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| Sunday, 12 September 2004 |
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| News Business Features Editorial
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SAM shares profits with the poor Seylan Bank Asset Management Limited shares profits with the poor 30 houses of "Seylan Wathkam Sevena" opens in Thanthirimale, Anuradhapura Seylan Bank Asset Management Limited (SAM) makes it's generous contribution to society in fulfilling it's social obligations by sponsoring 30 houses for the poor from its retained profits. SAM sponsored the full cost of construction of 30 houses in the village of Thanthirimale in Anuradhapura. The project is called "Seylan Wathkam Sevana" and was coordinated and implemented by Ceylinco Grameen Credit Co. Ltd under the leadership of Deshamanya Dr. Lalith Kotelawala. "Seylan Wathkam Sevana" was officially opened and the keys handed over to the recipients of houses by Deshamanya Dr. Lalith Kotelawala Chairman of Ceylinco Group himself on July 23 in Thanthirimale. Thirty families identified after a detailed survey are the beneficiaries of the new houses. SAM is one of the twelve Primary Dealers appointed by the Central Bank of Sri Lanka and authorized to deal in Government securities. The company is a fully-owned subsidiary of Seylan Bank Ltd and it belongs to the Ceylinco Group. The company commenced its business in March 2000 and has been recording very high levels of profits since it's inception. It recorded a net profit, after tax, of Rs. 7 million in the year 2000, Rs. 36 million in 2001, Rs. 322 million in 2002 and a remarkable profit of Rs. 393.9 in 2003. The company had total equity of Rs 676.75 million as at end of 2003 up from it's original share capital of Rs. 100 million. |
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