Capital market sources told the Business Times that after the Bank of Ceylon (BOC)-Seylan Bank saga which has left a bad taste in the share market, the PM has promised top officials at the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission (SEC) that the government will list the two hotels by this first quarter. “By the two hotels he meant the government has plans to divest its stake in the Hilton, and the yet-to-be opened Hyatt,” a source said.
Last month in a tense and confusing turn of events the PM met with the CSE top brass and told them of the government’s intention to revoke state-owned Bank of Ceylon’s (BOC) controversial sale of a 7.5 per cent stake in the private Seylan Bank to a Japanese buyer based in Singapore (who some believe could be a front for a local business). Authorities have made it clear that in order to facilitate industry consolidation, the government won’t dilute state holdings in banks. “In the same discussion he made it clear that the Hilton and Hyatt holdings by the state will be sold on the CSE,” the source said.
IS IT THE CORRECT TIME TO LIST, WITH THE CURRENT MARKET SENTIMENT?