“Lanka Sathosa to be re-structured” – Minister Rishad Bathiudeen

 

The government has decided to restructure LANKA SATHOSA, Industry and Commerce Minister Rishad Bathiudeen stated yesterday.

He stated Colombo branch of the global consultancy firm KPMG had been enlisted to restructure it following discussions with the President Maithripala Sirisena, the Prime Minister (PM) Ranil Wickramasingha, and Finance Minister Ravi Karunanayaka.

“KPMG is expected to find ways to sustain LANKA SATHOSA in a profitable manner, while giving the best market prices to consumers,” Minister Bathiudeen pointed out.

He said LANKA SATHOSA owed Rs. 10 billion to two banks and another Rs. 3 billion to suppliers.

Adding further, Minister Bathiudeen stated that KPMG had already advised the government on streamlining and regularising LANKA SATHOSA administration and added that the government would foot Rs. 7.5 billion pending bills of organization.

“This Rs. 7.5 billion is an investment by the government to make it competitive on par with private supermarket chains of Sri Lanka,” he stated.

He said the newly revived LANKA SATHOSA would be re-launched on July 7.

He said government aimed to add another 50 outlets this year to the 305 outlets across the country.