Auction Block

The government is planning to sell more than a billion rupees worth of land via the Colombo Stock Exchange, the newly re-appointed Trade Minister Jeyeraj Fernandopulle said. The government is planning to sell more than a billion rupees worth of land via the Colombo Stock Exchange, the newly re-appointed Trade Minister Jeyeraj Fernandopulle said. The 226 perch Union Place belonging to Sathosa is valued at around Rs. 5.5 million a perch.

The sale may result in more than Rs. 1.2 billion being raised.

The Minister is hoping to use some of the proceeds to set up a new company called Lak Sathosa, which will sell consumer goods at discounted process.

The treasury is also expected to put in Rs. 90 million to set up the new company.

Fernandopulle says Lak Sathosa would have an islandwide retail network.

It would also have a bakery operation, selling a 450 gram loaf of bread at Rs. 14.

Sathosa, or the Co-operative Wholesale Establishment owns land in several city locations, but the state entity is heavily indebted to banks, following losses made in the late 1990’s.

The UNF administration separated its retail operations and sold a minority stake to