{"id":9128,"date":"2023-10-10T07:48:03","date_gmt":"2023-10-10T07:48:03","guid":{"rendered":"https:\/\/aviation-news.info\/?p=9128"},"modified":"2023-10-10T07:48:03","modified_gmt":"2023-10-10T07:48:03","slug":"srilankan-airlines-privatisation-to-conclude-by-late-2q24","status":"publish","type":"post","link":"https:\/\/aviation-news.info\/?p=9128","title":{"rendered":"SriLankan Airlines privatisation to conclude by late 2Q24"},"content":{"rendered":"<p>Aviation news international &#8211; The head of Sri Lanka&#8217;s State-Owned Enterprises Restructuring Unit has said that the privatisation of loss-making carrier <a href=\"https:\/\/www.ch-aviation.com\/portal\/airline\/UL\">SriLankan Airlines<\/a>\u00a0(UL,\u00a0<a href=\"https:\/\/www.ch-aviation.com\/portal\/airports\/2678\">Colombo International<\/a>) should be finalised by June 30, 2024. Suresh Shah also told Colombo-based media last week that the airline&#8217;s transaction advisor, the International Finance Corporation (IFC), should come up with its proposal by the end of this year.<\/p>\n<p>Sri Lankan Airlines is one of 85 state-run enterprises Shah&#8217;s agency has recommended the government wholly or partially privatise. More than one hundred other companies will undergo restructuring but remain in government hands. ch-aviation\u00a0<a href=\"https:\/\/www.ch-aviation.com\/portal\/news\/131514-tata-adani-emirates-vie-for-srilankan-airlines-report\">recently reported<\/a>\u00a0that the government was in talks with several potential investors, including\u00a0<a href=\"https:\/\/www.ch-aviation.com\/portal\/airline\/EK\">Emirates<\/a>\u00a0(EK,\u00a0<a href=\"https:\/\/www.ch-aviation.com\/portal\/airports\/6\">Dubai International<\/a>), the Adani Group, and\u00a0<a href=\"https:\/\/www.ch-aviation.com\/portal\/entity\/TATA\">Tata Sons<\/a>. Emirates previously owned a 43.63% stake in SriLankan Airlines and managed the carrier&#8217;s day-to-day operations but divested in 2010. Since then, on-again-off-again efforts to find a new investor have failed.<\/p>\n<p>In June, SriLankan CEO Richard Nuttall\u00a0<a href=\"https:\/\/www.ch-aviation.com\/portal\/news\/128540-srilankan-airlines-eyes-airbus-ceo-pending-privatisation\">told ch-aviation<\/a>\u00a0that the immediate priority was to restructure the airline&#8217;s balance sheet given the high cost of servicing its debt, and then move to sell the carrier. In the 12 months to March 31, 2023, SriLankan posted a loss of LKR75.03 billion Sri Lankan rupees (USD232 million) on revenues of LKR365.17 billion (USD1.13 billion). Its profit and loss statement reveals it spent LKR49.1 billion (USD152.2 million) on financing costs. Sri Lanka&#8217;s depreciating rupee cost the carrier another LKR26.7 billion (USD82.9 million).<\/p>\n<p>Ahead of any privatisation, SriLankan Airlines continues to experience reliability issues, with local media reports criticising it for its high cancellation rate, ostensibly due to the large number of grounded aircraft. According to\u00a0<a href=\"https:\/\/prosubscription.ch-aviation.com\/fleets-advanced\/\">ch-aviation fleets advanced<\/a>\u00a0data, four of its 24 aircraft are out of service, including one\u00a0<a href=\"https:\/\/www.ch-aviation.com\/aircraft-variants\/A32020N\">A320-200N<\/a>, two\u00a0<a href=\"https:\/\/www.ch-aviation.com\/aircraft-variants\/A32120N\">A321-200N<\/a>s, and one\u00a0<a href=\"https:\/\/www.ch-aviation.com\/aircraft-variants\/A330200\">A330-200<\/a>. Nuttall told ch-aviation that the A330-200, 4R-ALB (msn 306), one of four the carrier operates, is grounded pending its return to its lessor after the lease period ended.<\/p>\n<p>Ports and Aviation Minister Nimal Siripala de Silva reportedly told Sri Lanka&#8217;s parliament last week that the airline needed more aircraft and that five attempts to lease an additional A330 had come to nought. &#8220;No one wants to give them to us,&#8221; he said. &#8220;We managed to secure only five A320 aircraft. I have now informed the airline that they must always keep a spare aircraft to go and pick up passengers if the scheduled aircraft is unavailable.