Corporate

New beginnings for Nation Lanka Finance

Ceylinco Finance, a leading financial services firm providing credit, real estate, leasing, property development and investments announced the beginning of a new phase of the company as it re-launches itself as "Nation Lanka Finance". With the birth of Nation Lanka Finance we will witness a company with renewed energy but with the unique advantage of seniority and credibility.

Nation Lanka Finance will look ahead with the dawning of peace in Sri Lanka providing added confidence for smoother and healthier financial prospects. Chairman of Nation Lanka Finance, N.B.S.B Balalle, also former CEO and General Manager of National Savings Bank, commenting on the recent developments in the company said, "Ceylinco Finance was an asset rich company with over 12,500 shareholders. As we begin our journey under Nation Lanka Finance, we can be thankful of this sound and steady platform. He added, "Our strength at Nation Lanka Finance lies in our dynamic and experienced team who are committed to further enhancing value for shareholders while delivering the best financial services to all customers."

Chief Executive Officer Nation Lanka Finance, Bede Fernando, commenting on the same said, "We believe the structural changes to Ceylinco Finance will be effective in positioning ourselves as a new yet trusted and established entity in Sri Lanka. He added, "We at Nation Lanka Finance are passionate and dedicated to achieving our goals and taking the company to greater heights". Two non- executive directors will also play a role in the company, namely, Chandra Sahabandu, former General Manager/CEO of People's Bank and Neville Piyadigama, former Secretary to the Ministry of Labour and Fisheries as well as ex-ambassador and Chairman of the Police Commission. Nation Lanka Finance is of the view that this new direction, with vast experiences in the banking and finance industry being drawn into the company, will be vital for the company's future. Nation Lanka Finance has a clear set of long term goals. One of its priorities is to expand to the Northern and Eastern Regions of the Island. Another aim is the development of the rural agricultural community through customizing products and services to cater to their requirements. About Nation Lanka Finance PLC Nation Lanka Finance PLC, together with its subsidiaries, provides various fund and fee-based financial services in Sri Lanka. It offers corporate finance and capital market services, finance leasing, short-term lending, stock broking, and real estate development services. Nation Lanka Finance PLC was incorporated in 1987.

Dr. Ranasoma heads Shell Gas

Shell Gas Lanka Ltd said that Dr. Mahesha Ranasoma has been appointed Managing Director Chairman with effect from October.

This is the first time that the Shell's LPG business in Sri Lanka will be steered by a Sri Lankan, thus making the company a 100% locally managed outfit. Dr. Ranasoma returns home after successfully completing his assignment as the General Manager of Shell's LPG Business in Vietnam.

Dr. Ranasoma

Dr. Mahesha Ranasoma holds a Bachelors Degree in Engineering from the University of Peradeniya, a MBA Degree from the University of Wales, UK and a PhD specializing in Coastal Engineering from the University of Cambridge, UK. With a good mix of education and experience together with his pulse on local business and life styles, this well-known figure in the corporate circles started his career with Shell in 1999 as the Corporate Health, Safety and Environment Advisor.

He was promoted as Director Supply and Operations in 2001 where he was instrumental in up-grading the Mabima Filling Plant as well as streamlining activities at the newly built Shell Gas Terminal at Kerawalapitiya.

In 2003, Dr. Ranasoma became Director Corporate Affairs and Project Director Shell LiveWIRE Trust and subsequently took up additional responsibilities of the marketing function. Shell Gas Lanka Ltd. bids farewell to Hassan Madani, the last expatriate, to serve as the Managing Director and Country Chairman for five years. Madani joinedShell Sri Lanka with a wealth of experience that he applied to the business in Sri Lanka. He was instrumental in bringing structural changes to the organization and implementation of several key initiatives including the Code of Conduct, Anti Trust Compliance, Anti Bribery and Corruption Policies and Procedures, etc. One of the biggest milestones achieved by him in Sri Lanka was signing the Pricing Formula Agreement with the Consumer Affairs Authority. A firm believer of conducting business with absolute integrity, he always ensured that all his decisions were based well within the Shell's General Business Principles.

On the Social Investment front, Madani was instrumental in organising post tsunami relief efforts as well as a Shell Group contribution to the Presidents Fund for Disaster Relief.

Co-operative Insurance company maintains growth

Co-operative Insurance Company is pleased to announce that RAM Ratings Lanka has once again affirmed its `BB' claims-paying ability (CPA) rating and confirmed its outlook as `stable'. The reaffirmation of the rating comes in the wake of a spate of high profile failures in the financial sector. Although the rating highlights potential areas of improvement, Co-operative Insurance Company has once again demonstrated its commitment to transparency and good governance by disclosing its CPA rating.

Co-operative Insurance Company obtained its CPA rating on a voluntary basis and is only 1 of 5 insurers in Sri Lanka to disclose its rating to the public.

The rating, which comes on the heels of a slew of international awards including the Gold Award for Excellence and Business Prestige at the Business Initiative Direction (BID) Quality Summit 2008 held at New York in May 2008.

Janaka Ratnayake, Chairman CH&RE

Janaka Ratnayake was appointed the Chairman of the Ceylinco Housing & Real Estate Company PLC and its fully-owned subsidiary, Ceylinco Condominiums Ltd, at a company Board Meeting on 29th September 2009.

As the current Chairman of the Merchant Bank of Sri Lanka (MBSL), Janaka Ratnayake takes on this additional responsibility to helm CH&RE and its subsidiary, leveraging on his extensive experience in managing large profitable institutions in his current capacity at MBSL Group. Speaking on the occasion, Janaka Ratnayake said that "I am privileged to be appointed Chairman of CH&RE and Ceylinco Condominiums, both of which are involved in developing several landmarks real estate projects in Sri Lanka.