Sri Lanka Aviation

Singapore Airlines to increase flights to Colombo

Singapore Airlines will increase its frequency to Colombo from the current four times a week to daily flights from October.

The Airline last week upgraded the aircraft by launching the Boeing B787-10 Dreamliner for flights on the Colombo and Singapore route. Constructed using lightweight composite materials, the 68-metre B787-10 is the longest variant of Boeing’s Dreamliner range.

With exceptional operating efficiency and advanced technology, the B787-10 aircraft is also environmentally friendly with a small carbon footprint.

Singapore Airlines’ Boeing 787-10s are fitted with 337 seats across two classes (36 lie-flat seats in Business Class on 1-2-1 seating configuration and 301 seats in Economy Class on 3-3-3 seating configuration) and with additional cargo capacity.

https://www.sundayobserver.lk/2023/0...lights-colombo

Sri Lanka has secured a $2.9bn (£2.3bn) bailout from the International Monetary Fund (IMF) as it faces its worst economic crisis since independence.



"Foreign minister Ali Sabry told the BBC the government will raise funds by restructuring state-owned enterprises and privatising the national airline."

Sri Lanka plans to sell SriLankan Airlines, buyer may be from Russia - minister

02.04.23 09:45 Company news
RIA NewsRIA News

MOSCOW, April 2 - RIA Novosti. The authorities of Sri Lanka plan to sell the national carrier SriLankan Airlines, the buyer may be from Russia, the country's Minister of Transport Bandula Gunawardana said in an interview with RIA Novosti.

"Yes, I can confirm that the Sri Lankan authorities are planning to sell SriLankan Airlines, but a buyer has not yet been found. There are many business opportunities here, and the buyer could very well be any Russian company," Gunawardana said.

The Minister also noted that the country's authorities want to find a good buyer for the carrier. He also explained why SriLankan Airlines does not fly to Russia now: because of insurance problems.

"The airline has problems with insurance: as soon as they solve it, they will try to resume flights to Russia. I think this will happen in the future.

https://www.finam.ru/publications/it...20230402-0945/

World Bank to assist with sale of SriLankan Airlines

Sri Lanka's Ministry of Finance is liaising with the International Finance Corporation (IFC) regarding the divestment of state-owned SriLankan Airlines (UL, Colombo International), along with subsidiaries SriLankan Catering Limited and SriLankan Ground Handling Limited. The moves follows the government bringing multi-national financial advisory firm, Lazard, onboard to assist in the sale process. The IFC is a subsidiary of the World Bank.

This week, the Sri Lankan government called for expressions of interest from advisors to assist with the sale of stakes in seven state owned enterprises (SOEs), including SriLankan Airlines. A statement posted on the website of the Ministry of Finance's State Owned Enterprise Restructuring Unit (SRU) says the government is in "the process of implementing deep economic reforms" across its multiple SOEs. "Such reforms are intended to enhance competition, productivity and efficiency across the economy."

The divestures appear to be split into two tranches, with Sri Lankan Airlines in the second group along with Sri Lanka Telecom and Lanka Hospital Corporation. Recently, ch-aviation reported that the Sri Lankan government hopes to raises around USD500 million from the sale of the airline's catering and ground handling units. However, that amount would cover less than half of SriLankan's debts, with aviation minister Nimal Siripala De Silva telling parliament the remainder would be borne by Sri Lanka's treasury. However, the sale of a stake in the SriLankan Airlines would raise additional capital, which presumably, could be used to pay down part or all of the remaining debt. The Sri Lankan government also has not specified whether its "divestment" entails the sale of 100% of the airline or a portion of it.

The SRU says the advisors will provide support services regarding sell-side due diligence, valuation, data room creation, transaction strategy, and marketing of SriLankan Airlines, its subsidiaries, and the other SOEs. "The divestitures will be carried out by the SRU in a transparent and credible manner following an EOI/RFP process which will be published in the local and international press," says the Ministry of Finance statement. "Unsolicited proposals will not be entertained."

SriLankan Airlines maintains a fleet of 24 Airbus aircraft, of which 18 are flying and six are classed as inactive. The airline flies to 39 destinations in 21 countries.