Government Printery Privatized: AG
January 18, 2019 4:44 pm
Minister for Economy, Aiyaz Sayed-Khaiyum [2nd from left] says this is in line with governments aim to encourage private sector participation in divestment space.
Government Printery services has been privatized as Fijian Holdings Limited takes full ownership of the business from today.
Fijian Holdings Limited has partnered with Aitken Spence, who will be working with Serendib Investment, a Sri Lankan company to provide this service.
Minister for Economy, Aiyaz Sayed-Khaiyum says this is in line with governments aim to encourage private sector participation in divestment space.
Serendib is a joint venture company that has been setup between Fijian Holdings Limited and Aitken Spence and they have shareholding with Fijian Holdings owning 75% of Serendib and Aitken Spence holding 25%.
Sayed-Khaiyum says there are certain conditions of the sale.
“So within the first two years, Serendib has to invest $1.5 million in new technology and balance of $3.5 million has to be invested in the next five years. So in five years, they need to invest five million into upgrading the current Government Printery Services, bringing in new technology.”
Along with the sale of Government Printery, a 99-year lease has also been renewed for the property.