[Tuesday, February 19, 2008 - 06.15 GMT] 

The Ministry of Trade, Marketing development, Co-operative and Consumer Services established the State Trading (Co-operative) Wholesale Company Ltd (STCWC) at a cost of US$ 10 million yesterday (February 18) to purchase essential commodities directly from the national and international market and distribute them through Co-operatives and Sathosa outlets at lower prices.

President Mahinda Rajapaksa as Finance Minister presented the proposal to set up a State company to Parliament with the objective of creating the potential for the State to enter the wholesale trade market.

The State Trading (Co-operative) Wholesale Company Ltd will commence operations before the Sinhala and Hindu New Year.

President appointed former Ambassador Susil Moonasinghe as the Chairman of the Company.

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Last Updated Date: February 19, 2008 - 6.15 GMT