COLOMBO - SriLankan Airlines’ managing director Timothy Clark issued a statement on Sunday outlining Emirates’ status on the airline’s shareholders agreement.
“Emirates has notified the government of Sri Lanka that it will not be renewing the Shareholders' Agreement which expires on 31st March 2008 and accordingly, with effect from 1st April 2008, management control of SriLankan Airlines will be passed to the Government of Sri Lanka,” he said.
“Emirates will continue to manage the Company until 31st March 2008 through the offices of Mr. Peter Hill and his management team. Emirates will retain its 43.6 percent equity in the Company for the time being and continue to have a Board presence.”