The Hon. Wasantha Samarasinghe
Wasantha Samarasinghe described changes to the shareholding structure of LTL, stating that part of the CEB’s stake was transferred to West Coast Power to settle CEB debt and that concerns arose because the transfer was not made through the stock exchange. He said a later attempt to list about 22 per cent of shares to raise funds was stopped because the State’s 51 per cent holding had to be protected. He added that the proposal was for the Ceylon Petroleum Corporation to take 20 per cent, and that the IPO was halted after LTL indicated it could provide the required funds.
Verbatim record (translated)
Machine-translated from Sinhala / Tamil / English¶ 01 I will conclude in three minutes, Hon. Presiding Member.
¶ 02 Over time, the CEB’s 63% holding was split: 35% remained with the CEB, and 28% went to West Coast Power for Rs. 26 billion to settle CEB debt. That 28% was transferred internally without listing on the stock exchange; this is where questions arose. The new shareholding became: CEB 35%, West Coast 28%, Teckpro 27%, and “Peradivi” (employees’ fund) 10%. Subsequently, they sought to list about 22% to raise roughly Rs. 20 billion. We stopped it, insisting the State’s 51% must be preserved. Therefore, we requested that the 20% go to the Ceylon Petroleum Corporation (CPC). When we said CPC would take the 20%, LTL said they had the money. That is how the IPO was halted.
Provenance
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- Hansard, Thursday, 20 November 2025 ·No. 22934 ·English daily/uncorrected Hansard
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/lk/speeches/4487
Cite as: The Hon. Wasantha Samarasinghe. 10th Parliament, Parliament of Sri Lanka. Hansard, 20 November 2025. No. 22934. Politick, https://staging.politick.io/lk/speeches/4487