Many offers for companies under Takeover Act – Basil

Thursday, 26 January 2012 00:39 -     - {{hitsCtrl.values.hits}}

Referring to the entities that were taken over through the recent Revival/Expropriation Act, Economic Development Minister Basil Rajapaksa noted that many offers for the properties were in the pipeline.

In particular there have been many offers for the garment companies that formed the bulk of the takeovers. He also said that Ceylinco’s Cellestial Residencies will be managed by global giant Hyatt along with the involvement of Sri Lanka Insurance Corporation.

Liabilities of these companies will be resolved with court intervention, he added.