corporate news

Ceylinco Insurance concludes largest ever Non-Voting Share Issue successfully

Ceylinco Insurance PLC has successfully concluded the Non-Voting Share Issue, which commenced on June 20.

A spokesman for the company said that the share issue, the largest ever of a Non-Voting nature in the history of Sri Lanka, was subscribed to the tune of Rs. 1.13 Billion, at the time of its closure on July 9.

The Ceylinco Insurance spokesman added that not only was this the biggest ever non-voting share issue in the history of the Colombo Stock Exchange, but the value of a share, offered at Rs. 175, was the highest price recorded for a non-voting issue.

The Chief Executive Director of Ceylinco Insurance - General Division, Ajith Gunawardena, said that given the current context of the economy, the endeavour had been a complete success.

He thanked the local and foreign investors, who had partaken of the share issue, having complete confidence in the intrinsic strength of Ceylinco Insurance.

Gunawardena said that the Rs. 1.13 Billion garnered through the share issue would be utilised constructively and positively to generate the maximum value for the company and its shareholders, expressing confidence that the shares will continue to appreciate in value.

The spokesman for Ceylinco Insurance said that the response had been overwhelming, in volatile market conditions, adding that the company will now move forward to implement its expansion programs.

Meanwhile, a leading stock brokering company in Sri Lanka - Asia Capital Securities, congratulated Ceylinco Insurance, for an extraordinary accomplishment, achieved in unfavourable conditions.

It also attributes the success of the share issue to the market leadership status of Ceylinco Insurance, its impressive track record of product innovation and service , profitability and returns to the shareholders.

Ceylinco Insurance recorded a turnover of over Rs. 17.2 Billion last year, with a profit after tax figure exceeding Rs. 1 Billion.

Strengthening sustainable sourcing in food and agricultural sectors in Lanka

IFC and Keells Super team up:

IFC, a member of the World Bank Group, and JayKay Marketing Services (Pvt) Ltd (JMSL), a subsidiary of John Keells Holdings PLC, teamed up to strengthen the company’s sustainable sourcing initiatives and collection centres, including farmer cooperative societies and other farmer communities in the value chain and making the model replicable.

This will achieve the twin objectives of offering customers high quality products at reasonable prices and improving job stability and skill development of growers and producers. IFC’s approach will be to initially carry out a diagnostic study which will lay the foundation for future work with JMSL.

JayKay Marketing Services (Pvt) Ltd. owns and operates 37 modern format supermarkets under the brand names ‘Keells Super’ and ‘Super K’.

Fitch affirms AA (lka) on NDB Bank

Fitch Ratings Lanka has affirmed the National Long-term rating of NDB Bank at ‘AA (lka)’.

In a release Fitch said, “The Outlook is Stable. The rating reflects NDB Bank’s strong financial profile in terms of its high capital base, good profitability and asset quality”.

The fifth largest capitalised bank in Sri Lanka - NDB Bank now has 40 branches, which act as distribution channels supporting the various business areas - Corporate banking, Project Financing, SME lending, Retail Banking, Investment Banking and Insurance.

In addition to the wide array of products, NDB Bank introduced an innovative product - ‘eZ Pay’, South Asia’s first commerce initiative and also launched a special savings account - Vishmitha - offering zero-percent interest loans for the first time in Sri Lanka.

With continuous stability and the trust built with its customers it is also noteworthy that NDB Bank was ranked among the top 10 Sri Lankan Companies for the financial year 2006 - 2007 recently chosen by the leading business magazine Business Today.

New charter president of IPM Toastmasters Club

The premier HR organisation in the country, IPM Sri Lanka set up a Toastmasters Club recently for the benefit of its members, students and staff.

The vice president of IPM, Rohitha Amarapala was elected as the Charter president of the IPM Toastmasters Club.

The other office-bearers are Namal Jayaweera, D G M Senadeera, Dananjaya Jayakody, Niluka Hettige, B G Karunananda and Prasad Hewagama. Rohitha Amarapala said that it would be an ideal opportunity for the stakeholders of IPM to develop their Communication and Leadership skills among a group of people who are there for the same reason.

He commended the role played by BCIS Toastmasters Club, the Divisional governor and the deputy of Toastmasters Sri Lankan movement, Batiya Hettiarachchi and Sudash Liyanage in forming this club.

Toastmasters is a non-profitable educational organisation which is dedicated to helping its members improve their abilities to express themselves and develop their leadership potential.