The Government has converted Rs. 372 billion debt in the Ceylon Electricity Board (CEB) to equity. CEB in a filing to the Colombo Stock Exchange (CSE) informed of the decision by the Treasury to reduce CEB liabilities by Rs. 372.1 billion converted the value into Government equity investments. It said this has been accounted for in the CEB financial statement as at 31 December 2022.
“This amount includes debt servicing cost of loans obtained for Norochcholai Power Plant and total outstanding balance of the loan at the Norochcholai Power Plant and seven other project loans of which the loan agreements have been entered into by the Government on behalf of CEB,” the disclosure said.