business Sri Lanka

LB Finance donated a high quality US Brand Hamilton C3 model mechanical ventilator manufactured in Switzerland, to the Apeksha Hospital Maharagama on February 24.

The ceremony was graced by AGM Human Resources Prasanna Kalinga, Senior National Manager Credit and Branch Operations Chanaka Alexander and other senior staff members of LB Finance with the presence of the Director Apeksha Hospital Maharagama Dr Wasantha Dissanayaka, Senior Consultant Dr Chandani Sooriyarachchi and staff of the hospital.

This will also enable the expansion of operations conducted by the health authorities to aid the patients of various other ailments and ensure the community is served.

“With this initiative, we at LB Finance are honoured to offer support to the health sector to combat COVID-19 pandemic and various other ailments by strengthening the availability of medical facilities that are scarce while thanking the efforts made by the health sector,” said Sumith Adhihetty Managing Director of LB Finance Adhihetty further expressed that LB Finance intends to donate more of these ventilators in the near future to facilitate the battle against the current pandemic.

“On behalf of the Medical fraternity we highly appreciate the contribution made by LB Finance at this critical juncture and undoubtedly this ventilator donated will not only help combat the COVID-19 pandemic and cancer patients but will also be beneficial in order to treat patients with other ailments”, said Dr Wasantha Dissanayaka, Director Apeksha Hospital Maharagama.

Dr Dissanayaka further explained that the Hamilton C3 model mechanical ventilators are of very high standards which is the most preferred ventilator brand by the health sector. This compact high-end ventilator consists of unique intelligent ventilation modes.

With these high-tech user-friendly features, the Hamilton C3 model mechanical ventilator is suitable for all adult, pediatric, and neonatal ventilation provides better safety for the patients receiving treatment while helping reduce the duration for recovery.

The holistic engagement in corporate social responsibility under a highly demanding circumstance was initiated by the Health 1st CSR pillar of the company. Hence, it is acknowledged as a timely initiative to support the community as a responsible corporate citizen.

LB Finance remains committed to uplifting Sri Lankan lives and with this goal, the organization constantly and consistently engages in many projects and initiatives that can benefit the country. 

SLT-Mobitel, the nation’s ICT and Telecommunications Service Provider recently partnered with Spotify, to mark their launch in Sri Lanka.

Spotify is a paid premium music streaming app which allows subscribers to listen to music to their heart’s content. Both, SLT-Mobitel Post-Paid and Pre-Paid customers will now be able to enjoy Spotify by activating a monthly recurring subscription or one-time subscription plan and access unlimited music streaming and downloading facilities.

The subscription charges will get added to the user’s customary billing, where payment will be deducted in real-time. Starting from the payment date, the user will be able to access Spotify and download their favourite songs, for the next 30 days. Users who sign up for their first monthly subscription will receive an additional one month, courtesy of Spotify.

The one-month subscription plan is not applicable to one-time subscription plans. SLT-Mobitel data rates, depending on the user’s respective broadband charges, will apply.

Spotify also has some exciting features that will provide SLT-Mobitel customers with the opportunity to listen to ad-free music, access millions of uninterrupted music under one platform, play any song they like, anywhere they go, and also be able to enjoy their music offline.

SLT-Mobitel customers can select their preferred premium package under four categories; Individual, Duo, Family, Student.

Each category has recurring and non-recurring plans. After one month of free streaming, the package will activate once the offer period terminates. While both, the Individual and Student premiums are limited to one account user, the Duo package offers two accounts and the Family premium is accessible through six accounts.

HNB Finance recently shifted its branch in Anuradhapura to four-storey premises located at Abhaya Place, New Town.

To coincide with the relocation of the branch, a special awareness campaign was launched in Anuradhapura to increase awareness of HNB Finance’s extensive and reliable portfolio of services amongst the public. The branch is serviced by a team of experienced staff members fully geared to offer customers an efficient, fully-fledged portfolio of exceptional and comprehensive financial services, including gold loans, business loans, personal loans, leasing facilities, fixed deposits as well as micro and home loans.

The facility is aimed at further strengthening customer relationships in a much more comfortable and efficient manner that is in line with the current health directives enforced in the country. With HNB Finance’s time tested, trusted product portfolio and proven track record of excellent customer dealings, the company hope to continue to uplift the living standards in this culturally rich and highly valued community in Anuradhapura, by enabling access to a world-class financial experience.

Ceremonially declared open under the patronage of HNB FINANCE Managing Director and Chief Executive Officer Chaminda Prabhath, the inauguration was conducted under the stringent health guidelines being enforced in Sri Lanka under the directive of the Ministry of Health. 

Aligning with the diversification and expansion goals of the Group, Watawala Tea Ceylon Limited (WTCL), a 100% owned subsidiary of Sunshine Holdings PLC (CSE: SUN) announced that the business has been renamed as ‘Sunshine Consumer Lanka Limited’.

The rebranding marks a new strategic direction with an ambitious vision to expand its presence beyond branded tea leveraging its leadership position and stepping into more categories in the competitive and rapidly-growingFMCG (Fast-Moving Consumer Goods) sectorof Sri Lanka.

In August 2020, Sunshine Holdings marked the first step in this journey by completing the acquisition of a leading Sri Lankan confectionery company, Daintee Limited, adding several prestigious brands to its portfolio. The transaction was valued at Rs. 1.7 billion, and the acquisition was in line with the Group’s strategy to expand beyond tea.Today, Sunshine Consumer Lanka leads in the tea categories and toffeesand sweets segment of the confectionary category with some of the country’s most-loved brands Watawala, Zesta, Ran Kahata, Daintee and Milady.

The company’s branded tea business is currently Sri Lanka’s largest, with a significant market share of 37%. The three brands Watawala, Zesta and Ran Kahata cater to three distinct market segments, and all the brands have reaffirmed their recognition among Sri Lankan consumers.

The confectionary business boasts an extensive product range consisting of toffees, sweets, jellies, chocolates,cocoa-based confectionery, bubblegum, desserts, biscuits and snacks where Daintee maintains more than 40% market share in toffees and sweets. The products are marketed under the brand names such as Daintee, Milady, Bensons, Chito, Chix, X-tra and Bitz.

Commenting on the rebranding, Sunshine Consumer Lanka’s Chief Executive Officer Surith Perera said, “Over the last few years, we have been making waves in the FMCG sector with our tea brands, where we enjoy the market leader position in branded tea. The first significant step in our goal toexpand beyond tea has been the acquisition of Daintee Limited, even at a time where the entire business landscape of the country was affected by a raging pandemic.Furthermore, while expanding within the FMCG market, we will be leveraging on our strengths of branding and distribution which has enabled us to be the market leader in Tea. Under the new company name, we envision an ever-growing portfolio and hope to achieve the vision we have for every one of our brands to be No. 1 in their sector of influence.”

Port City Colombo recently made a donation of 1,000 school bags valued at nearly Rs. 1 million to schoolchildren of low income families in the Moneragala District who are entering their first year of schooling in 2021.

The donation was handed over to Vijitha Berugoda, State Minister of Dhamma Schools, Pirivenas and Bhikkhu Education, as a contribution to the State Ministry program ‘Dinamu’.

The donation was made at the Port City Colombo premises. Also present at the event were officials from the State Ministry of Education, Raja Edirisuriya Executive Project Director of Port City Colombo, Yue Yeqing Assistant Managing Director of Port City Colombo, Yamuna Jayaratne Director Sales and Marketing of Port City Colombo and Kassapa Senarath Head of Public Relations of Port City Colombo.

