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Govt.: Restructuring Programme Successful

Sep 18, 2011 10:11:41 PM - thesundayleader.lk

The State Resources and Investment Promotions Ministry has said the government’s programme to restructure loss making state ventures has been a success.

State Resources and Investment Promotions Minister Dayasritha Tissera has said that investors have come forward to invest Rs. 1,200 million to resume work at several state institutions that have recorded losses.

Accordingly, the Embilipitiya Paper Factory, Kantale Sugar Factory and the Mawanella Rubber Factory are to resume work under a new management.

Tissera has said only the Ceylon Ceramic Corporation (CCC) was yet to receive an offer from an investor and therefore is left to be restructured.

The Minister has explained that while several public enterprises had been given to private investors on a 30-year-lease, the Rs. 1,200 million revenue earned through the transaction would be used to pay compensation to employees.