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.
“Recent floods have affected 9 Lanka Sathosa branches and they will be renovated immediately. Despite facing damage, Lanka Sathosa continued to serve consumers and helped the disaster victims as well. Lanka Sathosa gave out dry rations to 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. Lanka Sathosa will expand to 500 outlets and we plan to add another 8,000 franchise shops in future, to engage SMEs”, 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.