Lankapage Logo CP 22 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to

Leading News from Sri Lanka::

* Selendiva is a 100% state-owned company formed to develop state assets, government says
Fri, Jun 4, 2021, 11:53 am SL Time, ColomboPage News Desk, Sri Lanka.

June 04, Colombo: The Selendiva Investment Company was set up to strengthen loss making state enterprises and thereby generate revenue for the country and it will be 100 percent audited by the Government Auditor General, Urban Development and Housing Ministry Additional Secretary Dr. M.M.S.B. Yalegama said.

The Ministry of Urban Development and Housing said that there is no truth in the rumors that the Selendiva Investment Company is selling certain lands and ancient buildings in Colombo to foreign companies and emphasized that the government will take steps only to develop them.

This is being implemented on the instructions of the Prime Minister Mahinda Rajapaksa in his capacity as the Minister of Urban Development and Housing to take steps to renovate the dilapidated ancient buildings in the city of Colombo under the control of the government, the official said at a media briefing held at the Government Information Department yesterday (3).

Mr. Yalegama said a National Business Authority will be established in line with President Gotabhaya Rajapaksa's 'Vision of Prosperity' policy statement to transform state-owned enterprises into commercially viable enterprises using best practices and to transform into profitable businesses using prudent risk management strategies.

Selendiva Investments was formed following the example of the Tamasek investment model in Singapore. The 100 per cent State-owned company has 51 per cent of its shares open to the public and 49 per cent to the private sector.

Established with the objective of bringing loss-making state-owned enterprises and underutilized state property to profitability, the company operates under three clusters, namely the Colombo Fort Heritage Square, Immovable Property Development and the Government Owned Hospitality Sector.


ColomboPage - Recent 10 Stories ::
Government’s robust economic development program leads to a substantial 62.1% drop in inflation– Acting Finance Minister
-- [12 minutes ago]
Sri Lanka’s national inflation declines to 2.1 percent in August 2023
-- [45 minutes ago]
Empowering Sri Lankan SMEs with Export Expertise: Seylan Bank offers comprehensive support services and knowledge sharing
-- [57 minutes ago]
US supports the Sri Lankan government in providing Thriposha to mothers and children through WFP
-- [1 hour and 13 minutes ago]
Malaysian King extends state visit invitation to Sri Lanka’s President, scheduled for early 2024
-- [7 hours ago]
Government allocates Rs. 12 billion for purchase of fertilizer for Maha Season
-- [7 hours ago]
Strategy to develop Arugam Bay Tourism urgently needed
-- [8 hours ago]
Two killed in a shooting in Avissawella; two injured
-- [9 hours ago]
President holds talks with Commonwealth Secretary General Patricia Scotland
-- [9 hours ago]
Sri Lankan President, IMF Chief discuss debt restructuring, financial reforms, vital economic issues

Copyright © 2000, 2020 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.