Sathosa won’t be privatized, says Commerce Minister

State-owned LANKA SATHOSA and its islandwide store chain will not be privatised, says, Minister of Industry & Commerce Rishad Bathiudeen said on Tuesday. He was speaking at an event to mark Sri Lanka's International Consumer Rights Day in Vavuniya.

“Today I assure you that LANKA SATHOSA under my Ministry will not be privatized or will not be allowed to go into private hands. I consider this an asset of the people. In fact we will transform SATHOSA to become an efficient public institution, delivering great customer service excellence to Lankan consumers in par with any private supermarket chain in the country," he said, according to a media release issued by his ministry. “Sathosa records showed that the monthly losses of Rs.150 million incurred by Sathosa till recent times is now no more, with Lanka Sathosa financials beginning to show break-even levels,” the release said.

Sathosa is the single largest state owned FMCG network in the country with plans to expand the 311-strong chain to 500 outlets by 2016/2017.