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| Sunday, 7 December 2003 |
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| News Business Features Editorial
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CWE transfer : Deal signed, sealed and delivered The much awaited transfer of the countrys premier chain of marketing outlet Sathosa Retail Services was carried out yesterday ending months of speculation of the fate of nearly 150 sales outlets scattered throughout the country. The three share holders of the new grand alliance are Ceylon Biscuits Limited, Richard Pieris & Company and Carsons Cumber batch Limited. Jointly this new venture will be called International Grocers Alliance. The IGA secured this deal for a sum of Rs. 680 million following rigorous evaluation both by the Government and the PERC, which took nearly 6 months to finalise. In a simple handing over ceremony that could be considered historic in terms of Sathosa employees and the consumers in general, the Minister in charge, Ravi Karunanayake did not forget to thank the workers of all grades for their patience and understanding shown through the difficult period of restructure of the institution that was previously left for natural death due to heavy debts incurred and mismanagement that was rampant over the past several years before he took over. On the recommendation of Minister Karunanayake, Sathosa that re-positioned itself one year ago with a new image and customer friendly environment increased the face-value of the institution and was directly competing with the private sector super malls that sprung in different parts of the country. Thanks to that restructuring operation, we were able to get a good value from the investors the Minister said. Associated with the Minister at yesterdays ceremony were the Deputy Minister of Commerce and Consumer Affairs Mr.Jayasundera Wijekoone, Secretary to the Ministry Mr. Harsha Wickremasinghe, Chairman Sathosa Mr. Lal Wickrematunga, Chairman Ceylon Biscuits Limited Mr. M.P.Wickremasinghe, Managing Director Richard Pieris and Company Mr. Sena Yaddehige, Director of Carsons & Cumber batch Mr. Mano Selvanathan and Mr. Pravir D Samarasinghe Director Richard Pieris & Company. The urgent task of the Alliance will be to fill the empty shelves before the commencement of the Christmas season and give the customers a better service. We will look at expansion subsequently, said Mr. N.P.Wickremasinghe. Minister Karunanayake said the Government will render all assistance to the new Retail Management so that they will be able to serve the public better. Government has no business to be in business, it should be playing the role of a facilitator, the Minister remarked. The members of the IGA promised the Minister that they will focus on consumer needs and deliver the best before long. |
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