&#8221; Nuttall says there have been two requests for proposals issued for A330s, and while nothing to date has been secured talks with lessors continue<\/p>\n<p>source: <a href=\"https:\/\/www.ch-aviation.com\/portal\/news\/132758-srilankan-airlines-privatisation-to-conclude-by-late-2q2\">https:\/\/www.ch-aviation.com\/portal\/news\/132758-srilankan-airlines-privatisation-to-conclude-by-late-2q2<\/a>4<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Aviation news international &#8211; The head of Sri Lanka&#8217;s State-Owned Enterprises Restructuring Unit has said that the privatisation of loss-making carrier SriLankan Airlines\u00a0(UL,\u00a0Colombo International) should be finalised by June 30, 2024. Suresh Shah also told Colombo-based media last week that the airline&#8217;s transaction advisor, the International Finance Corporation (IFC), should come up with its proposal &hellip;<\/p>\n","protected":false},"author":1,"featured_media":9129,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpscppro_dont_share_socialmedia":false,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"","_twitter_share_type":"","_linkedin_share_type":"","_pinterest_share_type":"","_linkedin_share_type_page":"","_instagram_share_type":"","_medium_share_type":"","_threads_share_type":"","_google_business_share_type":"","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[102,88],"tags":[],"class_list":["post-9128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured-en","category-flights"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SriLankan Airlines privatisation to conclude by late 2Q24 - aviation news<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aviation-news.info\/?p=9128\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SriLankan Airlines privatisation to conclude by late 2Q24\" \/>\n<meta property=\"og:description\" content=\"Aviation news international &#8211; The head of Sri Lanka&#8217;s State-Owned Enterprises Restructuring Unit has said that the privatisation of loss-making carrier SriLankan Airlines\u00a0(UL,\u00a0Colombo International) should be finalised by June 30, 2024. Suresh Shah also told Colombo-based media last week that the airline&#8217;s transaction advisor, the International Finance Corporation (IFC), should come up with its proposal &hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aviation-news.info\/?p=9128\" \/>\n<meta property=\"og:site_name\" content=\"aviation news\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=100088552298353\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-10T07:48:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/aviationnews-international.com\/wp-content\/uploads\/2023\/10\/5458.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"794\" \/>\n\t<meta property=\"og:image:height\" content=\"275\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"adminnews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@aviationne428\" \/>\n<meta name=\"twitter:site\" content=\"@aviationne428\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"adminnews\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/aviation-news.info\\\/?p=9128#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/aviation-news.info\\\/?p=9128\"},\"author\":{\"name\":\"adminnews\",\"@id\":\"https:\\\/\\\/aviation-news.info\\\/#\\\/schema\\\/person\\\/02e91cef3ca1560c153b683711401bd3\"},\"headline\":\"SriLankan Airlines privatisation to conclude by late 2Q24\",\"datePublished\":\"2023-10-10T07:48:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/aviation-news.info\\\/?p=9128\"},\"wordCount\":443,\"publisher\":{\"@id\":\"https:\\\/\\\/aviation-news.info\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/aviation-news.info\\\/?p=9128#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/aviation-news.info\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/5458.jpg\",\"articleSection\":[\"Featured\",\"Flights\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/aviation-news.info\\\/?p=9128\",\"url\":\"https:\\\/\\\/aviation-news.info\\\/?p=9128\",\"name\":\"SriLankan Airlines privatisation to conclude by late 2Q24 - 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