The Sri Lankan Government virtually ‘jumped the gun’ on Thursday saying it had reached agreement with Shell Gas to buy its 51% stake in the company for $63 million.
Soon after Thursday’s announcement Shell said sale discussiones were still continuing.
"We are hopeful a sale purchase agreement will be signed soon. However at this point, the agreement has yet to be signed and our discussions with the Government remain confidential,’’ Shell Gas Lanka's Country Chairman & Managing Director Walter Sanchez said in a statement.
Other industry sources said that issues relating to absorption of the Shell management team and staff are still unresolved though the Shell offer was strictly based on a going concern, which means the staff needs to be absorbed by the new owner (government). |
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