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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