Following the donation, Vijitha Berugoda expressed his appreciation for Port City Colombo’s contributions and acknowledged the company’s efforts in preparing a world-class financial city for Sri Lanka. He commended Port City Colombo’s initiatives to prepare Sri Lanka’s next generation to be globally competitive, forward thinking and fully equipped to face future challenges. Port City Colombo pledged to continue its commitment in supporting the ‘Dinamu’program and continue other initiatives that benefit the next generation.

Port City Colombo is a brand new city development built as an extension of the existing Colombo CBD with an initial investment of US$1.4 billion and an expected US $ 15 billion overall investment when completed. Spanning 269 hectares, it is a sea reclamation project joined to the current central business district.

Port City Colombo is made up of five different precincts which comprises of Financial District, Central Park Living, International Island, The Marina and Island Living.

When completed, Port City Colombo is estimated to have some 5.7 million square metres of build up space, boasting some of the best in design in terms of Grade A offices, Medical Facilities, Educational Facilities, Integrated Resort, Marina, Retail Destinations, Hotels and various Lifestyle Developments. Using the latest sustainable city design and smart city concepts, Port City Colombo will be the hub of South Asia.

D Samson Industries to alleviate the effects of the Coronavirus pandemic which has hit the country hard donated a PCR unit to the Karapitiya Teaching Hospital in Galle. The gesture reflects DSI’s solidarity with its stakeholders as they seek to meet basic needs and mitigate the effects of COVID-19.

Representatives of D Samson Industries, Doctors at Karapitiya Teaching Hospital and representatives of Analytical Instruments were present at the occasion.

“We recognized the needs of our disaster-impacted community and hope to contribute towards recovery from this pandemic and build resiliency among the community.

DSI’s mission is to transform lives by providing hope, dignity, and a sense of renewed possibility to individuals, families, and communities impacted by disasters or other challenging life circumstances,” expressed DSI Managing Director, Kasun Rajapaksa.

“To help fight the epidemic, a coordinated effort was made by our project team to procure and deliver this much-needed unit to the Karapitiya Teaching Hospital,” “As part of our responsibility to be good corporate citizens, we stand by our employees and customers in good times and in challenging times, and hope the worst of the pandemic’s impact passes over Sri Lanka quickly,” stated Executive Director of DSI Dilshan Rajapaksa.

D. Samson Industries is the largest footwear manufacturer in Sri Lanka with over 3,000 employees in the footwear plants; while DSI Samson Group provides over 10,000 direct jobs. The group also provides over 5,000 indirect jobs by way of sub-contracting and support services across its 25 companies. 

The Coconut Research Board, Buddhist and Pali University of Sri Lanka and the University of Sri Jayewardenepura were adjudged as the overall winners at the Best Annual Report and Accounts Awards 2020 organised by the Association of Public Finance Accountants of Sri Lanka (APFASL), the Public Sector Wing of CA Sri Lanka at the BMICH with State Minister of Money, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal and Secretary to the Treasury. S.R. Attygalle as special invitees.

The Public Sector Best Annual Reports and Accounts Awards is an initiative aimed at helping improve the quality of annual reports and accounts issued by public sector organisations to help enhance transparency and accountability within the sector, while also promoting the underlying need to develop high-quality financial reporting.

A total of nine public sector institutions including the Buddhist and Pali University of Sri Lanka, Coconut Research Board, Employee Trust Fund Board, Ministry of Road and Highways, Sri Lanka Air Force, Office of the Chief Secretary North Central Province, Urban Council Balangoda, Dehiwala-Mount Lavinia Municipal Council and Karuwalagaswewa Pradeshiya Sabha were the main winners under a total of nine categories.

The awards were given under nine categories classified under Ministries, Departments, Universities, Non-Commercial Statutory Boards, Research Institutions, Provincial Councils, Municipal Councils, Urban Councils and Pradeshiya Sabhas.

A total of 24 public sector organisations were honoured at the awards ceremony while certificates of compliance were awarded to 32 public sector organisations.

The first runners up were the University of Sri Jayewardenepura, National Science Foundation, Coconut Cultivation Board, National Intellectual Property Office of Sri Lanka, Chief Secretary’s Secretariat – Northern Province Council, Urban Council – Kalutara, Colombo Municipal Council and Nattandiya Pradeshiya Sabha.

The second runners up were: University of Colombo, National Engineering Research and Development Center of Sri Lanka, State Pharmaceuticals Manufacturing Corporation of Sri Lanka, Department of Buddhist Affairs, Chief Secretary’s Office Southern Province, Urban Council Mannar and Puttalam Pradeshiya Sabha.

The awards were held alongside the CIPFA Membership Certificate Awarding Ceremony, where public sector accountants and auditors were conferred with the membership from the Chartered Institute of Public Finance and Accountancy (CIPFA), London.

Manil Jayesinghe, President of CA Sri Lanka said that the Institute has always been conscious of the critical anchor role the public sector plays in the economic development of Sri Lanka. “Therefore, in our standing as the National Body of Accountants, CA Sri Lanka through our Public Sector Wing rolled out a series of groundbreaking initiatives aimed at enhancing the public sector and strengthening the skills and expertise of public sector accountants and auditors.” 

The Bourse ended the week on a negative note this week with ASPI decreasing by 321.60 points (or 4.12%) to close at 7,476.34 points, while the S&P SL20 Index also decreased by 131.49 points (or 4.24%) to close at 2,966.63 points.

Expo Lanka was the highest contributor to the week’s turnover value, contributing LKR 1.36Bn or 12.55% of total turnover value. Sampath followed suit, accounting for 12.21% of turnover (value of LKR 1.32Bn) while Browns Investments contributed LKR 1.15Bn to account for 10.60% of the week’s turnover. Total turnover value amounted to LKR 10.81Bn (cf. last week’s value of LKR 20.44Bn), while daily average turnover value amounted to LKR 2.70Bn (-33.91%W-o-W) compared to last week’s average of LKR 4.09Bn. Market capitalization meanwhile, decreased by 4.13% W-o-W (or LKR 140.88Bn) to LKR 3,269.43Bn cf. LKR 3,410.31Bn last week.

Liquidity (Value & Volume)

The Banks Industry Group was the highest contributor to the week’s total turnover value, accounting for 22.46% (or LKR 2.43Bn) of market turnover. Industry Group’s turnover was driven primarily by Sampath, & Commercial Bank which accounted for 83.70% of the sector’s total turnover. Capital Goods Industry Group meanwhile accounted for 19.61% of the total turnover value while Materials Industry Group contributed 17.56% to the weekly turnover.

The Food, Beverage & Tobacco Industry Group dominated the market in terms of share volume, accounting for 46.70% (or 206.17Mn shares) of total volume, with a value contribution of LKR 1.48Bn. The Materials Industry Group followed suit, adding 11.52% to total volume (50.84Mn shares) while Transportation contributed 7.14% (31.50Mn shares) to the weekly share volume.

Dividend Announcements

Company,DPS(Rs.),Dividend Type,Date(XD); VALLIBEL ONE PLC, 0.5,First interim, 04/03/2021; COMMERCIAL DEVELOPMENT COMPANY PLC, 3.5,Final dividend, 01/04/2021; SEYLAN DEVELOPMENTS PLC, 1.2, First and Final dividend, 31/03/2021; COMMERCIAL BANK OF CEYLON PLC (VOTING), 4.5, First and Final dividend, 31/03/2021; COMMERCIAL BANK OF CEYLON PLC (NON-VOTING), 4.5,First and Final dividend, 31/03/2021; CHEVRON LUBRICANTS LANKA PLC, 2,Fourth interim, 09/03/2021; NATIONS TRUST BANK PLC (VOTING), 2, First and Final dividend, 09/03/2021; NATIONS TRUST BANK PLC (NON-VOTING), 2, First and Final dividend, 09/03/2021.

