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People take a ‘selfie’ with a wild elephant as he grazes near the boundary of a wildlife sanctuary in Udawalawe National Park on April 18, 2019. Udawalawe National Park is 165 kilometres (103 miles) from Colombo. Udawalawe is an important habitat for water birds and Sri Lankan elephants.(PIC BY ISHARA S. KODIKARA/AFP)

SriLankan summons shareholders for EGM to discuss serious capital erosion


Shareholders of SriLankan Airlines have been summoned to an Extraordinary General Meeting of the company next week to consider its serious loss of capital and its ability to continue as a going concern.

The company owning the national airline is almost solely owned by the government with its last annual report stating that the government held 99.11 percent followed by the EPF with 0.36%. Others, including present and past employees, own 0.53%.

Nine percent of the of the company was given free to employees when the then government part privatized the airline in 1998 under the Chandrika regime with a 40% stake sold to Emirates along with management control.

Emirates later bought about three percent of the employee shares raising its stake to 43%. It was later sold back to government following differences with the Rajapaksa regime in 2008 following the end of 10-year management agreement.
 

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Ranil tipped to be UNP’s presidential candidate

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Prime Minister Ranil Wickremesinghe is expected to be the UNP’s presidential candidate, a senior Cabinet Minister said."The premier is tipped to be the party’s nominee to contest the upcoming presidential election", says Ministe...

The curse of non-abolition: No Party has a suitable presidential candidate

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For all the betrayals by the elected beneficiaries, the electoral victories of January 2015 and August 2015 can be credited with two positive outcomes. One, there has not been a single state-implicated or state-sponsored killing in the country in the l...

Hambantota Port positioned as Region’s Bunkering Hub

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The Hambantota International Port (HIP) recently awarded a tender to Sinopec Fuel Oil Sales Co. Limited for oil trading works and the operation and maintenance of their oil tank terminal along with associated facilities, the company announced. ...

De Mel’s betrayal

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This week, Sri Lanka Cricket announced their World Cup squad. Ironically, they had chosen Maundy Thursday to make the announcement. Maundy Thursday is an important day in the calendar for Christians as this day marks the betrayal of Jesus by two of his...

 
 
 
 
 
 
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