NOD OF CABINET TO RESTRUCTURE CWE

Cabinet approval to restructure CWE

The Cabinet of Ministers approved the proposal presented by the Minister of Trade, Commerce and Food Security to appoint an operational monitoring committee to carry out the activities related to the restructuring of the Cooperative Wholesale Establishment (CWE) and to implement the proposed restructuring process.

The need to restructure has been recognised after taking into account the fact that the desired objectives of establishing the CWE have not been achieved and the establishment is not contributing effectively to the economy of the country.

BIZ

Transaction consultants for 4 companies including Litro

Approval of the Cabinet of Ministers has been granted at the meeting of the Cabinet of Ministers held on the 13.03.2023 to restructure the above companies.

Accordingly, expression of interest (EOI) and request for proposals (RfP) have been called, following the international competitive procurement procedure to select transaction consultants for the purpose.

Transaction consultants for the above four (04) institutions have been selected from the short – listed proposals by the standing procurement committee appointed by the Cabinet of Ministers following the selection method based on quality and cost.

Accordingly, the Cabinet of Ministers granted approval for the proposal submitted by the President to them to enter into relevant agreements with the following four (04) institutions selected.

• Sri Lanka Insurance Corporation – Alvarez and Marsal
• Kanvil Holdings (Pvt) Limited – Deloitte India
• Hotel Developers Ceylon Limited (Colliers Singapore)
• Litro Gas Ceylon Limited – Deloitte India

BIZ

Permits of 15 Money Changers not renewed by CBSL

The Monetary Board of the Central Bank of Sri Lanka has decided not to renew the money changing permits of the 15 Money Changers (MCs) for the year 2023, due to the non-compliance with a condition of the permits issued for the year 2022.

The CBSL says this was communicated to the respective MCs on Feb. 22, 2023.

Accordingly, the public is hereby informed that the companies listed above are no longer permitted to engage in money changing activities, and buying, selling and exchanging foreign currency with such companies are considered as a contravention of the provisions of the Foreign Exchange Act, No. 12 of 2017, the CBSL adds.

The list of the MCs are as follows :

BIZ

Direct, budget flights between Thailand & SL, launched

Thailand and Sri Lanka launched a low-cost direct flight service between the two countries.

Accordingly, AirAsia flight AIQ-140 arrived at the Bandaranaike International Airport (BIA), Katunayake from Don Mueang International Airport in Thailand at 10.10 last night (09).

The A-320 Airbus type aircraft landed at the BIA with 134 passengers and seven crew members and went back to Thailand with 174 passengers from the BIA.

Four flights are scheduled to operate between Thailand and Sri Lanka per week.

Accordingly, the flight that would arrive at BIA at 10:00 p.m. on Mondays, Wednesdays, Fridays and Sundays will depart for Don Mueang Airport in Thailand at 11:00 p.m.

The flight duration is three hours and 15 minutes and the airline charges only Rs.50,000 for a round-trip airline ticket.