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» වසර 15ක් තුළ ලංකාව සිංගප්පූරුවට වඩා දියුණු කරනවා - චීන තානාපති
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» "මිනී මස් කාල එපා වෙලා"
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» විජයදාස ඉවත් කරන්න: එජාපය ජනපතිට කියයි
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» ජනාධිපතිවරණය දිනා ශ්‍රී ලංකාවේ ණය එක දවසකින් ගෙවන සුපිරි කෝටීපතියා .!
Yesterday at 2:31 pm by Backstage

» ආදායම ලක්ෂ 12 ට අඩුනම් ආදායම් බදු නැහැ – මුදල් ඇමති කියයි
Yesterday at 12:30 pm by nihal123

» වැසිකිළියක් සදා නොදුන් සැමියාගෙන් දික්කසාද වීමට අධිකරණය අවසර දෙයි
Mon Aug 21, 2017 5:31 pm by Ethical Trader

» 2017 ජන්ද හිමි නාමලේඛනයේ කෙටුම්පත පිටවෙයි
Mon Aug 21, 2017 2:20 pm by nihal123

» වාහන බදු අඩු කළායින් පසු සමාගම් කොටස් මිල ඉහළ ගිය හැටි
Mon Aug 21, 2017 11:50 am by Ethical Trader

» ඉන්දියාවේ විශාලතම ඔන්ලයින් ටැක්සි මෙහෙයුම්කරු ලංකාවට මාන බලයි
Mon Aug 21, 2017 11:07 am by nihal123

» CB Chief cracks whip!
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» ක්‍රිකට්: ශ්‍රී ලංකා කණ්ඩායමට එරෙහිව ක්‍රීඩාලෝලීන්ගේ විරෝධතාවක්
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» "විගණන පනත යට ගහන බවට ඇමතිවරුන්ට චෝදනා"
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Sun Aug 20, 2017 10:30 am by Ethical Trader

» Sri Lanka introduces concessions to boost faltering growth
Sat Aug 19, 2017 7:05 pm by Backstage

» New taxes hamper life insurance industry
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» LLUB.N0000 (CHEVRON LUBRICANTS LANKA PLC)
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» EPF/ETF සහ විදේශ ශ්‍රමිකයෝ: නව බදු පනත ගැන මේ කරුණු දන්නවාද?
Fri Aug 18, 2017 6:03 pm by Rana

» ගෙවල්..වාහන..විදුලිය..සියල්ලටම දැන් ණය වර්ග අටක්..
Fri Aug 18, 2017 4:12 am by nihal123

» විදුලි සංදේශ බද්ද ඉවතට - යතුරුපැදි බදු අඩුවෙයි
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» දෙවන කාර්තුවේ ඉහළ වර්ධනය සමඟින් කොමර්ෂල් බැංකුව තවත් ශක්තිමත් වෙයි
Wed Aug 16, 2017 10:15 pm by nihal123

» අද වෙන්දේසියේ දී බිල්පත් පොළී නගී
Wed Aug 16, 2017 10:11 pm by nihal123

» ලක්‍ෂ්මන් සිල්වා DFCC බැංකුවේ ප‍්‍රධාන විධායක නිලධාරි තනතුරට
Wed Aug 16, 2017 12:29 pm by nihal123

» HOPL.N0000 ( Horana Plantations PLC)
Wed Aug 16, 2017 9:21 am by yellow knife

» පෑන් ඒෂියා බැංකුවේ ප්‍රාථමික අලෙවි කටයුතු මාස 06 කට අත්හිටුවයි
Tue Aug 15, 2017 1:16 pm by nihal123

» LIOC.N0000 (Lanka IOC PLC)
Mon Aug 14, 2017 2:37 pm by The Invisible

» Plantation sector updates
Sun Aug 13, 2017 4:51 pm by The Invisible

» අධිකරණ ඇමතිට ආණ්ඩු පක්ෂයෙන්ම විශ්වාස භංගයක්?
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» සොහොන් කොතේ නම 'අකැප' ඇෆ්ගන් කතුන්
Sat Aug 12, 2017 2:59 pm by Ethical Trader

» කොරියානු අර්බුදය හමුවේ ශ්‍රී ලංකාවේ සූදානම
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» TJL.N0000 (Textured Jersey Lanka PLC.)
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» කොරියාවේ උණුසුමට සංගීතයේ සිසිලස
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» මැක්‍රෝන් සිය බිරිඳට 'ජනාධිපති ආර්යා' නිල තත්වය නොදෙන ළකුණු
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» Cartoon of the day...
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» LWL.N0000 (Lanka Walltiles PLC)
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» RICH N.0000 Richard Pieris and company PLC
Fri Aug 11, 2017 11:08 am by Ethical Trader