Key Economic Indicators January Prime Lending Rate-5.82%; Ave. Wtd. Deposit Rates-5.58%; Ave. Wtd. Fixed Dep. Rates-6.88%; CCPI Inflation Y-o-Y % (Base 2013)-3%.

Net Foreign Position

Foreign investors were net sellers this week with total net outflow amounting to LKR 1.29Bn relative to last week’s total net outflow of LKR 0.88Bn (46.3% W-o-W). Total foreign purchases decreased by 35.6% W-o-W to LKR 0.28Bn from last week’s value of LKR 0.44Bn, while total foreign sales amounted to LKR 1.57Bn relative to LKR 1.32Bn recorded last week (19.1% W-o-W).

Creating another revolution in the cable industry, ACL Cables PLC, Sri Lanka’s no.1 cable manufacturer, launched its own e-commerce platform designed to help customers personalize their buying experience.

The “ACL shop online” e-commerce platform can be accessed through the ACL corporate website. This paves way for the company to reach its customers more conveniently and efficiently and also provides a novel way of digitalizing its sales effort.

The inaugural online sales order was placed by two of the key account dealers of ACL, namely: Sunil Kumarage and Lasith Karunatilake.

For ACL it is a landmark event, as this is the first time creating their own online space, ensuring customers have easy access to the wide range of products. Previously, ACL products were available online only via third party listed e-commerce platforms.

With the new e-commerce platform, all ACL customer segments namely dealers, consumers (house builders), electricians etc., can obtain all their product requirements at one location.

Customers are required to register their details on the ecommerce portal prior to shopping. This will ensure users to fulfill their requirements with ease during recurring visits and a seamless shopping experience. Nevertheless a general customer is given the option to access the shopping portal and purchase their requirement without a registration as well.

Commenting on the launch of the site, “Suren Madanayake, Managing Director ACL Cables PLC noted, “As the industry’s innovator we always open doors for novel concepts and innovative platforms. This is one such occasion. With the prevailing situation within the country we believe that this will be helpful for our customers, especially to continue their usual construction activities without any delay.”

Notably, this e-commerce platform is positioned as a separate sales channel for ACL apart from its usual dealer and distribution sales channels, which is the core sales operation of the company.

ACL Cables own 70% of the cable market share and revenue over Rs. 18 billion as a group.

Ocean Lanka, Sri Lanka’s largest weft knitted fabric manufacturer, honoured a large cohort of staff marking employment milestones at the Ocean Lanka Service Awards, where cash prizes were presented to 12 employees who have served for 25 years and 27 staff members who have served for 20 years.

Addressing the staff, Managing Director of Ocean Lanka, Dr. Austin Au, described the honorees as “pioneers” whose contributions have made Ocean Lanka the foremost textile manufacturer in the region.

“For the past 25 years, the company has thrived on the passion, perseverance and dedication of our staff. We continue to shape an environment that values communication, transparency, respect and trust – while embracing a growth mindset. This is our DNA and the long years of service are ample proof of those core values being vibrantly lived, every day.” Dr. Au said.

The Ocean Lanka Service Awards is a culminating activity of company’s 25th anniversary celebrations and is considered as one of the most important employee recognition events, along with the ‘Sewa Abhiman Loyalty Awards’.

The company remains committed on the professional development of staff and the allocation of various incentives and employee engagement activities to further motivate them to deliver the best of their ability.

JB Financial (Pvt) Ltd, a specialist asset manager, investing in a range of investment grade debt instruments, equity and gilt-edged securities received a credit risk rating of [SL]A+ mfs (pronounced as Sri Lanka A plus m f s) for its JB Vantage Money Market Fund (JBMMF) recently from ICRA Lanka Limited.

The fund is the second largest Money Market Fund in terms of assets under management (AUM) in Sri Lanka with Rs.18.82 billion as at December 2020.

The fund was initiated on August 4, 2011 and has been in existence for nearly a decade consistently outperforming the benchmark (NDBIB CRISIL91-day T-bill Index).

Christine Dias Bandaranaike (CFA), CEO of JB Financial (Pvt) Ltd and Fund Manager of the JBMMF said, “The rating reflects our solid position as a leading specialist investment manager. We have over the past few years grown the Fund’s AUM while maintaining a robust risk management framework and sound financial metrics in line with the investment mandate.”

“The rating further signifies the relative prudence of the fund which only invests in companies which are willing to subject themselves to an external rating and are therefore transparent with their financials.

As part of ourinvestment mandate, we only invest in companies that are considered Investment Grade, that is rated BBB- and higher by an external rating agency. Investments in the BBB rated category is further restricted up to an average of 30%, while the remaining is invested in A rated and above companies in order to manage and mitigate credit risk more prudentially.”

Deutsche Bank AG acts as the trustee of the JBMMF, and ensures that the fund manager operates according to the investment mandate to achieve the goals and objectives while safeguarding investors’ interests. The fund is regulated by the Securities and Exchange Commission on a regular basis to ensure compliance with regulatory requirements.

Moose Clothing Company clinched their first bronze award for “Best New Entrant Brand” category at the recently held SLIM Brand Excellence Awards 2020.

Moose Clothing believes in creating clothing that’s loved by all, allowing everyone to embrace and celebrate their unique personalities. Moose Clothing has over time established itself as versatile brand that creates comfortable quality clothing with the perfect fit. The brand is keen about perfecting every aspect of their clothing and puts in every effort to create a quality garment that will always speak for itself.

Hasib Omar, Executive Director/CEO of Moose Clothing Company said, “This is indeed a testimony of our hard work and dedication towards the brand and our customers. We entered the market with that in mind and this award is a clear indication that we are on the right track.”

Established in 2018, the brand’s journey is all about celebrating the free-spirited personality of the wearers with versatile clothing that’s suitable for work, dance and play.

The SLIM Brand Excellence Awards is a celebration of brand excellence at the national level which recognises and rewards the outstanding efforts of outstanding marketers. SLIM endeavours to encourage best practices in branding and raise local brands to global standards, thereby enhancing the image of marketing in the country. Each year the panel of judges evaluates the applicants for each category of award, seeking the qualities that elevate brands beyond the normal realm.

Moose Clothing Company is a result of a 50-year long expertise in the apparel industry and the brand passionately strives to craft quality clothing through innovation that will always evolve with the wearer and resonate their lifestyles making them feel their best.

The Commercial Bank of Ceylon has been declared the ‘Strongest Bank in Sri Lanka in 2020’ by the Asian Banker Magazine, based on the strength of its balance sheet.

This accolade was presented to the Bank at a virtual plaque presentation ceremony on 25th February 2021 during which it was recognised as the strongest bank, with 50 places separating Commercial Bank and the second highest placed Sri Lankan bank.

Commenting on this international ranking accorded to the Bank, Commercial Bank Managing Director Mr S. Renganathan said: “This award is a testament not just to our resilience, but to our ability to grow in the face of adversity. Maintaining a strong balance sheet is crucial to our ability to continue to help our customers survive the effects of the pandemic.”

The 2020 Asian Banker Strongest Banks ranking which should have been announced between August and September of the year was delayed this time, to enable the Magazine’s research team to collate and incorporate the 2020 financial information into the assessment, to appraise performance during the pandemic. As such, this year’s ranking reflects some of the impacts of the pandemic on the financial performance of banks, the magazine said.

The rankings for 2020 recognised banks and financial institutions that had stood through the unprecedented disruptions to the global economy caused by the pandemic and are well-positioned to play an important role to help economies recover and to restore livelihoods.

The Asian Banker award is based on a detailed and transparent scorecard compiled and analysed after an independent assessment of six areas of balance sheet financial performance – the ability to scale, balance sheet growth, risk profile, profitability, asset quality, and liquidity.

