The Cabinet of Ministers granted its consent to the proposal by President Ranil Wickremesinghe to establish a parent company to the Treasury to accelerate the State Owned Enterprises (SOEs) restructuring programme.
The resolution for the restructuring of state enterprises was presented to Parliament by the President in the interim budget of 2022 as well as in the budget presented for 2023.
The State Enterprises Restructuring Unit has already been established under the Finance, Economic Stabilization and National Policies Ministry to facilitate the restructuring process of State Enterprises. Some of the entities targeted for restructuring are state-owned companies of which the government is the majority shareholder.
Some state owned enterprises operate as corporations. Under that situation, the Cabinet of Ministers approved the proposal made by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stability and National Policies Minister to make necessary arrangements to establish a parent company affiliated to the Treasury with 100 percent equity ownership by the Secretary of the Treasury and to make necessary arrangements to register the State Enterprises identified for restructuring as subsidiaries of the said parent company in order to accelerate the state-owned enterprises restructuring programme.
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