No Plan to Privatize Lanka Sathosa But to Increase to 500 Branches

Minister of Industry and Commerce Rishad Bathiudeen addressing his Ministry’s progress review meeting on 21st June said,  that there are no plans to privatise Lanka Sathosa.

Lanka Sathosa’s annual sales turnover is now around Rs 30 billion. Almost 93% of its expenditure in 2016 was spent for capital development projects.

Minister stated that recent floods have affected 9 Lanka Sathosa branches and they will be repaired and renovated immediately. Despite damages caused, Lanka Sathosa continued to serve consumers and helped the disaster victims as well. Lanka Sathosa gave out dry rations on behalf of the Government to be issued to the people. Lanka Sathosa in Ratnapura Electorate alone delivered Rs 10 Million dry rations to Divisional Secretariat officials to be distributed among disaster victims. Lanka Sathosa targets 500 outlets and very soon it will pass 400 branches. We plan to add another 8,000 franchise shops in future, to engage SMEs.