In a move set to reshape the aviation landscape of Sri Lanka, six companies have stepped forward, expressing keen interest in acquiring stakes in the national carrier, SriLankan Airlines. This development marks a significant milestone in the government’s efforts to privatize and revitalize the struggling airline, as announced by the State-Owned Enterprise Restructuring Unit (SOERU) operating under the Finance, Economic Stabilization, and National Policies Ministry.
Following a call for Request for Qualification (RfQ) from potential investors, both domestic and international, issued by the Government of Sri Lanka (GOSL) on October 31, 2023, via local and international media, the deadline for submissions closed on April 22, 2024. Among the contenders are AirAsia Consulting Sdn. Bhd., Dharshaan Elite Investment Holding (Pvt) Ltd, FITS Aviation (Pvt) Ltd, Sherisha Technologies (Pvt) Ltd, Treasure Republic Guardians Ltd, and notably, Hayleys PLC, a prominent Sri Lankan conglomerate.
The diverse pool of applicants includes a mix of international and local entities, reflecting the global interest in SriLankan Airlines and its potential for growth and profitability. While AirAsia Consulting Sdn. Bhd. represents Malaysia’s aviation expertise, Hayleys PLC emerges as the sole Sri Lankan contender, showcasing domestic confidence in the national carrier’s future.
The evaluation process, overseen by the Opening Committee appointed by the Special Cabinet Appointed Negotiating Committee, will adhere to special guidelines on the divestiture of state-owned enterprises approved by the Cabinet of Ministers in July 2023. International Finance Corporation remains onboard as Transaction Advisers, providing expert guidance to the GOSL throughout the divestiture process.
This influx of interest signals a new chapter for SriLankan Airlines, with potential investors poised to inject fresh capital, expertise, and innovation into the airline’s operations. As stakeholders await the outcome of the evaluation process, anticipation mounts regarding the strategic direction and partnerships that will shape the future of Sri Lanka’s aviation industry.
The government’s commitment to privatization underscores its determination to foster competitiveness, efficiency, and sustainability within the national carrier. With a diversified field of contenders and expert advisory support, SriLankan Airlines stands on the cusp of a transformative journey towards enhanced performance and global relevance in the dynamic aviation sector.
