Expansion program is not to privatize Lanka Sathosa - Minister

Two Lanka Sathosa branches were opened on 10th June in Kathankudy and Kokkadicholai by the Minister of Industry and Commerce Rishard Bathiudeen.

Addressing the opening ceremony in Kathankudy, the minister said that Lanka Sathosa expansion program was to strengthen the largest state owned supermarket system and not to privatise it.

 

He said that number of Lanka Sathosa branches would be increased to 500 by December.

 

“Lanka Sathosa not only serves Sri Lankan consumers but even steps in to assist at times of disaster. This is done by giving out dry rations to the government to be given to the people. For example, Lanka Sathosa’s in Ratnapura Electorate alone delivered Rs 10 Million dry rations to Divisional Secretariat officials to be distributed to the flood victims there”, he added.

 

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.  It plans to open 8,000 franchise outlets with SME businesses in the coming year while expanding its present 379 branch network to 500 by December 2017.