|CWE Sathosa to be listed on CSE?
The retail chain subsidiary of the CWE-Sathosa Retail Ltd., is likely to be listed in the Colombo Stock Exchange after the privatisation of management which is expected to be completed within next two months.
There are five interested parties including Australian retail chain Foodland, Cargills Ceylon Ltd., a consortium of John Keels Holdings and Carsons and Ceylon Biscuits Ltd., Abans Ltd. backed by a Singaporean firm and South Africas largest supermarket retailer Shoprite Checkers Limited had bid for the tender that was opened on November 29.
According to sources, all bids are presently undergoing the technical evaluation process, where the technical committee would look into various aspects of business interests including management, marketing financial aspects of each bid in its report to the cabinet, which will make their decision on the successful bidder who would secure one million shares of the company at the par value of Rs. 10, which is amount to be 40% of the total stake.
The investor would also confer the management rights of the company under a management agreement.
Meanwhile Commerce and Consumer Affairs Minister Ravi Karunanayake instructed the tender board chaired by Ministry Secretary Harsha Wickramasinghe to strictly follow the guidelines for the cabinet tender procedure to assure the transparency of the tender.
The Sathosa Retails Limited is a subsidiary of the Corporative Wholesale Establishment (CWE) which manages the largest retail chain in the country, which includes 157 retail outlets plus four super malls.
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