The ranking includes the strongest banks in Australia, Bangladesh, Brunei, Cambodia, China, Hong Kong, India, Indonesia, Japan, Laos, Macau, Malaysia, Mongolia, Myanmar, New Zealand, Pakistan, the Philippines, South Korea, Sri Lanka, Singapore, Taiwan, Thailand, and Vietnam.

The Asian Banker has been publishing its annual ranking of the Strongest Banks in the Asia Pacific region on the basis of balance sheet strength since 2007. The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 10 years consecutively, Commercial Bank operates a network of 268 branches and 887 ATMs in Sri Lanka.

In a bid to create stronger leadership skills a Business Planning meeting and a motivation campaign was held with the participation of the 2020 achievers team of the Ragama branch of AIA Insurance Lanka PLC, at the Forest edge Kabana Hotel, Deniyaya recently. This was organized by the Regional Manager of the Ragama branch Malcolm Krishantha Silva. This team also gained another novel experience by taking a hike to the Sinharaja Forest. AIA is the largest independent publicly listed pan-Asian life insurance group – with a presence in 18 markets across the Asia-Pacific region and for almost three decades, AIA have served millions of people in Sri Lanka. Picture by Sumanachandra Ariyawansa

Amãna Bank crossed the Rs 100 billion mark in total assets as at YE2020, a milestone bearing evidence to its accelerated growth, which comes in a context where the Bank has completed only 9 years in banking operations.

In the face of the Covid-19 pandemic related challenges, the Bank has showcased strong resilience especially during the first 3 quarters of the year and has bounced back strongly in Q4 with a remarkable 51% growth in pre-tax profit recording Rs 372.1 million in comparison to Rs 246.2 million in Q4 2019.

Chandula group of companies of Piliyandala held their annual ‘Sewaka Abhiman 2020’ to honor and award their loyalty staff on February 4 at Windsgreat Reception Hall in Polgasowita, Piliyandala under tight health regulations also to coincide the commemoration of Independence Day celebrations of Sri Lanka.

Chairman, Sinha Chandula Handungoda has been engaged in appreciating the services of his employees annually since 1997. Under the ‘Sewaka Abhiman 2020’ initiative employees were awarded with gifts and the function also included various cultural performances by the employees.

Two employees Asanka Weerasuriya and Duminda Upashantha Ratnayake who had completed 20 years of service at this company were presented with cash awards by the Chairman of the Chandula Group of Companies and the Board of Directors.

This function was held with the participation of all employees of Chandula Private Company, Chandula Super City, Chandula Films and Lares International Trading Private Company all of which belong to the Chandula Group of Companies. Special invitees on this occasion were the Piliyandala Lions Club, Piliyandala Traders Association and customers of the Chandula group of companies.

Lanka Hospitals, the internationally accredited multiple award-winning healthcare provider has been named the official Healthcare Partner of ‘Prima Ran Piyawara’, an exclusive loyalty programme for premier customers of Prima Ceylon.

‘Prima Ran Piyawara’ offers a wide range of benefits to its elite customer base. The partnership enables Prima’s premier customer’s access to loyalty rewards through their VISA debit card which can be redeemed at Lanka Hospitals.

The VISA debit card can be utilized for an array of services at a discounted rate such as admissions, rooms, selected surgeries, physiotherapy, dental, eye care, cosmetic care, health check packages, women’s wellness, diabetic care packages and more.

“The ‘Prima Ran Piyawara’ loyalty programme is an opportunity to make our services more accessible and to give back to our loyal patrons who have trusted our services in private healthcare over the last two decades. We hope to expand our loyalty services through this programme to offer further benefits in future as we recognise Prima as a unique business partner whose growing clientele will have the opportunity to take full advantage of a range of service offerings that are available to them at Lanka Hospitals,” Lanka Hospitals, Chief Marketing Officer, Nimal Ratnayake stated.

“As Sri Lanka’s leading flourmill with a reputation for consistent and high-quality wheat flour, Prima has always considered it an honor to serve its valued customers.

We believe our partnership with Lanka Hospitals is timely and most beneficial and will be widely utilized by the members of the loyalty programme. There many value additions that we have included to recognise and reward the loyalty customers of Prima in a novel way. These elite customers have been with Prima over the last four decades and supported us in uplifting the standards of the bakery and food industry at large,” Prima Ceylon Limited, Head of Marketing & Sales, Ravindra de Coonghe, stated.

The People Management Solutions (PMS) Division of CIPM Sri Lanka inaugurated the “Service for Excellence” training programme for Lanka Sathosa, the largest retail network on the 27th of January 2021 at the Excel World, Colombo.

The Service for Sales Excellence training programme will help Lanka Sathosa achieve its objective of being the No. 1 supermarket chain in Sri Lanka.

The programme is part of the structural change and rebranding exercise including introducing a new uniform for the outlet staff that is being implemented at the over 420 Lanka Sathosa outlets island wide. Chief Executive Officer CIPM - U.A.C. Obeysekere, Director Professional & Academic Affairs - G. Weeratunga, Chief Manager - Consultancy, Corporate Training & HR Services CIPM - Chandima Pinsiri and CIPM Programme Facilitator - Dharshana Amarasinghe joined Chairman - Rear Admiral Ananda Peiris, Chief Executive Officer - Major A. P. Pandithage (Retd), DGM (HR & Admin) - Wing Commander P. W. Primal (Retd), DGM (Operations) - Janak Badugama, Senior Manager (HR & Admin) - Sisira Gunawardena and other officials of Lanka Sathosa at the programme launch ceremony.

“We are honored that the management of Lanka Sathosa selected the People Management Solution Division of CIPM Sri Lanka to conduct the ‘Service for Sales Excellence’ training programme. Changing the attitudes, outlook and frame of mind of staff is of strategic significance in building a conducive HR infrastructure to achieve the goals and objectives of Lanka Sathosa” said Jayantha Amarasinghe –President, CIPM Sri Lanka. “It is important that our human resources also become No. 1 in terms of customer orientation and service excellence with the right attitudes, frame of mind and outlook to realize the goals identified in the outlet restructuring and rebranding initiative in our journey to be the No. 1 supermarket chain in Sri Lanka. We are confident that with its experience in conducting similar HR upliftment programmes for other leading organizations in Sri Lanka, CIPM Sri Lanka’s People Management Solution Division with its dynamic resource pool is the ideal partner to help assist us in achieving our objectives” said Chief Executive Officer Lanka Sathosa - Major A. P. Pandithage (Retd).

“The People Management Solutions Division of CIPM, with its highly qualified and experienced resource pool, is well positioned to conduct this programme which is of great importance to Lanka Sathosa in its quest to be the No. 1 supermarket chain in Sri Lanka. Our resource pool consists of qualified, experienced and knowledgeable human resource personnel” said Ken Vijayakumar, Vice President CIPM and Chairman of CIPM’s Standing Committee on People Management Solutions.

The “Service for Sales Excellence” programme will be conducted across 61 locations island-wide in all 3 languages for more than 3800 Lanka Sathosa staff members by a panel of 4 facilitators including Dharshana Amarasinghe, Rajee Ravichandran, T. Prashanthan and Prashantha Hettiarachchi of the CIPM PMS Division resource pool.

Green Herbal Products (Pvt) Ltd won ‘The Most Productive award’ At Southern Province Business Awards at the 5th Best Entrepreneur Award Ceremony of the Southern Province held at Golden Pearl Hotel in Tangalle

Green herbal is famous for their herbal Hair Tonic ‘KESHA MULA THARALAYA’ due to successful results. “Even people with bald heads have seen tier hair grow after using our product,” said Managing Director Green Herbal Products, Manori Jayathilake.

