The Government of Sri Lanka has reportedly bought Emirates’ stake in SriLankan Airlines for US$53 million, according to media sources in Colombo. Emirates previously held a 43.6% stake in the airline, bought in 1998 for US$70 million.

J.B. Jayasundera, Sri Lanka’s Treasury Secretary, was quoted by local media as saying that “payment has been made and shares are held by [the] Bank of Ceylon. We are looking for a strategic partner or somebody from the government to take the stake and maintain the commercial character of SriLankan.”