corporate news

First Global Investments granted SEC approval

First Global Investments (Pvt) Ltd., (FGI), a Sri Lankan based Islamic financial institution was recently granted approval by the Securities and Exchange Commission (SEC) of Sri Lanka to function as an Investment manager. This approval by the country's leading Security Market regulatory authority should considerably help FGI in gaining the confidence of investors in its move towards entering the capital market.

FGI is a boutique investment institution providing Islamic financial services with a vision to bringing global opportunities and best practices to the local markets. Its objective is to provide clients with the broadest possible range of products in the Islamic finance market including the development of 'tailor-made' investment products to suit different risk/return profiles of clients.

FGI has also sought to transform the local Islamic financial landscape by coming in as co, lead arrangers with Investec (Pvt) Limited for the first Sri Lankan Islamic bonds (Sukuk) for People's Leasing Company - Islamic Services Unit. FGI also provides financial advisory services including investment management, restructuring of organisations, structuring of complex transactions and setting up of independent Islamic financial units in compliance with Shari'ah principles.

New chairman at Sampath Bank

Indulakshin Wickramasinghe (Arthur) Senanayake has been appointed Chairman of Sampath Bank. He was a founder Director of the Bank and its Deputy Chairman since 1998. He will be the fifth Chairman of the Bank since its inception in 1986.

He is a Past Honorary Trade Representative for Singapore Trade Development Board in Sri Lanka and is the Chairman of American President Line (Pvt) Ltd. He is an old boy of Mahinda College, Galle.

He is also the Chairman and Chief Executive Officer of IWS Holdings (Pvt) Ltd., - a conglomerate with diversified business interests in many industries in the country.

Sampath Bank has 112 branches and has recently moved into setting up branches in the Eastern region.

Cargills Magic, Kist and KFC awarded Halaal certification

Cargills (Ceylon) PLC, Sri Lanka's largest retailer and leading Food Company said that Cargills Kist popular for its refreshing Kist Nectar and Kist Jams and Kist sauces and Cargills Magic dairy ice creams and dairy products are fully Halaal certified.

Its KFC chain of restaurants which is the most popular and fastest growing network of quick service restaurants has also received the Halaal accreditation.

The Cargills Magic product range thus certified includes Cargills Magic ice cream, fresh milk and milk shakes while the Halaal certification given for Cargills Kist covers the entire product range of Kist Nectars, Kist Jams, Kist Sauces, Kist Chutneys and juices.

KFC which specialises in the traditional Kentucky Fried Chicken recipe has also acquired the Halaal stamp for its full menu including its popular KFC Biriyani, KFC Kottu and KFC Chinese Chicken Rice.

Actg. Chairman, SriLankan Airlines

Dr. P. B. Jayasundera tendered his resignation from his position as Chairman, SriLankan Airlines effective October 2. The Government has accordingly nominated and appointed Nishanta Wickramasinghe/Executive Director as Acting Chairman.

Wickramasinghe has been on the board of the national carrier since January 2006.

He was appointed Executive Director from April. He is currently the General Manager of James Finlay Plantation Holdings Limited.

The Government has also nominated and appointed the following as Directors of the national carrier.

Dr U. N. B. Obeysekera, Nihal Jayamanne PC, Sanath Ukwatte. Nihal Jayamanne PC and Ukwatte both have served on the Board of SriLankan previously.

National Agribusiness Council officials

The seventh Annual General Meeting of the National Agribusiness Council was held under the patronage of Mrs. Rebecca Cohn, Mission Director, USAID.

Asoka Gopallawa - Chairman, NAC, Sarath de Silva - Immediate Past Chairman, NAC, Dhammika Gunasekera - Chairman Elect, NAC, Aruna Weerakoon

- Hony. Secretary, Ravi Fernandopulle - Treasurer, Mario de Alwis - Chairman - Special Projects.

Committee: Leo Nanayakkara - Chairman, Seed Producers' Association of Sri Lanka, Janaka Gunasekera - Director, A. Baur & Co, Upali Gangoda - CEO, Hayleys Agro Products Ltd, Rohitha Nanayakkara - Chairman, Crop Life Sri Lanka (CLSL), Mohan Ratwatte - CEO, Plenty Foods (Pvt.) Ltd., Sunith Subwickrama - General Manager, CIC Agri Business.

Accredited Representatives: Damitha Perera - Director, Forbes & Walkers, Parakrama Jayatilleke - President, Coconut Growers' Association of Sri Lanka.