Colombo lands won’t be sold – Urban Development Ministry
The Selendiva Investment Company will not sell any lands to foreign countries, the Ministry of Urban Development and Housing stated. The Ministry added that old, dilapidated buildings in Colombo will be developed under Prime Minister Mahinda Rajapaksa. Additional Secretary to the Ministry of Urban Development and Housing Prof. M.M.S.B. Yalegama said that the Selendiva Investment Company is entirely liable for an audit by the Auditor General.
He added that the company was established to convert loss-making Stateowned enterprises into revenue generating establishments. Prof. Yalegama expressed these views at a Media briefing held at the Department of Government Information. Following the model used in Singapore, which works with the Tamasek Investment Company, 100 per cent State-owned enterprises would be divided into a 51 per cent stake to be owned by the State and 48 per cent open to private sector investment.
The company would divide its investments into three clusters, namely, Colombo Fort investment cluster, Real Estate Development investment cluster and State-Owned Sector investment cluster.
Chief Executive Officer of Selendiva Investment Company, Shamahil Mohideen said at the Media briefing that all income brought in by the company would be under Government control. He added that a separate Special Purpose Vehicle (SPV) will be set up under the Companies Act, under Selendiva.
The purpose of the SPV, Mohideen said, was to establish and finance and reform the underperformance under utilities access. Only 49 per cent of the institution will be opened for the private sector, Mohideen explained, and even that 49 per cent would still be controlled by the Government. “Belonging to the Government means that the people will benefit,” he added. (TF)