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The operation of the country's largest chain of retail sales outlets by the Cooperative Wholesale Establishment (Sathosa) was transferred to a new trade alliance, International Grocers Alliance (IGA) yesterday.

This ended months of speculation of the fate of nearly 150 sales outlets scattered throughout the country.

The three share holders of the new joint alliance are Ceylon Biscuits Limited (CBL), Richard Pieris & Company (RPCL) and Carsons Cumber batch Limited (CCL). This new venture secured this deal for Rs. 680 million following rigorous evaluation both by the Government and the PERC, which took nearly six months to finalise.

In a simple handing over ceremony, historic in terms of CWE employees and the consumers in general, Minister of Commerce and Consumer Affairs Ravi Karunanayake thanked workers of all grades for their patience and understanding shown through the difficult period of restructure of the institution. CWE was facing a natural death due to heavy debts incurred and mismanagement that was rampant over the past several years before I took over, the minister said.

On the recommendation of Minister Karunanayake, Sathosa re-positioned itself one year ago with a new image and customer friendly environment increased the face-value of the institution to compete with the private sector super malls sprung in different parts of the country.

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