Bogala Graphite VRS to cost Rs. 94 million

Bogala Graphite Lanka will offer a Voluntary Retirement Scheme (VRS) for its workers and the retrenchment would incur an anticipated cost of approximately Rs. 94 million which will in turn would help to reduce recurring overhead costs substantially whilst maximizing the productivity of the employees who would continue to be in employment.

This was revealed at a Board Meeting held early this month.

The Board agreed to continue to consider all options to minimize further losses and recoup the losses incurred.

Additionally the sales staff in liaison with the parent company will seek new customers, whilst persuading the old customers to purchase their products albeit in reducing quantities at reasonable prices which will garner a sustained stream of income to the company ensuring future profitability.

Meanwhile, the Board is hopeful that the international economy will improve within the next three years and their consumers will be better placed by the end of the crisis and demand will increase.

The Board said this would help the company to emerge healthy and competitive to meet future challenges.

RK