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| Sunday, 13 July 2003 |
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| News Business Features Editorial
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Rs 680m bid for Sathosa endorsed The search for a privatisation partner for 'Sathosa', the largest supermarket chain in the country, came to an end with the endorsement of a revised bid of Rs 680 million by the Asia Capital Consortium comprising John Keells Holdings, Carson Cumberbatch Ltd and Ceylon Biscuits Ltd. The terms and conditions of the offer include 40 per cent shares of Sathosa and the management contract for five years, which could be renewable thereafter. However, the Co-operative Wholesale Establishment, which owns 60 per cent of Sathosa shares, will keep the majority of voting power, Commerce and Consumer Affairs Ministry sources revealed. Sources also said the new management will have to retain all employees and improve Sathosa services. They should also continue to provide the core food items according to the conditions. Commerce and Consumer Affairs Minister Ravi Karunanayake said the whole tender procedure was enacted in a transparent manner and the issuing of shares will be done through the Public Enterprises Reform Commission. He said the process went for several rounds since they had requested the interested bidders to extend their offers on the basis of setting up new supermarkets including five Grade A supermarkets. (DW) |
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