Hot Pursuit

The government today expressed its interest to dispose its 39 percent stake in NIC to the highest bidder. The employees control 10 percent of the company.

rnrnThe government quote s privatisation arm, the Public Enterprise Reform Commission, has called for Expressions of Interest to be submitted by April 8.

rnrnJanashakthi picked up NIC quote s 51 percent stake last June for Rs. 450 mn, after beating off Hatton National Bank through a stiff bidding process.

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rnrnldblquote We have already made a bid for the remaining stake since all bidders were asked to submit bids for both 90 percent and 51percent stake of NIC at the privatisation last year dblquote , Janashakthi quote s/NIC quote s Managing Director, Chandra Schaffter told Lanka Business Online.

rnrnHowever, the government decided to divest only 51 percent at that stage.

rnrnldblquote We are still interested in the remaining stake dblquote , Schaffter added.

rnrnNIC currently has a 5 percent market share in the domestic insurance industry and re