaluation process will be conducted by the Opening Committee appointed by the Special Cabinet Appointed Negotiating Committee.
The International Finance Corporation will continue to advise the Government of Sri Lanka as Transaction Advisors for the divestiture of SriLankan Airlines Limited.