The event was organized by the National Enterprise Development Authority (NEDA) in collaboration with the Hambantota District Chamber of Commerce (HDCC) and supported by the Chambers of Commerce in Galle and Matara, Consulate General of India Hambantota office and Southern Province Development Authority.

The awards were designed to encourage the business community in the province to improve their standards of business practices and achieve higher levels of entrepreneurship.

The Minister of Industries Wimal Weerawansa was the Chief Guest while MP and Hambantota District Coordinating Committee Chairman (Dr.) Upull Galappaththi, Consul General of India, P. R. Dipin, NEDA Chairman Anushka Gunasinghe, and many invites participated at the event conducted under tight health regulations.

ISM APAC, part of the Dutch-based leading e-commerce solutions provider ISM was ranked among Best Workplaces in Sri Lanka for 2020 by Great Place to Work Sri Lanka. Additionally, it was also recognized among the Best Small and Medium IT/ITes Workplaces in Sri Lanka.

The company first made it to the list of Best Workplaces in Sri Lanka in 2017, and was later certified as a ‘Great Workplace’ in 2019 as well as 2020. Since its inception in 2014, ISM APAC which serves the Asia-Pacific region has been able to create a distinctive workplace culture for its 180+ employees in such a short span of time.

ISM APAC Managing Director Priyantha Bethmage said ‘We take great pride in being one of the top best workplaces in the country. This recognition is a testament to the tireless efforts of our employees who are driven by a shared passion to build world-class solutions. As a leader we understand the importance of supporting employees in all aspects of their lives.’ ‘Excellence is not just an act, It is a habit. As a company that is what we repeat. Satisfied employee is the biggest asset for a successful company. There are no fixed strategies to success. It is the result of learning from failures and empowering employees,’ said Uditha Wijesundara, IT Director ISM eGroup/Head of Sana Hosting Operation.

‘We always want our employees to enjoy what they are doing. They must feel really comfortable to engage with their work, their teams and the customers. In creating such an environment we often come across challenges, arguments, mistakes, achievements, learnings and appreciations.

We trust that all our employees have a big and open heart to welcome them positively and enjoy the journey we are on. We are all in this together. With this feeling, the rest is assured,’ said Finance Director of ISM APAC - Tharanga Perera.

ISM APAC also strives to empower and help the external communities. Sipsatharata Arunallak – ‘Helping hands for Education’ is the mission of ISM APAC’s CSR Committee, and it strongly believes that education is the most powerful weapon one can use to change the world.

ISM APAC is committed to improving education in Sri Lanka as much as it could.

Having contributed for more than 25 years to the industry, ISM continues to grow bigger and stronger.

ISM has evolved to be a leader in the Dutch region’s e-commerce industry, and has rapidly expanded its operations with offices across Australia, Austria, Colombia, Germany, Ukraine, UK, USA, and Sri Lanka.

Sri Lanka Coconut Cultivators’ Association and the Ceylinco Insurance Company (CIC) under the guidance of the Coconut Development Authority (CDA) jointly launched a special Insurance scheme for the sector, which is a first for Sri Lanka.

Under this novel insurance program Ceylinco Insurance proposes to compensate and provide a sustainable insurance solution to coconut cultivators on behalf of damages caused in various ways to their cultivations.

“This novel scheme also strives to ensure the acquisition of a maximum harvest of quality and through that to increase the local coconut grower’s income.

This is intended to bring a strong turning point to the local Agro sector as well,” said Assistant general manager of Ceylinco Insurance, Deshapriya Wickramaratne.

“Under this new scheme coconut trees would be covered against disasters such as cyclones, droughts, pests, animals such as monkeys and diseases,” he said.

Initial premium to be is Rs. 60 per tree and a further compensation in excess of Rs. 1000 is also to be paid.

Ceylinco Insurance has also ensured a guarantee when obtaining compensation under this scheme.

“The insurance programme has been created according to experts from recognized institutions in Sri Lanka which supply relevant technological knowledge,’ Ceylinco Insurance Senior Manager Corporate Accounts Leonard Solomon said.

Coconut Growers Association of Sri Lanka President Jayantha Samarakoon said the new scheme would be a great boost to the coconut planters and the industrialists.

This programme is being launched under the guidance of State Minister Arundika Fernando, targeting facts identified by the Coconut Development Authority (CDA), subject to the supervision of the Director (Marketing and Research) of the CDA, Sampath Samarawickrema. The CDA will also monitor the progress of this programme.

“We intend to implement this scheme island wide,” he added. 

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) received the Great Place To Work certification for the review period of 2020 and was elected as Best Workplaces among the Top 40 Best Workplaces in Sri Lanka.

Sharing his views on the two Companies’ continuity in being best workplaces, Chief Executive Officer of HNBA and HNBGI Prasantha Fernando stated “Being elected as Best Workplaces is a great validation for the two Companies, as we are one family who are very attentive towards each other’s needs.

It determines how well the Group has been true to its vision and core values, and also affirms that our people are happy and approve the Companies as their choice of an employer. In a challenging year, we have remained connected with our teams assuring them steady growth, and most of all, their place with us. Our actions during the Pandemic would speak volumes towards our commitment to our employees as we strongly believe actions would speak louder than mere words.

“I am confident of a bright and prosperous future together for HNBA and HNBGI and I thank all the staff members for placing their confidence in the Company”.

Chief Human Resources Officer of HNBA and HNBGI, Dinuka Pattikiriarachchi also extended his sincere thoughts stating, “A great workplace and a culture is not an overnight outcome. Rather it is a result of good leadership, long term planning and sustained practices.”

“What we have been awarded is a recognition of that. However, that does not mean we stop here. We will continue to invest in our efforts to create the best workplace one could hope to work for. I like to congratulate all the staff members of HNBA & HNBGI as this is their award which I was privileged enough to receive on behalf of them”.

HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 63 branches. HNBA is a Life Insurance company with a rating of A (lka) by Fitch Ratings Lanka for ‘National Insurer Financial Strength Rating’.

The Power Solutions Division of Browns has introduced a duo of free of charge services for backup generator owners, with Condition monitoring and Load audits.

Browns has launched these special services to support the efforts of the nation to drive forth the economy despite the challenging environment created by the prevailing global pandemic.

During the nationwide lockdowns and long isolation periods, many backup power generators did not receive the due attention as the owners were not able to fulfill the regular maintenance requirements. Since the Browns Power Solutions Division has introduced these services to ensure various facilities, including large scale industrial buildings, commercial properties and residential properties that rely on backup power generators are able to operate without power interruptions.

As backup generators mostly run during power cuts or for the purpose of standby power generation in the local context, it is vital to make sure that they are always in running condition to avoid unexpected downtimes. This is a great opportunity for backup power generator owners to get their generators inspected free of charge by the technical experts at Browns Power Solutions. You can get a clear idea about the capacity of your generator vs the electrical load of the premises and take necessary actions if the existing generator is not able to facilitate the electrical load of the premises. The condition monitoring service focuses on identifying defects, repair and maintenance requirements as well as potential breakdowns, based on the current condition of the generator. Our service personnel will recommend proactive measures based on the findings.

Commenting on the launch of the new services, Sanjaya Nissanka, Cluster Chief Operating Officer Agriculture and Machinery, Browns stated, “As always, Browns is poised to empower local business to propel the growth engine of the national economy.

By introducing these services, we expect to support business to conduct their operations smoothly and move forward with a sense of restored normalcy. Browns Power Solutions is well ahead of the competition with its acclaimed 24-hour support service, highly-trained technical team and state-of-the-art service facilities. With service centres located across the island, Browns Power Solutions offers an unparalleled service to its customers.”

An investment in the long run, the premium quality power generators offered by Browns Power Solutions are renowned for trusted technology, advanced functionality, versatility, and energy efficiency. Browns Power Solutions is poised to cater to growing consumer demands through its strategically located customer touch points in Colombo 10, Colombo 13 and Ranala.

