Commencing mid 90s and extending to early 2000s, several SOEs including Sri Lanka
Telecom, Sri Lanka Insurance Corporation and SriLankan Airlines were privatized. The In-House
Counsels of Capital City Law have unparalleled experience in all major privatizations so carried
out, while having worked alongside local and international Consultants, Financial Advisors and
Legal Advisors appointed to assist the transactions.
Mr. Jayawardana has acquired hands on experience during the tenure of office at the
Attorney General’s Department having actively participated inter alia in the following large
transactions as a leading member of the Legal Advisory Team. The Key transactions being;
Mrs. Gunawardana has acquired the following hands on experience during her tenure of office
as the Secretary to the Commission and Director –Legal of the Privatization arm of the
Government – Public Enterprises Reform Commission (PERC);
Key Transactions
Sri Lanka Telecom
Divestiture of a 35% stake of the state owned Telecommunication Company with a
specified management control, to Nippon Telegraph and Telephone (NTT) Corporation
of Japan. (1996)
Sri Lankan Airlines
Divestiture of 40% of government shares with a specified management control of the
national carrier, to Emirates of Dubai. (1998)
Sri Lanka Insurance Corporation
Privatization of the government owned Insurance Company to Distilleries Consortium
(1996)
Plantation Companies
Privatization of several plantation companies owned by the State /State Institutions
and facilitating the listing of some of the Companies in the Colombo Stock Exchange.
(1990s)
Steel Corporation
Privatization of the government owned Steel Manufacturing Company to Hanjung
Corporation Ltd. of Korea. (1996)
National Development Bank debenture conversion
Conversion of government debentures into shares and divestiture of same
Government shares through a domestic/international share offering (1999 to 2001).
Liberalization of the Lubricant Industry
Issuance of lubricant licenses to Castrol Asia Pacific, Shell Trading Middle East, Indian
Oil Corporation, Mobil Asia Pacific Valvoline International and BP Middle East. (1996)
Other privatization transactions include the restructuring/ privatization of Mattegama
Textile Mills Limited, National Insurance Corporation of Sri Lanka, State owned
agricultural and livestock farms, the two state owned graphite companies, Colombo
Commercial Engineering Company, Sevenagala Sugar Industries Limited and Lanka
Marine Services Limited.
Conversion of the 25 year BOT arrangement with Prima of Singapore, pertaining to the
construction and operation of a flour milling complex to a BOO arrangement, along
with the liberalization of the importation, manufacturing and distribution of wheat
flour in Sri Lanka, was also carried out in 2001.