ANNOUNCEMENT 06 Jun 2010In June 2010, the government of Sri Lanka announced altered domestic business conditions for foreign investors.
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The Economic Times, India Times: http://articles.economictimes.indiatimes.com/2010-06-07/news/28401427_1_dubai-s-emirates-airlines-pc-stake-cent-stake
Arabian Business: http://www.arabianbusiness.com/sri-lanka-hints-that-airline-deal-done-with-emirates-272894.html
Wikipedia, 'SriLankan Airlines': http://en.wikipedia.org/wiki/SriLankan_Airlines
SriLankan Airlines, Annual Report 2011 (page 5): http://www.srilankan.com/pdf/annual-report/SriLankan_Airlines_Annual_Report_2010_2011.pdf
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.