Emirates SkyCargo has signed an agreement with UNICEF to prioritise the transport of COVID-19 vaccines, essential medicines, medical devices and other critical supplies to help fight the COVID-19 pandemic. The announcement is the latest in a series of measures undertaken by the

freight division of Emirates to support global communities in recovering from the devastating impact of COVID-19.

The Humanitarian Airfreight Initiative spearheaded by UNICEF brings together a number of partners collectively capable of distributing essential supplies to more than 100 markets in support of the COVAX Facility, the global effort aimed at equitable access to COVID-19 vaccines.

“As a global player flying to more than 130 destinations, Emirates SkyCargo has been committed to the fight against the pandemic from the very early stages and we have rolled out a number of initiatives to expedite the distribution of COVID-19 vaccines through Dubai, starting with our GDP certified dedicated airside hub. Through our partnership with UNICEF, we will be taking yet another step to prioritise and facilitate the rapid and secure movement of COVID-19 vaccines particularly to communities hard hit by the disease,” said Nabil Sultan, Emirates Divisional Senior Vice President, Cargo.

Emirates SkyCargo is an industry leader in the air cargo sector for the transport of temperature sensitive pharmaceuticals including vaccines. The cargo carrier features a global network spanning six continents, a modern fleet of widebody only aircraft as well as state of the art EU GDP certified infrastructure at its hub in Dubai for the secure transport of pharmaceuticals and vaccines.

In October 2020, Emirates SkyCargo announced that it was setting up the world’s largest EU GDP certified airside distribution hub dedicated for the storage and distribution of COVID-19 vaccines.

Fitch Ratings Sri Lanka has recently revised Cargills Bank’s National Long-Term Rating to AA-(lka) with a Stable outlook, from A+(lka) with a Stable outlook. The Rating revision is following the recalibration of the agency’s Sri Lankan national rating scale following Fitch’s downgrade of the sovereign rating on 27 November 2020.The revision of the National Rating of Cargills Bank stems from the change in rating of its parent CT Holdings due to the recalibration of the national rating scale. This revision now places Cargills Bank on the same level as Sri Lanka’s leading and well-established banks.

Managing Director/CEO of Cargills Bank Senarath Bandara said, “At just 6 years old, we are a young bank. Our main priority is to support the primary sectors of the Sri Lankan economy, with a strong focus on the agricultural sector and SMEs. This ties into our overall goal of becoming the most inclusive bank in Sri Lanka, while leveraging the support and resources available to us through the Cargills Group ecosystem.”

“Achieving success and ensuring the best services possible has been exceedingly challenging in the post-COVID environment. Thus, we are proud that with the support of our parent Cargills Group, we have received a rating of AA-(lka) with a Stable outlook from such a well-respected entity as Fitch Ratings Sri Lanka.”

As the Financial Services arm of the Cargills Group, Cargills Bank was established in 2014 utilizing technology to harness the extensive Cargills ecosystem to provide holistic financial and market solutions to support agriculture and entrepreneur development in Sri Lanka.

The Bank has also embraced the Central Bank’s vision of a cashless society, being the first Financial Institution to issue and acquire LankaQR transactions in Sri Lanka, and facilitates technology-based payment solutions in Sri Lanka.

Cargills Bank provides a full range of banking and financial services. Customers may also access their Cargills Bank accounts through Cargills FoodCity outlets island-wide.

Travel solutions provider, Classic Travel clinched a rank in the Great Place to Work list 2020, becoming the only travel agency in the country to win a place in the list for 6 consecutive years.

The Great Place to Work list awards Sri Lankan companies a spot in their annual list of best places to work following a rigorous analysis, involving confidential surveys and culture audits. Hence, claiming a spot in the annual list for six years speaks volumes about Classic Travel’s high

standards as an employer of choice.

“At Classic Travel we nurture a dynamic, inclusive and people centric work culture. There is no greater validation for our HR culture than an endorsement from our own people,” commented Upekha Ukuwela, Head of Human Resources at Classic Travel.

Great Place to Work ratings measure companies’ capacity to earn employees trust. This is a valuable metric for anyone who wishes to engage with Classic Travel either as an employee or a business partner.

At Classic Travel employees are encouraged to voice their opinions and contribute to improving the business approach as well as the work culture. A sought after and trusted travel solutions provider, Classic Travel is an IATA accredited travel agent based in Sri Lanka and a member of the prestigious Expolanka Group of Companies.

oDoc, Sri Lanka’s leading digital health company, announced it had closed USD 1 million in pre-series A funding at double its previous valuation.

Existing investor Techstars led the investment round along with leading Silicon Valley venture capital firms, Hustle Fund and Unpopular Ventures. Other notable investors included Cherif Habib (co-founder of Dialogue, a Canadian telemedicine start-up with over $50M in ARR), Vir Kashyap (co-founder of Babajob) and LPs Bill & Leonard Lynch.

The investment will be used to expand operations and create a seamless customer experience across the healthcare and insurance verticals in the region.

Founded in 2017, the company connects patients with doctors for video consultations and fulfills home diagnostics and medicine delivery. The company grew revenues by 5X in 2020 whilst maintaining healthy unit economics. This growth was fuelled by the pandemic, which was a watershed for the global telemedicine industry.

oDoc saw mass adoption across both patients and practitioners, with telemedicine being the only option for non-urgent healthcare during the lockdown.Shiyan Koh, Managing Partner at Hustle Fund, stated, “oDoc is taking on one of the most important problems we face - timely and affordable access to healthcare. Consumers’ willingness to use digital health solutions has only accelerated during the COVID-19 pandemic and we see multiple paths to growth here.”

Heshan Fernando, Co-Founder and CEO of oDoc, stated, “ We are excited to transition to the next phase of growth, moving from a startup to a scale-up and thrilled to have some of Silicon Valley’s best venture builders backing us.”

Crimson Bakery recently opened a standalone bakery outlet at the University Hospital, Kothelawala Defence University (KDU), Werahera, Boralasgamuwa. The new Crimson Bakery caters to the University Hospital’s medical staff, patients, defence staff and other customers with its unique Crimson brand style associated with features which are exclusive to LAUGFS Group.

As a sub brand of LAUGFS Supermarkets, Crimson Bakery is renowned for its freshly baked items offered at reasonable prices. The newly launched bakery adjoins the LAUGFS Supermarket, which was also opened recently.

“Crimson brand has become an integral, renowned part of the LAUGFS Supermarkets’ identity. Our team, including professional bakers work around the clock to offer a unique and high quality food experience from all food items we serve”, commented, Lilanthi Herath, Director/Chief Executive Officer of LAUGFS Supermarkets,

The KDU Crimson Bakery serves an extensive range of snacks, hot and cold beverages and “quick serve” food items with particular focus on food requirements for morning and evening. Going beyond conventional bakery ambiance, KDU Crimson Bakery provides comfort inducing space, where the University hospital’s medical staff, patients and defence staff can dine in

a leisurely fashion, without having to leave the University premises.

Crimson Bakery first began serving customers in 2016, and currently operates 37 bakeries within LAUGFS Supermarkets and the main processing unit at Hill Street Nadimala. In addition, Crimson caters to the needs of health conscious customers with a range of health focused products such as multi-seed bread, kurakkan bread, garlic and curry leaf bread. Operating

under LAUGFS Supermarkets, a subsidiary of LAUGFS Holdings Limited.

Trade Finance and Investments PLC (TFI), a financial service provider in Sri Lanka for over 35 years, has been amalgamated into Commercial Credit and Finance PLC (CCF).

