Deadline extended for SriLankan Airlines privatisation

Sri Lanka has extended the deadline for expressions of interest in SriLankan Airlines and its low-cost subsidiary, Mihin Lanka, until Aug 31. The Sri Lankan govt is looking to find a strategic investor for the “reorientation” of the two airlines. The exact stake up for sale is unclear, although it has been suggested it could be around 40%. National Savings Bank subsidiary NSB Fund Management, which is managing the process, formally announced the privatisation July 6 and originally set a deadline of Aug 24. SriLankan Airlines has been facing increased competition, especially from Gulf carriers, and earlier this year the govt said it was considering an equity buy-in from another airline and possible aircraft order cancellations to stem ongoing losses. This was followed by some network cuts. <br/>