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Sri Lanka’s state-run Ceylon Electricity Board (CEB) has sold 28 percent of its shares in LTL Holdings to West Coast Power Company Limited, an independent power producer, resulting in a net gain of 25.9 billion rupees in the March 2024 quarter, according to interim accounts. The sale, carried out as a transfer for a total consideration of 26 billion rupees, was part of a partial settlement of outstanding dues. This transaction is reflected in the CEB's individual financial statement under 'Gain from Share Disposal'. LTL Holdings, initially a transformer-making unit set up with ABB, has evolved to establish several independent power producers (IPPs), including West Coast Power, which operates a 300MW combined cycle IPP in Kerawalapitiya.
The capital gain from the transfer of shares significantly boosted CEB's profits to 84 billion rupees for the March 2024 quarter. The CEB reported gross profits of 62.7 billion rupees from energy sales and 30.6 billion rupees in other income and gains for this period, compared to only 3.1 billion rupees in other income in the previous year. West Coast Power, promoted by firms linked to the LTL group, also includes shares held by both the Treasury and the Employees Provident Fund and has been paying dividends. Its operational and maintenance contract is managed by Lakdhanavi, another private IPP.