The amalgamation, which came into effect from December 31, 2020, was subject to the shareholders of both companies approving the said amalgamation at Extraordinary General Meetings held on November 9, 2020.

The amalgamation was driven by the financial sector consolidation plan initiated by the Central Bank of Sri Lanka in 2014, where CCF acquired majority control of TFI. Further to the request made by the CBSL, the Boards of Directors of both companies resolved to the amalgamation in line with the consolidation plan.

The amalgamation would result in a combined asset base of approximately Rs.90 Billion with a strong asset-base with enhanced core capital ratios which provides CCF with a strong base for future growth.

Furthermore, with the inclusion of TFI’s two-wheeler and three-wheeler dominant loan portfolio into the CCF portfolio, which is also exposed to the same business line, the amalgamated Company is expected to have market leadership in the two and three-wheeler lending segment in the country.

The amalgamated entity will have a branch network of 126 locations enabling it to expand and fill in the network gaps within the CCF network and reach out to its customer base more efficiently.

Chief Operating Officer of Commercial Credit Rajiv Casie Chitty said, “The amalgamation is best-suited in keeping with Commercial Credit and Finance PLC’s progressive stance in order to serve our customer base better in fulfilling their dream for a brighter future. This will enable us to penetrate into Trade Finance and Investments’ current geographical locations covered by its branch network and gain leverage on its strengths, while introducing Commercial Credit and Finance’s broader product portfolio in these locations thereby strengthening the asset-base for the betterment of all stake-holders of both entities.”

K Seeds Investments (PVT) Ltd acted as the advisor to the amalgamation process.

The newly launched Stadium Restaurant in Kesbewa Road, Boralesgamuwa opened their swimming pool pinning a much needed facility to the area. Stadium Restaurant which offers dining mainly targeting families was opened six months ago and due to numerous requests from their clients and residents nearby, added a pool with a separate kiddies pool recently. This is opened adhering to health guide line and with limited use.

“With Boralesgamuwa area fast developing as a residential area with several new apartment and we are now planning to convert Stadium as an entertainment hub,” said the two joint Managing Directors, Hasitha Udara and Anushka Wanniarachchi. Currently the venue offers dining in two decks with the view of the newly built jogging track and mini lake for around 80 guest and another 30 in the outdoor area. In addition Stadium also provides catering and online delivers with DJ in attendance in weekends. “We don’t serve liquor but allows guests to bring their own spirits and they are entertained in a separate area ensuring the privacy of families.”

Commenting on their two year Rs. 180 million expansion plan they will first build two VIP rooms on the first floor and a roof top VIP area to cater to private functions. In addition we will also expand the swimming pool with a new and larger kid’s pool.” One of the much hyped development projects would be the ‘non sailing floating restaurant’ in the adjoining mini lake for 50 guests which will definitely raise the ‘entertainer’ profile of the entire area and would be a first. A ‘non sailing floating restaurant’ will also be a major tourist attraction in the future benefiting the entire area. “However we have been seeking approvals for this project for the past four years from government authorities without success.” Stadium also plans to open a natural juice bar to offer health drinks to those who use the jogging track.

The current kitchen would be converted to a live kitchen and we also hope to conduct ‘cookery classes’ and more traditional authentic Sri Lanka food menus would be introduced.When the COVID-19 pandemic settles we will introduce a membership drive mainly targeting families and new technology will be used to book their ‘table’ and order and pay online to avoid delays.

A BBQ station and a wine sellers for members is also proposed.

In a bid to attract sports lovers we will install more large TV screens creating the atmosphere of a watching a live match.

Stadium will be also taking ownership of more buildings from 2023 which will be used for entertainment including Karaoke bars Stadium making it the biggest entertainment and dining hub in the area.

Aitken Spence Hotels’ overseas resorts, Heritance Aarah, Maldives and Desert Nights Camp, Oman were recently honoured among the best global luxury brands at the Luxury Lifestyle Awards 2021.

The accolades were bestowed in the categories of ‘Best All-Inclusive Resort’ and ‘Best Luxury Hotel’ for Heritance Aarah and Desert Nights Camp respectively, shortlisted and selected from among 10,000 applicants in 400 categories.

The Luxury Lifestyle Awards confers goods and services aimed at the global professional community, recognising the exceptional initiatives, innovations and excellence that effectively entice consumers in the luxury sector.

Aitken Spence Hotels deems the award as a pinnacle of achievement amid challenges faced throughout the past year, owing to the resilience and efforts of the Company and staff in maintaining exceptional standards in hospitality.

Aitken Spence Hotels is the largest overseas hotel operator in the Maldives and its latest all-villa property in the Maldives, Heritance Aarah introduces the novel premium all-inclusive offering to the market.

Oman is home to the most-loved resort by honeymooners, Desert Nights Camp –a two-hour drive from Muscat, the Capital. Eluding elegance and charm, the hotel is a luxurious haven to enjoy the views of the endless dunes and crystalline wadis.

Aitken Spence Hotels, headquartered in Colombo, Sri Lanka operates a total of 23 hotels and resorts across Sri Lanka, Maldives, India and Oman catering to a diverse portfolio of clientele.

The International Airline & Aviation College has added another accolade to its growing repertoire, having been recently been recognized as the Best Airline Training College at the Sri Lanka Best Brand Awards 2020.

The event was launched to recognize top companies and brands in Sri Lanka who have used branding to gain a competitive edge and offer products and services that stand out in each individual industry.

This award was the latest in a long line of accolades received by IAAC which has seen a considerable number of students graduate and receive diplomas in Airline Cabin Crew, Airline Ticketing Reservations and Marketing, Airport Ground Operations and Passenger Handling, Air Cargo Operations and Logistics.

The IAAC was created under the auspices of the Tertiary and Vocational Education Commission of Sri Lanka (TVEC).

CEO-Education Division of IAAC, Dulip Bryan stated, “This recognition further confirms our commitment to addressing the educational needs of Sri Lanka’s youth. A major concern faced by many school leavers today is the absence of a clear academic pathway leading up to the many job opportunities existing in the diverse aspects of the Airline and Aviation industry.

The bridging of the gap was the catalyst for the inception of The IAAC or International Airline and Aviation College in late 2015.”

All programs conducted by IACC have been designed to specifically meet the needs of the aviation industry and comply with the TVEC QMS standard.

A Memorandum of Understanding (MoU) was signed between NSBM Green University and Institute of Hospitality UK Sri Lanka International Branch on February 23. This was launched with the Department of Marketing and Tourism Faculty of the NSBM.

It marks a milestone in enhancing professional development for the students who follow the Hospitality and Markering programmes and strengths the bond and relationship between both parties.

The agreement was signed by Renuka Jayamanne Chairperson of IH Sri Lanka International Branch and Professor E.A. Weerasnghe Vice Chancellor of NSBM Green University under the patronage of representatives from both parties.

The cooperation aims to equip students with the highest career potential through professional recognition,education and continued professional development.

The university believes that the internationally recognised Institute would create a competitive advantage for students in their future career.

Cinnamon Bentota Beach, a property of Cinnamon Hotels and Resorts one of Sri Lanka’s leading hospitality chains, became the first hotel of its scale in Sri Lanka, under the ‘LEED New Construction Version 3 2009’ rating system, to be LEED Platinum certified by the U.S. Green Building Council.

The LEED (Leadership in Energy and Environmental Design) certification identified Cinnamon Bentota Beach as a showcase example of sustainability that demonstrates the property’s leadership prowess in transforming the building industry.

The United States Green Building Council is an organisation committed to a sustainable, prosperous future through LEED - the leading program for green buildings and communities worldwide. With the recent LEED certification Cinnamon Bentota Beach joins the ranks of other international hotels such as the Element Hotels - the eco-conscious brand of Marriott Hotels & Resorts, Virgin Hotels and Hyatt Hotels & Resorts.

