AEL’s Rs. 4.5b share issue fully subscribed
The share issue of Access Engineering Limited (AEL) for qualified
investors identified by the Board including institutional and high net
worth investors, which opened on June 6, has been fully subscribed.
The company issued 180 million new shares at Rs. 25/- per share,
offering an approximate 18 percent shareholding of the Company raising a
Rs. 4.5 billion in equity funds.
The offering was among the largest placements done in the recent
history of Sri Lankan capital markets and was managed by NDB Investment
Bank Limited with P W Corporate Services (Pvt) Limited acting as
registrars to the issue.
AEL intends to seek a listing for its ordinary shares on the Main
Board of the Colombo Stock Exchange via an Initial Public Offering
within of one year subject to the requisite approvals from regulatory
Abans launches Toshiba Netbooks
Abans, authorised distributor for Toshiba recently launched two
models of Toshiba Netbooks - NB520 and NB505 - the world’s first
netbooks embedded with state-of-the-art Harman/Kardon speakers.
The NB520 and NB505 series offer a magic sound experience through the
world’s smallest Harman/Kardon speakers in a slim and stylish casing.
They support Dolby advanced audio to provide a natural sound
experience while listening to music or watching videos in HD quality
(720p) on the netbook.
Coupled with Sleep and Music features, the NB520 allows consumers who
store their favourite music tracks on a MP3 player to connect it to the
notebook and listen to the music through the netbooks advanced
Harman/Kardon speakers without requiring turning the PC on.
The Slim NB505 series offers everyday computing consumption needs and
is targeted at users who appreciate a slim, mobile device with basic
computing consumption features at an affordable price. It is one of the
thinnest and lightest netbooks in the market featuring an Intel AtomTM
Acer opens computer care centre
Acer Singapore (Pte) Ltd recently opened a state of the art customer
care centre at Vauxhall Street to offer a convenient and efficient
service for Acer’s laptop, desktop, LCD screen and accessory users.
“The service centre is dedicated to fulfill all service requirements
for Canon and Acer products with a full range of solutions that direct a
better customer satisfaction,” said Director/CEO - Metropolitan
Computers Pvt Ltd Niranjan De Silva.
Acer has a growing market share in Sri Lanka and specialises in its
range of laptops sold and serviced in Sri Lanka by Metropolitan
Computers (Pvt) Ltd.
Maliban wins National Quality Award 2010
Maliban Biscuits was presented with the National Quality Award 2010
in the large scale manufacturing category, recently. Here Asst. General
Manager - QA and RD Warna Fernando, Group CEO, Lakshman Weerasuriya,
CEO-Sales and Marketing, Ravi Jayawardena, General Manager-Sales and
Operations Ashan Kannangara with the award.
DFCC - Record profit boosted by a one-off gain
The DFCC Group recorded its best ever consolidated profit after tax
(PAT) of Rs. 5,171 million in the year ending March 31, boosted by the
capital gain derived by divesting part of the equity stake in CBC. This
contributed an exceptional PAT of Rs. 5,361 million to DFCC, and a
reduced amount of Rs. 3,001 million to the DFCC Group due to
After eliminating gains from disposals of subsidiaries and
associates, DFCC recorded PAT of Rs. 1,776 million, an increase of 19.6
The combined PAT of DBB after normalising for one-off gains was Rs.
1,990 million, an increase of 15 percent over the previous year.
Richard Pieris PAT increases 200%
Richard Pieris Group has posted an all-time high of Rs.3.4b profit
for the financial year ended March 2011, a growth of Rs.1.5b when
compared to the previous financial year.
The Group profit after tax was Rs.2.1b, a staggering growth of 200
percent. The results are from operating businesses and do not include
The Group reported a turnover of Rs.27.2b an increase of 22 percent.
The retail sector contributed 40 percent of Group turnover.
Tyres and plastics also recorded steady operating profits amounting
to Rs.724m and contributing approximately 20 percent of Group operating
The tyre sector which facilitates the entire tyre retreading value
chain is the pioneer and market leader for tyre retreading in Sri Lanka.
The tyres being re-used has indirectly contributed to the country’s
economy by decreased transport costs and outflow of foreign exchange on
Sunshine records Rs 1,004 m net profit
Sunshine Holdings (Sun) recorded Rs 1,004 m net profit for the year
ended March 31.
