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On June 6, 2010, the government of Sri Lanka announced that it bought back a 43.63 per cent stake of the national airline SriLankan Airlines that was previously owned by Emirates, a subsidiary of The Emirates Group which is wholly owned by the government of Dubai.
After this deal, SriLankan Airlines became 94.68 per cent state-owned, twelve years after its partial privatisation in 1998 (the remaining shares belonging to employees who were gifted shares at the time of the privatisation). At that time, Emirates bought a 43.63 per cent stake for USD 70 million and was given management control over the next ten years.
The Dubai-based company announced in 2008 that it was not willing to renew its management contract for another period and that it was seeking to withdraw from SriLankan Airlines.
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