» විසිපන්දහසේ දඩය අනුමතයි - දඩ මුදල වැඩි කෙරුණු රථවාහන වැරදි මෙන්න
Thu Aug 10, 2017 9:29 pm by jiggysaurus

» ජනපති අගමැති ඇතුළු "සම්මුති ආණ්ඩුව වෙනුවෙන්" රවී ඇමති පුටුව අතහරි...
Thu Aug 10, 2017 7:13 pm by smallville

» KFP.N0000(Keels Food Products PLC)
Thu Aug 10, 2017 7:11 pm by pjrngroup

» රවී කරුණානායක ඉල්ලා අස්වෙයි
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» REXP.N0000 ( RICHARD PIERIS EXPORTS PLC)
Thu Aug 10, 2017 6:06 pm by Rana

» 10 Billion Dollar Companies Secretly Going Bankrupt !
Thu Aug 10, 2017 5:06 pm by කිත්සිරි ද සිල්වා

» SAMP.N0000 (SAMPATH BANK PLC)
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» ඇමති රවී විශේෂ ප්‍රකාශයක් කරමින් ඉවත් වෙන්න සූදානම්
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» කැබිනට් රැස්වීමට නැහැ ; ඇමති රවී අස් වෙයිද? නැද්ද?
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Harry J hooks up with Japan’s ANA, JAL for SriLankan Airlines

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Harry J hooks up with Japan’s ANA, JAL for SriLankan Airlines

Post by Backstage on Mon Jun 19, 2017 10:08 am

Harry J hooks up with Japan’s ANA, JAL for SriLankan Airlines

Consortium expresses interest to Govt. to own 49% stake and manage national carrier


By Nisthar Cassim

IN-1Senior business leader Harry Jayawardena has teamed up with Japan’s leading carriers ANA and JAL in a consortium to acquire a 49% stake along with management of SriLankan Airlines.

The Daily FT learns that the consortium has conveyed its expression of interest to the Government, which is keen to revive the national carrier via a Public Private Partnership (PPP) initiative.

All Nippon Airways Co., Ltd. (ANA), is the largest airline in Japan whilst Japan Airlines (JAL) is the second largest.

Jayawardena is no stranger to the national carrier having previously served as its Chairman during which period the airline saw considerable progress.

The tycoon’s business empire includes Aitken Spence, which has extensive interests in tourism, aviation and logistics, as well as Melstacorp, which holds a majority of key investments including in Distilleries. He also controls tea and food business giant Stassen Group.

Incidentally, Aitken Spence Deputy Chairman and Managing Director Rajan Brito currently serves on the SriLankan Airlines Board whilst he was a Director previously as well.

The bid by Jayawardena-led Japanese consortium comes amidst willingness indicated by world’s biggest airline Emirates to enter into a commercial agreement with SriLankan Airlines. Having previously owned a minority stake along with management contract and unceremoniously kicked out by the former President Mahinda Rajapaksa regime, Emirates isn’t keen on a similar engagement with SriLankan Airlines.

Strong expression of interests by these two parties, according to aviation industry analysts, is a big boost for the Government’s plans to revitalise the debt-saddled and loss-making SriLankan.



Previous exercise calling for expression of interests saw around 14 parties responding and eventually the giant private equity group TPG being shortlisted. Following a due diligence exercise, TPG decided to withdraw, citing commercial and other reasons.

Sources said that the Government under a PPP initiative will own a 51% stake as well as take over the debt of the National Carrier to make the airline viable for a new equity and management partner.

In a statement last week the management of SriLankan Airlines pointed out that since the Unity Government was formed, the airline’s losses have been dramatically reduced from a high of Rs. 31.3 billion in 2013/14 to Rs. 27.7 in 2016/17. The airline lost Rs. 92 billion between 2011 and 2015.

It also said the airline continues to pay a heavy price for the extremely high lease rental agreements entered into by the previous Board. The cost of terminating the leases on four A350-900 aircraft that were grossly overpriced and completely unsuitable for the National Carrier imposed a further burden on the airline. This figure was Rs. 14.3 billion in FY17.

ANA last year bought a minority stake in Vietnam Airlines. ANA, which serves 227 destinations globally, is part of Star Alliance. JAL, which is Japan’s flag carrier, is part of oneworld, in which too SriLankan Airlines is a member.

ANA also controls several subsidiary passenger carriers, including its regional airline, ANA Wings and charter carrier, Air Japan. Additional smaller carriers include Air Do, Vanilla Air, Allex Cargo (ANA Cargo), and Peach, a low-cost carrier.

JAL group companies include Japan Airlines, J-Air, JAL Express, Japan Air Commuter, Japan Transocean Air and Ryukyu Air Commuter for domestic feeder services; and JAL Cargo for cargo and mail services.

JAL group operations include scheduled and non-scheduled international and domestic passenger and cargo services to 220 destinations in 35 countries worldwide, including codeshares. The group has a fleet of 279 aircraft.
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