The 38 percent growth was steered by growth from the plantations and
Sun’s group revenue for FY 2011 increased by 14 percent to Rs 10,732
m supported by the Plantation and Healthcare segments, which recorded
revenues of Rs 6,158 m, and Rs 4,329 m.
The packaging segment weathered a storm through the Dubai financial
crisis and recorded a revenue growth of 35.5 percent to Rs 220m. Plans
are under way to diversify the production range with a planned capital
expenditure exceeding Rs.50 million.
The Group also plans to exploit the opportunities in the leisure
sector through its subsidiary Sunshine Travels.
TFC - overall growth 92% in Q1
The Finance Company PLC (TFC) recorded an overall growth of 92%
during the past three months.
This has been due to strict credit policies that have reduced non
performing loans to just 0.2 percent of business done during the past
The pawning business of the company has recorded an impressive growth
of 55 percent during the past three months in a competitive market and
is considered a significant contributor to overall revenue.
The company hopes to expand this business to the North East where it
will commence operations shortly.
Malwatte records 50% profit in Q1
Malwatte Valley Plantations PLC ended the first quarter for 2011 with
an unaudited profit of Rs.198m, almost 50 percent of the profit for
financial year 2010, an all-time high in its 14-year history. The Q1
profits were 60 percent over the same quarter last year, which was
Profits were buoyed by premium prices obtained by innovative forward
contact trading covering the entire production of rubber harvested from
its 2000 hectare rubber plantations.
LB Finance records Rs. 1.02b net profit
LB Finance marked its 40th year in the financial services industry
with Rs. 1.02b net profit after tax for the year ended March 31, a 104
percent increase from the previous year’s Rs. 500.16m.
LB Finance reported a 33 percent increase in its total income for the
year ended March 31 from the previous year’s Rs. 4.13b to Rs. 5.50b and
a net interest income of Rs. 2.72b, a 6 percent increase from 2010’s Rs.
The company’s asset base stood at Rs. 28.08b showing an increase of
63 percent from the previous year’s Rs. 17.2b, while its deposit base
grew by 57 percent to Rs. 19.62b from Rs. 12.49b in 2010.
The company also recorded unprecedented growth in market
capitalisation with a 465 percent increase from the previous year’s Rs.
2.15b to Rs. 12.13b as well as 49 percent increase in total
shareholders’ equity from Rs. 1.76b in 2010 to Rs. 2.61b.
The company said that 95.74 percent of its total income came from its
core business activities in the financial services industry.
Lunugamwehera Trade Complex opened
Hambantota District MP Namal Rajapaksa
opened the Lunugamwehera Trade Complex recently. The trade
complex built in keeping with President Mahinda Rajapaksa’s
wish, cost Rs. 20 million and was funded by the People’s
Bank and People’s Leasing Limited.
Siddhalepa achieves ISO Trinity
Siddhalepa recently received ISO
Trinity certification. Minister of Technology and
Research Pavithra Wanniarachchi at a recent meeting
offered her congratulations and expressed her
appreciation for the progress made by Siddhalepa in the
field of technology and research. Here Minister
Wanniarachchi with Siddhalepa Chairman Dr. Victor
Hettigoda, members of the Board of Directors and staff
NDB Bank opens 50th branch
NDB Bank’s 50th branch was
opened in Matugama recently. From left: Manager
Matugama Branch Ranil Victor, CEO NDB Bank Russell
de Mel, Chairman NDB Bank Manik Nagahawatte and
Regional Manager NDB Bank Indika Kudagamage.
Airline Academy Awards
The Airline Academy held its
award ceremony at the Grand Oriental Hotel recently.
Here a participant receives an award from the Chief
Guest Sureeka Fernando. Manager, Ticket Office,
Swiss International Airlines Also in the picture, is
Deepal Perera, International travel consultant and
Airline Professional Instructor who conducted the
HSBC rewards high spenders at Keells Super
From left, Marketing Manager
HSBC Tharanga Gunasekera, Executive Vice President
John Keells Holdings and Sector Head Retail Roshanie
Jayasundera Moraes, Winners - Niroza Hussain and
Pravina Dunuwille, Vice President John Keells
Holdings/CEO JayKay Marketing Charitha Subasinghe,
Head of Cards HSBC Nadeesha Senaratne and Brand
Manager Keells Super Shevanthi Rajanathan.