Biz Briefs

SLT completes i-Sri Lanka program

Sri Lanka Telecom (SLT) celebrated the completion of another milestone and the closing ceremony of the company's i-Sri Lanka program recently.

In December 2015, SLT completed all phases of the i-Sri Lanka program by adding over 4,500 new access nodes across the island with an investment of over Rs. 13 bn. Broadband connectivity is now available in almost all the cities of the country through the i-Sri Lanka program. This will enable SLT to serve 70,000 households through FTTH by the end of this year.

Sri Lanka has become one of the most connected countries in South Asia with the completion of this project.

Advantis Projects completes turbine installation

Advantis Projects, formerly known as Logiventures (Pvt.) Ltd, a subsidiary of the Hayleys Group, recently completed the installation of 16 wind turbines in Palali.

The technical logistical operation over the 230-kilometre stretch from the Trincomalee Port in the East to Palali in the North was coordinated by a team from Advantis Projects for three months. This included the construction of suitable roads and raising power and telephone lines above the average height permanently along the route.

General Manager, Advantis Projects Shadil Rizan said, "Our project team has repeatedly gone beyond what was previously thought impossible for a Sri Lankan company with a local crew and was completed with no incidents."

NCCSL seminar on April 5

The National Chamber of Commerce of Sri Lanka (NCCSL) and JB Financial will hold a seminar on 'Insight into Treasury Management and the Current Economic Setting' on Tuesday, April 5 from 3.30 p.m to 5.00 p.m., at the Chamber auditorium, D. R. Wijewardene Mawatha, Colombo 10.

CEO, JB Securities (Pvt) Ltd., Murtaza Jafferjee will present insights on how to manage uncertainty in the current macro-economic conditions and will speak on the overall direction of the market. CEO, JB Financial (Pvt) Ltd., Mrs. Christine Dias Bandaranaike will speak on 'Different financial instruments available to diversify corporate treasury portfolios'.

Hamilton Deck hosts mega event

The Hamilton Deck in Uswetakeiyawa, Hendala, held a mega event to mark its opening recently.

It was spread across the Hamilton Deck's 60,000 square foot garden which has a 200-foot zip line that runs among the coconut trees and gives a bird's eye view of the surrounding waterways.

A 40-foot double-lane 'slip n slide' and a 'mega vertical water slide' and novelties such as the 'large zorb ball' and 'BB gun target shooting' were also available along with other fun activities. There also were a few lounge tents with sofas and beanbags to relax.

C’wealth Secretariat to help set up EXIM Bank

The Exporters Association of Sri Lanka (EASL) in a media release welcomes the Commonwealth Secretariat’s offer of technical assistance to set up an EXIM Bank as declared in the recent Budget.

The EASL has articulated this need for many years. Its considered opinion is that without this facility, growth of exports has been, and will continue to be, constrained. When comparing the performance of Sri Lanka with its South Asian neighbours such as India and Korea, it is evident that the lack support as those provided by an EXIM bank, has precluded Sri Lanka from achieving its growth potential.

Innovative finance instruments, exercises such as undertaking due diligence appraisals on credit worthiness of a prospective buyer, a guarantee of repatriation of funds from an EXIM Bank and even focused capital funding, are a few of the benefits that would accrue to the exporter when venturing into new markets.

The EASL pledges its support to make this initiative a reality.

Singer increases free float through share sale

Singer (Sri Lanka) PLC, recently increased its free float following a sale of shares to international and local institutional funds.

In line with the parent company, Singer (Sri Lanka) BV divesting a 6.43% stake to institutional investors, Singer Sri Lanka increased the liquidity of traded shares, broadened its shareholder base and thereby increased its capital market presence.Following the transaction Singer Sri Lanka BV will continue to hold 99,762,850 shares representing a 79.7% interest in the capital of Singer (Sri Lanka) PLC.

The parent company has also assured the Sri Lanka Board of its continued support and commitment towards the on-going success of the company.

Through this transaction Singer Sri Lanka has successfully expanded its shareholder base and paved the way to boost its share capital ensuring the continuation of its dynamic growth.

‘Pride of Ownership Drive’ on April 10

The Volkswagen Beetle Owners’ Club will hold the annual ‘Pride of Ownership Drive’ on Sunday, April 10. This annual event has been carried on for the past seventeen years and this year too, the Club assures the participants of a memorable day.

This year too, the Hilton Colombo will host the start of this event which has become somewhat a traditional start for the ‘Pride of Ownership’ drive.

The parade will head southward and end at the Eden Resort & Spa, Beruwela. There will be fun and games for adults and children followed by fellowship lunch and the awards ceremony.

VW Beetles ranging from the early Split Glass to the present day New Beetle and the Flower Power Vans are due to participate.

German Minister meets Ravi Karunanayake

Senior German Minister Dogmar Gabriele Wohrl met Finance Minister Ravi Karunanayake at his ministry recently. They discussed investment opportunities and management in Sri Lanka. The German Minister’s visit followed the call for investments in Sri Lanka during President Maithripala Sirisena’s recent visit to Germany, the Finance Minister said.

Watershed areas contribute significantly to human welfare

Monday, March 21 marked the International Day of Forests. The Day signifies the value of forests while at the same time raising awareness on the importance of all types of forests. This year the United Nations collaborative initiative on Reducing Emissions from Deforestation and forest Degradation (UN-REDD), with the Forest Department of the Ministry of Mahaweli Development and Environment placed emphasis on the key role of forests in the planet’s supply of freshwater.

Arpico opens superstore in Malabe

The Arpico retail chain opened its 18th hypermarket at Malabe, offering consumers the convenience of having over 40,000 items in one retail store.

It was opened by Chairman, Richard Pieris Group, Dr Sena Yaddehige and Mrs Yaddehige recently.

The store offers fast-moving consumer goods, fresh produce, household items, electronic items and furniture. It also caters to lifestyle needs such as a pharmacy, Crust Café, and bill payment facilities.

The retail chain broke new ground in value addition earlier this year with the deployment of its own dedicated taxi service for shoppers, a first for a supermarket chain in Sri Lanka.

Capital Alliance honoured

Capital Alliance Limited (CAL), a full service investment bank was recently crowned the ‘Best Fixed Income Trading House For 2016’ at the International Finance Magazine (IFM) Awards.

This award follows CAL’s commitment to improve the standards in Sri Lanka’s finance sector. The team work and innovation displayed by the company has been acknowledged by industry giants locally and internationally, further cementing its place in the industry as one of the best financial institutions in the country, a bank spokesman said.

CEO, CAL, Gihan Hemachandra said, “It is an honour to be a recipient of an IFM Award which is a testament of our commitment to give clients the best service possible. We are thrilled to be recognised as the best fixed income trading house for the year and assure clients and all other stakeholders that we will continue to raise the bar in innovation and performance in the finance sector during the years to come.”

International Finance Magazine (IFM), headquartered in London, is a leading source of information, analysis and insights for the global finance community.