New finance company
Jul 22, 2010 8:00:00 PM - aussieindolanka.com
The cabinet has given approval to a proposal to establish a Company named ‘State Resources Management Corporation’ (SRMC) for the management and development of under utilized assets of public ventures and other semi government institutions presently non operative.
The SRMC, expected to be set up in two months by the State Resources and enterprise Development Ministry under the Companies Act, will take over current assets of all non viable state ventures and develop them to make profit making ventures. The initial capital set aside for the SRMC is Rs. 100 million.
Approval was also granted by the Cabinet to issue international Sovereign Bonds up to US$ one billion this year in the international capital market at longer term maturity under the supervision of the Central Bank of Sri Lanka.
The Government expects to use the proceeds of this International Sovereign Bonds to settle the high cost short term dept in order to help to improve the government debt management and maintain interests rates stability.