Cabinet nod for selecting consultants to sell Insurance Corporation, Litro, etc.

By Rathindra Kuruwita

The Cabinet of Ministers on Monday approved the selection of four transaction consultants to restructure Sri Lanka Insurance Corporation, Kanvil Holdings (Pvt.) Limited, Hotel Developers Ceylon Limited and Litro Gas Ceylon Ltd., according to Cabinet spokesman Bandula Gunawardena.

The Cabinet had approved the restructure of these institutions on 13 March 2023, Minister Gunawardena told the media yesterday.

 Gunawardena said: “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”.

Gunawardena said transaction consultants for four institutions had been selected by the standing procurement committee appointed by the Cabinet of Ministers following the selection method based on quality and cost.

The Cabinet,  on Monday, granted approval for the proposal submitted by the President for them to enter into relevant agreements with the following institutions, i. e., Sri Lanka Insurance Corporation – Alvarez and Marsal,  Kanvil Holdings (Pvt) Limited – Deloitte India, Hotel Developers Ceylon Limited (Colliers Singapore) and Litro Gas Ceylon Limited – Deloitte India.