Industry and Commerce Minister Rishad Bathiudeen (second from right), STC General Trading Company Ltd General Manager/Board Secretary Perakum Wijayaratne (far right) and STC General Trading Company Ltd Chairman/Managing Director Dr. A.M. Jameel
STC General Trading Company Ltd, Sri Lanka’s state supply giant once named as the best state institute by Committee on Public Enterprises (COPE), has a new Chairman who was a two-time Provincial Councillor.
“The vision of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe is to not to burden the Lankan consumers and STC is one way of achieving this by the government,” stated Industry and Commerce Minister Rishad Bathiudeen.
Minister Bathiudeen was addressing the staff of STC General Trading Company Ltd under him having appointed Dr. A.M. Jameel as its new Chairman.
A two-time MP of Eastern Provincial Council, Dr. Jameel is a B.Com graduate (Hons - specialised in Marketing Management) from the South Eastern University and proceeded for his MBA from University of Leadership and Management, Lahore, Pakistan. Thereafter, he obtained his PhD from Santa Monica College of University of California. He also counts 12 years of management experience.
“STC is a competitive, profit-making public firm that can show the way for other loss- making public institutions and has a dedicated staff. It was named as the best institute recently by the Committee on Public Enterprises (COPE),” said Minister Bathiudeen.
A public limited liabilities company, STC General Trading Company Ltd, under the Industry and Commerce Ministry is one of the biggest suppliers to the government despite having only eight showrooms across the country. A profit-making public firm, STC’s main revenues come from its chemicals, duty-free operations and office equipment.
STC also sells various products and services from household equipment to industrial machinery such as Yokohoma tyres, stationeries, electric and electronics, information technology, industrial chemicals, agricultural tools and equipment, batteries, plastic products, household durables and consumables, office furniture and fast-moving consumer goods (FMCGS).
STC’s profits jumped by a whopping 62 percent to Rs.157 million in the 2013/14 financial year from previous FY’s profits of Rs.97 million.