AFP, Colombo :
A US equity firm that bid to buy a stake in Sri Lanka’s loss-making national airline has pulled its offer, officials said Saturday as the carrier scrambled for a new partner.
TPG, a San Francisco-based private equity firm, has withdrawn its bid for a 49 percent stake in Sri Lankan, dashing hopes of a quick revival of the airline.
“After completing the due diligence, regrettably TPG have informed us they will not pursue a potential investment in Sri Lankan airlines,” Sri Lankan Chairman Ajith Dias said in a memo to his staff.
A US equity firm that bid to buy a stake in Sri Lanka’s loss-making national airline has pulled its offer, officials said Saturday as the carrier scrambled for a new partner.
TPG, a San Francisco-based private equity firm, has withdrawn its bid for a 49 percent stake in Sri Lankan, dashing hopes of a quick revival of the airline.
“After completing the due diligence, regrettably TPG have informed us they will not pursue a potential investment in Sri Lankan airlines,” Sri Lankan Chairman Ajith Dias said in a memo to his staff.
