Colombo, Sri Lanka – 13 August 2026 – The Government of Sri Lanka (GOSL) has taken a significant step forward in the strategic divestiture of Canwill Holdings (Pvt) Limited, announcing the pre-qualified bidders who will proceed to the next crucial stage of the sale. This important update, communicated via a press release from the Ministry of Finance, Planning and Economic Development on August 12, 2026, marks a pivotal moment in the government’s ongoing efforts to streamline its public enterprises and attract robust local and foreign investment.
Canwill Holdings (Pvt) Limited serves as the parent company to prominent entities within Sri Lanka’s dynamic hospitality sector: Sinolanka Hotels & Spa (Pvt) Ltd and Helanco Hotels & Spa (Pvt) Ltd. The divestiture process officially commenced with the issuance of a Request for Expression of Interest (REOI) on December 24, 2025, inviting interested parties to bid for the government’s stake in the company.
The REOI garnered considerable attention from both local and international investors, with eight (8) Interested Parties (IPs) submitting their responses by the specified deadline of 14:00 SLST on Monday, March 16, 2026. Following a comprehensive and rigorous evaluation process conducted in strict accordance with the REOI terms, the Ministry has successfully shortlisted five formidable entities that have met the stringent qualification criteria.
Five Contenders Advance to RFP Stage
These five entities have been officially designated as Pre-Qualified Bidders and are now eligible to participate in the second and critical stage of the Divestiture Process: the Request for Proposal (RFP) stage. The selected bidders are:
- Chalet Hotels Limited (India)
- Juniper Hotels Limited (India)
- Consortium relating to Phoenix Ventures Private Limited (Sri Lanka) and Bluestone Capital Private Limited (Sri Lanka)
- Ceylon Steel Corporation Limited (Sri Lanka)
- Consortium relating to EML Consultants PLC (Sri Lanka) and Kimetal S.r.L (Italy)
The diverse composition of the pre-qualified bidders, featuring strong domestic players alongside significant international hotel groups from India and a consortium with Italian involvement, underscores the attractive investment potential within Sri Lanka’s burgeoning tourism and hospitality sector. The participation of well-established companies such as Chalet Hotels and Juniper Hotels, alongside local powerhouses like Phoenix Ventures and Ceylon Steel Corporation, signals robust confidence in the nation’s economic outlook and its strategic assets.
This progression to the RFP stage is a critical component of the government’s broader economic strategy, which aims to enhance efficiency, foster competition, and attract much-needed capital into key state-owned enterprises. The Ministry of Finance, Planning and Economic Development will oversee the next phase, where these pre-qualified bidders will submit detailed proposals outlining their strategic vision and financial commitment for the future of Canwill Holdings.
All capitalised terms used but not defined in this announcement refer to the meanings assigned to such terms in the original REOI document.
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