The Sri Lankan government cabinet has decided to sell a considerable number of shares to selected investors.

The Lankan government is looking to sell a 49 percent stake in the catering and ground-handling units of the national carrier in order to restructure it.

The government is now looking to hand over the management of the airline in addition to selling its shares, Aviation Minister Nirmal Siripala de Silva said.

President Ranil Wickremesinghe, also the finance minister, has held the view that Sri Lankan which is making an annual loss of 40 million needs to be privatized without further delay. The total loss stands at a staggering Rs 372 billion.

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