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'President's intervention saved Maga Neguma from privatization'

State Institutions were subjected to various kinds of privatization since 1981. Maga Neguma Emulsion Production Company (Pvt) Ltd, RCDC was closed down in 24 hours during the UNP regime. It was to be privatized with all the machinery and equipment worth millions of rupees, said Highways and Road Development Minister T.B. Ekanayake.


Highways and Road Development Minister T.B. Ekanayake, Minister A.H.M. Fowzie and Chairman B.R. Perera along with the Board of Directors of the Company at the Maga Neguma Emulsion Company (Pvt) Ltd premises. Picture by Suranjith Perera

When this Government came to power in 1994, President Mahinda Rajapaksa as the then Highways Minister saved this company from being privatized and reestablished as a Government institution by creating three institutions under Maga Neguma concept, the Minister said.

It was saved and reestablished as Maga Neguma Emulsion Production Company (Pvt) Ltd by President Mahinda Rajapaksa when he was Prime Minister during the previous regime. This company is now playing a significant role in the country's road development activities while achieving international quality standard with certification, Highways and Road Development Minister T.B. Ekanayake said at the fifth anniversary celebration of the Maga Neguma Emulsion Production Company (Pvt) Ltd held at Angulana Road, Ratmalana last Wednesday.

No State institution has undergone privatization under the Rajapaksa Government despite efforts by International Monetary Fund and World Bank with their novel methods and schemes to generate income. The future of these employees who are devoted to their duties are well-secured, the Minister said.

 

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