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SOEs Restructuring Unit to make recommendations on SriLankan Airlines

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The State-owned Enterprises Restructuring Unit, established under the Ministry of Finance, Economic Stabilization & National Policies, will be assigned to study the methodology of restructuring the national carrier SriLankan Airlines and make recommendations to the Cabinet of Ministers, the government says.

At its meeting held on Monday (Oct. 31), the Cabinet of Ministers decided to handover the responsibility of studying the methodology of restructuring SriLankan Airlines and making recommendations to the said unit.

The decision was reached after taking into consideration the resolutions furnished by the Minister of Port, Shipping & Aviation.

The government stated that it has recognized the need to restructure SriLankan Airlines and its subsidiary companies by handing over a considerable amount of shares and the management of the entity of SriLankan Airlines to investors selected through a transparent procurement process.

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Special commodity levy on imported onions & rice, slashed

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The special commodity levy on imported onions and rice has been reduced with effect from yesterday (March 27).

Thereby, the Special Commodity Levy of Rs. 65 per 1kg of rice has been dropped to Rs. 1 until April 03, 2024.

In addition, the tax levied from imported Rose Onions have been slashed to Rs. 10 per kilogram until April 30, 2024.

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McDonald’s local franchisee not under our group – Abans

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Abans PLC has stated that the local franchisee of McDonald’s is not under their group of companies.

The company had made the clarification in a letter to the Colombo Stock Market.

The letter notes that the local franchisee of McDonald’s is International Restaurant Systems (Private) limited incorporated under the Companies Act No. 7 of 2007. The majority shareholder of the said company is Mr. Rusi Pestonjee who owns a 98.73% stake in that company, and who is also the Managing Director of Abans PLC.

“International Restaurant Systems (Private) Limited is not a subsidiary nor an associate of Abans PLC or its parent company Abans Retail Holdings (Private) Limited. Due to the said reason, the financials of International Restaurant Systems (Private) Limited are not consolidated with the financials of Abans PLC,” the letter adds.

The letter is as follows :

Related News :
Court issues enjoining order against Abans MD

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Japanese investor steps in for floating market project

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A Japanese investor has entered into an agreement with the Urban Development Authority (UDA) the revive the Floating market in Pettah, Colombo.

A Memorandum of understanding was signed between the Japanese investor Akira Hirose and UDA Chairman Nimesh Herath for the maintenance and management of the Floating Market.

Under the MOU the location is to be developed as a floating market complex aimed at attracting tourists within a six month period.

The floating market project was opened in 2014 by the then Secretary of the Defence and Development Ministry Gotabaya Rajapaksa and Rs 352 million was spent on the project with the objective of recovering 50 per cent of the expenses within five years, but the project failed.

It was reopened in April 2021 when Gotabaya Rajapaksa was the President, after Rs 25 million was spent on the project, but it was a failure again.

(sundaytimes.lk)

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