SupremeSAT over subscribed

Supreme SAT -1 has been already successful in obtaining contracts to their total capacity from the region. “Our satellite space has already being oversubscribed.”

Chairman Supreme SAT, M. Manivan said that the satellite which was launched at 18.13 hours from Xi Chang, Chinaon on November 27 will be ready for beaming from next June. He however said that he is prepared to allow a few Sri Lankan companies to make bids until May next year.

Asked as to how the company raised US $ 320 million for this venture he said that it was for a five year period. “In today’s world this is not a magical number that one should sit and worry. First of all I want every Sri Lankan to believe that such amounts can indeed be raised in the financial world and one need not come to the conclusion that only a government can raise this amounts of money.”

The first phase of the SupremeSAT-I is approximately a US $ 100 million commitment. This was already arranged by way of supplier’s credit supported by a commercial bridge loan facility. Ours is a private company, he said.

“The fact that we have become exclusive partners of many global companies will demonstrate that we are above the rest. We neither depend on the government nor the public to raise the money. The art of raising the necessary financing for our business venture is our commercial ability. No one needs to have undue worries about our capability or performance since that is totally up to us to manage.

From the very beginning we made it very clear to everyone that ours is a 100 % private venture. The initiative, the project, the funding and every effort made was totally from the private sector. I have in fact mentioned in various forums about this project being an example for private sector driven growth in the “post war” Sri Lanka. The government can only create the environment for the private sector to grow. There after the private sector must take on. Take the necessary risks, secure the necessary financing, create the necessary international relationships and ensure mega projects of this nature become a reality.

He said that he hopes to break even in seven years and they can utilize this satellite for another 15 years.

Asked if the government supported the project he said yes. “The government did support us. Firstly the government gave us the necessary investment climate by eliminating a 30 year war. Then the government facilitated the corporate structure by way of supporting us with tax concessions etc through the Board of Investment. The President himself always supported the Sri Lankan private sector taking the lead role in the nation’s development. So, when I say government supported, that support is by the way of offering us the necessary investment climate, legislation and political stability. NOT by way of funding or offering special approvals.”

We have worked hard. Come a long way and have created history. The accomplishments have also created high expectations. We will now work much harder to live up to those expectations. What we have demonstrated is just the beginning. We will continue this worthy journey bringing more and more fame and glory to Sri Lanka. Things were not easy for us. We were not given anything on a platter. We fought our way through every single step and ours can be a true case study for any emerging Sri Lankan enterprise that dreams big and thinks global whilst protecting national interests.