Biz Briefs

Vallibel Finance changes Rating agency

Vallibel Finance PLC has withdrawn from Fitch Ratings. RAM Ratings Lanka is the new rating agency for the institution, a company spokesman said.

RAM Ratings has assigned Vallibel Finance PLC long and short-term initial financial institution ratings of BB+ for the long term with a stable outlook and NP for the short-term.The rating comes in consideration of aggressive loan growth and increases in new deposits.

Vallibel Investments own 72.87 percent of Vallibel Finance, the spokesman said.

CASL and Kelaniya University sign MoU

The Institute of Chartered Accountants of Sri Lanka (CASL) and the University of Kelaniya recently signed a Memorandum of Understanding (MoU).

The agreement will help promote and nurture accounting education, practice and the accounting profession of Sri Lanka by capitalising on the institutional strengths of both institutions.

CA Sri Lanka President Sujeewa Rajapakse said that as the largest tertiary education provider in the country outside the university system, CA Sri Lanka is continuously striving to further the importance of accounting education in the country.

New SLIM President

Gamika de Silva was appointed president of the Sri Lanka Institute of Marketing (SLIM) for 2013/2014 at its Annual General Meeting recently.

He is the Senior Manager Marketing for Post Pay and Mobile Broadband at Etisalat Lanka (Pvt) Limited.

SLIM President, de Silva said, “I am honoured and privileged to be the president of the national body for marketing in Sri Lanka. I salute the pioneers of the Institute.”

‘Cool Planet’ in Colombo

A store under the ‘Cool Planet’ franchise was opened in Colombo 5 recently. This is the fifth ‘Cool Planet’ franchise store in Sri Lanka. Cool Planet offers many retail categories such as Li-Ning, Maui and Sons, Disney and Local.

“This project had been planned for some time and we are happy to open the store to suit the need and demand of the growing customer base,” said a spokesman for the management.

CSE opens branch in Anuradhapura

The Colombo Stock Exchange (CSE) opened its sixth branch office at Maithripala Senanayake Mawatha, Anuradhapura recently.

The branch will provide investors opportunities to invest in shares and corporate debt listed on the CSE. It will conduct educational programs and exhibitions for students from schools and higher educational institutions. The CSE branch network commenced in 1999, with the opening of the branch in Matara. This was followed by branch offices in Kandy (2003), Kurunegala (2005), Negombo (2007), Jaffna (2010) to Anuradhapura (2013).

Arpico Arpitec launches CSR project

Arpico Arpitec has launched a CSR project to provide clean drinking water to needy schools in rural areas. This CSR project is conducted with Neth FM, a Sinhala radio station and under the theme of uplifting the standards of child health and education in the country. Arpico water tanks and Arpico PVC pipes and fittings are used in the project.

The first project completed under the CSR campaign was opened at the Kolonna Primary School in Kolonna, Embilipitiya recently.

FH Studio launches Ceremonial Collection

The FH Studio Collection, men's designer wear created by Fouzul Hameed, launched its first Ceremonial Collection at a fashion show in Colombo last week.

The Ceremonial Collection focussed on wedding attire for men with a special interest in bridegrooms’ clothing.

The new collection had wedding attire which was on par with European standards, with unconventional colour schemes being used in several designs. This collection also showcased designs done with Italian fabrics. In addition to the suits, the Ceremonial Collection also featured a range of accessories including dress shirts, ties and cravats.