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Sri Lanka Equity Forum » Stock Market & Forum Help » Stock Market News » Govt. mulls 3 options to put back to use the underutilized assets of private firms

Govt. mulls 3 options to put back to use the underutilized assets of private firms

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sriranga

sriranga
Co-Admin
Director General of the Public Enterprises, S. R. Artigala says the government will adopt a 3 pronged strategy to put back to use the underutilized or unused assets of private sector firms which it plans to take back under a proposed new law.
The new law once in place will enable the government to take over Underperforming Enterprises and Underutilized Assets.
Artigala says once taken over, the first option would be to give those assets back to the same firm under a new agreement.
He said, if not, those assets will be given to a new investor or will be kept under government control.
According to Artigala, 38 firms including 20 BOI firms and two listed firms are being earmarked as holding assets which are not being properly used or used at all.
“We are focusing on taking over the lands given by the government for those private sectors firms on lease basis” added the Director General of the Public Enterprises.
The Director General further elaborating on the take over plans said, “We have found that some firms have not delivered what they agreed with the government when we leased those lands to them”.
Pelawatta Sugar, Lanka Tractors, Charmers, and Hilton Colombo are among the firms the government has earmarked as to having underutilized or underperforming assets.
Nearly 6300 hectares given to a listed firm is also on the cards to be taken over by the government.
This is amidst heavy protest from opposition political parties who say the move is suspicious.
http://www.news360.lk/economy/govt-mulls-3-options-to-put-back-to-use-the-underutilized-assets-of-private-firms

http://sharemarket-srilanka.blogspot.co.uk/

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@sriranga wrote:
The new law once in place will enable the government to take over Underperforming Enterprises and Underutilized Assets.
Very interesting & sad to say that they do not see that they too are underperforming Shocked
ජය වේවා Sleep

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
As a idea this is good but with previous track records of government controlling companies/instituitions we have to think several times.

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics
ok what's the problem with SUGA

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