As SriLankan Airlines navigates through turbulent times, the bid by Supreme Global Holdings to acquire the national carrier is drawing significant attention and mixed emotions among the public and airline staff.
However, a closer look at Supreme Global Holdings' track record, particularly its innovative solutions during the energy crisis two years ago, offers a compelling reason for optimism.
Proven Capability During the Energy Crisis:
Two years ago, Sri Lanka faced an acute shortage of aviation fuel due to financial constraints. The Ceylon Petroleum Corporation struggled to procure fuel, forcing all airlines, including SriLankan Airlines, to refuel at overseas airports.
The airline staff would recall the endless re-routing to Trivandrum. This logistical nightmare led to significant delays, inconveniences for passengers, and millions in financial losses.
Shortages of essentials like fuel were rampant across the country in 2022. Dinuka Liyanawatte/Reuters
Supreme Global Holdings, under the leadership of R.M. Manivannan, stepped in with an unprecedented solution.
They introduced a "Modality Agreement," which allowed for the import of aviation fuel on pure credit, without the need for letters of credit or bank instruments. Payments were managed through an escrow account, where funds from airline customers were remitted weekly. This not only resolved the immediate crisis but also established a model still used today, demonstrating Supreme Global's innovative approach and financial acumen.
The "Modality Agreement" was a novel solution that not only provided immediate relief but also created a sustainable model for aviation fuel procurement in Sri Lanka.
The success of this agreement is a testament to Supreme Global's ability to navigate complex financial and logistical challenges, ensuring uninterrupted operations for airlines and significant savings for the country.
Commitment to National Pride and Economic Stability:
Supreme Global Holdings, has a history of contributing to Sri Lanka's economic stability.
The company’s role in averting the aviation fuel crisis is a testament to its capability and commitment to the nation.
The company's strategic vision for SriLankan Airlines includes not only financial turnaround but also reinstating the airline as a symbol of national pride.
As the acquisition process unfolds, the involvement of Supreme Global Holdings should be seen as a ray of hope.
The past achievements indicate a promising future for SriLankan Airlines, ensuring that the airline not only survives but thrives as a profitable and proud national carrier.
For those within the airline and the general public, this context provides a reassuring narrative about the potential benefits of Supreme Global Holdings' acquisition.
The company’s innovative solutions, proven track record, and strategic vision collectively paint a picture of a brighter future for SriLankan Airlines.
(By a guest writer)
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