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.