In an effort to lessen losses suffered by state-owned businesses as part of a USD 2.9 billion International Monetary Fund (IMF) initiative, Sri Lanka has opened bids for SriLankan Airlines.
The COVID-19 pandemic and the economic downturn have caused a decline in tourism in recent years, making the airline one of Sri Lanka’s largest loss-making state-owned businesses, according to Reuters.
A notification requesting offers for the airline by December 5th was released by the Finance Ministry. By June, it hopes to have the sale completed.
The bid announcement states that the government is now restructuring the business’s debt.
According to financial data included in the bid documents, SriLankan Airlines recorded operating losses of USD 575 million since 2015 but reported an operational profit of USD 93 million this year.
Source- Travel biz
Link- https://travelbizmonitor.com/sri-lanka-invites-bids-for-sale-of-srilankan-airlines/