Broad plans to restructure Sri Lanka's SOEs will be unveiled in January, multiple reports said on Sunday.

A new holding company is to be set up this month to hold shares of State-Owned Enterprises (SOEs) that are to be reformed/privatised, the Sunday Morning newspaper said today quoting President Ranil Wickremesinghe.

Among the institutions that will be restructured are SriLankan Airlines, Lanka Hospitals, Hilton Colombo, Sri Lanka Telecom (SLT), and Waters Edge. However, a different formula will be adopted when reforming strategic institutions such as the CEB and the CPC which are burdening the Treasury.

The Cabinet has already approved the creation of a special purpose vehicle, with 100% ownership to the Secretary to the Treasury to fast track the restructuring of SOE’s.

The government has stated that the sales proceeds will be used to boost the national reserves.