Lanka Sathosa network is growing from strength to strength and no plans to privatise it.
"Lanka Sathosa expansion program is to strengthen our largest state owned supermarket system and not to privatise it" said Minister of Industry and Commerce Rishad Bathiudeen on 10 June in Kattankudi, Batticaloa. Minister Bathiudeen was addressing the opening of 479th branch of Lanka Sathosa in Kathankudy, having opened the 478th branch just two hours ago in Kokkadicholai.
"After I took over Lanka Sathosa, we improved it on many aspects. With the two branches we opened today in Kokkadicholai and Kathankudy, the total branches that was at 300 when I took over, now stands at 379" said Minister Bathiudeen and added: "This number will be increased to 500 outlets by December. I even removed the Lanka Sathosa's personnel recruitment procedure from it and handed it over to the consultancy firm KPMG who recruited qualified personnel to run it. As Lanka Sathosa expands to 500 outlet strong network and another 8000 franchise shops will be enlisted in future. What is more important is that Lanka Sathosa expansion is to strengthen our largest state owned supermarket system and not to privatise it, as falsely claimed by certain individuals. 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."
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 8000 franchise outlets with SME businesses in the coming year while expanding its present 379 branch network to 500 by December 2017.