Cinnamon Bentota Beach, General Manager - Donald Wingell stated: “The LEED Certification is a prestigious, globally recognized symbol of sustainability for highly efficient, environmentally-friendly and cost-effective buildings and we are committed to the common goal of building a healthier, more sustainable future for all our stakeholders -whether guests, staff or the greater community.”

Vice President - Engineering and Projects, Cinnamon Hotels & Resorts -Dinushka Kalutota stated: “This achievement stands as a testament of our commitment to sustainability throughout the entire lifecycle of the project. Strategic and technical decisions pertaining to the design and construction of the project were heavily influenced by LEED certification guidelines, along with unique integrated utility solutions to ensure that this state-of-the-art hotel performs at optimum efficiencies, resulting in a reduced carbon footprint and an environmentally-friendly operation.”

Cinnamon Bentota Beach received the LEED Platinum certification based on cost-effective renewable energy - limiting the effects of climate change,protecting natural habitats, soil erosion and sedimentation control, upcycling construction material, implementing natural lighting architecture, better air quality and greenery as well as meeting the ASHRAE 62.1-2007 standard. Cinnamon Bentota Beach is a luxury beach resort with unique architecture, heritage and the finest accommodation, with world-class dining, and signature experiences. Cinnamon Bentota Beach is a level 1 certified hotel by the Sri Lanka Tourism Development Authority (SLTDA) and is a recipient of the ‘Safe and Secure’ compliance certification, along with all the other properties under the Cinnamon Hotels & Resorts brand.

Headline inflation as measured by the year-on year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100)1 decreased to 3.7 per cent in January 2021 from 4.6 per cent in December 2020.

This was due to the statistical effect of the high base prevailing in January 2020. Meanwhile, Food inflation (Y-o-Y) decreased to 5.9 per cent in January 2021 from 7.5 per cent in December 2020. Further, Non-Food inflation (Yo-Y) decreased to 1.8 per cent in January 2021 from 2.2 per cent in December 2020. The change in the NCPI measured on an annual average basis decreased to 5.8 per cent in January 2021 from 6.2 per cent in December 2020.

Monthly change of NCPI recorded at 0.62 per cent in January 2021 due to price increases observed in items of both Food and Non-food categories. Moreover, prices of items in the Non-Food category recorded an increase during the month mainly due to price increases observed in Health (fees to private medical practices and payments to private hospital room charges) and Furnishing, Household Equipment and Routine Household Maintenance (wages of servants) sub-categories.

Further, year-on-year core inflation decreased to 4.2 per cent in January 2021 from 4.7 per cent in December 2020, while annual average core inflation increased marginally to 4.2 per cent in January 2021 from 4.1 per cent in December 2020.

Dialog Axiata PLC (“Dialog”), Sri Lanka’s premier connectivity provider, announced the commissioning of the Maldives Sri Lanka Cable system (MSC), enabling the delivery of high-speed broadband services.Dialog’s investment in the new high-speed submarine cable will trigger the single largest infusion of international Bandwidth between Sri Lanka and Maldives to date.The 840km long international submarine fiber optic cable system provides high-speed, low latency connectivity between Hulhumale in the Republic of Maldives and Mount Lavinia in Sri Lanka. The collaborative efforts of Dialog together with its international consortium partners Ooredoo and

Dhiraagu of Maldives together with the supplier HMN were critical in achieving the rapid system design and implementation during this period of challenging logistics and restrictions associated with the COVID-19 pandemic.

The MSC system is the second investment of its kind by Dialog, which follows its investment in the BBG cable (Bay of Bengal Gateway), offering high speed connectivity along with low latency between the Middle East, the Indian sub-continent and South-East Asia, and was one of the first fiber cable systems to be lit at 100G, linking Sri Lanka and the region. This project was conducted under the aegis of Telecommunications Regulatory Commission of Sri Lanka (TRCSL), Ministry of Defense (MOD), Sri Lanka Navy, Coast Conservation and Coastal Resource Management Department (CC and CRMD), Department of Fisheries and Aquatic Resource Development, Board of Investment of Sri Lanka (BOI), Sri Lanka Customs, Sri Lanka Port Authority (SLPA) and other relevant regulatory authorities.

Commenting on the occasion, Supun Weerasinghe, Group Chief Executive of Dialog Axiata PLC said, “We are pleased to have completed this project with our international consortium partners Ooredoo and Dhiraagu together with HMN in record time amidst the challenges of the pandemic. We are honoured and proud to witness the enhanced telecommunication infrastructure of Sri Lanka acting as a regional gateway in international communications. Our gratitude goes to all the regulatory authorities for supporting the successful completion of this project, in our shared vision of establishing Sri Lanka as a trusted regional hub.

We are very pleased with HMN Tech’s performance to ensure timely delivery of the project. The MSC system will facilitate the growing demand for internet in the Maldives, while increasing our submarine cable network reliability by providing route diversity. The system also caters for additional capacity required to enhance the digital ecosystem and provide modern digital services,” stated . Ismail Rasheed, CEO and Managing Director of Dhiraagu.

“Our close partnership and cooperation between all MSC consortium members and HMN Tech has achieved a timely system completion,” said Najib Khan, Managing Director and CEO of Ooredoo Maldives PLC.

 “The system further enhances our submarine network infrastructure to support the increasing communication needs of customers and power key digital innovations in the 5G era. This benefits all regional enterprises and consumers. We are honoured to be supported by our customers to deliver this important regional network. Our innovative products and network solutions continues to provide commercial value to our customers,”stated Ma Yanfeng, VP Sales and Marketing. “HMN Tech is committed to supporting worldwide digital transformation through leading technologies and effective system engineering and deployment.”

State Minister of Capital Markets and State Enterprise Reform Ajith Nivard Cabraal noted that during his tenure as Central Bank Governor the rate of return on Central Bank reserves was as high as 6.3%. He noted that under the previous administration this rate of return had crashed to figures well below 1.5%.

Cabraal noted that the media narrative on reserve management was misleading. Cabraal sais as Governor of the Central Bank he broke the record for the highest return on reserves by earning US$ 430 million on the holdings of the Bank. During that very same year, Cabraal was summoned by the Committee on Public Accounts for the purchase of Greek Bonds that caused a loss of US$ 12 million. Cabraal called on the media moguls to paint a more holistic picture of the reserve management.

Cabraal speaking on February 22 at the Public Sector Best Annual Reports and Accounts Awards – 2020 held at the BMICH criticised the improper understanding of economics and noted the government was going to honour all it’s International Sovereign Bond commitments.

In the backdrop of an extremely challenging environment, Seylan Bank recorded a Profit After Tax (PAT) of Rs 3 billion (bn) for the year ended December 31, 2020.

Interest Income of the Bank stood at Rs 52.3 bn while interest expenses stood at Rs 32.8bn reflecting a Net Interest Income (NII) of Rs 19.5bn with an annual growth of 4.6% in the year under review.

The main contributor for NII was the loans and advances portfolio that generated interest income of R 41.7bn during the year whilst the Treasury operations generated Rs 8.5bn in interest income. Interest expenses on deposits stood at R 27.8bn recording a decline from Rs 30.7bn from the previous year. Deposits that were re-priced during the year helped the Bank to reduce its funding cost.

Net Interest Margin (NIM) of the Bank declined to 3.95% against 4.20% reported in FY2019, as the loan book repriced at a faster rate than the deposits. This also offset the positive impact from the growth in low cost deposits.

Net Fee & Commission Income reduced to Rs 3.7bn from Rs 4.2 bn, recording a YoY contraction of 11.89%. The reduction was mainly due to the lower volume of foreign trade related activities and banking operations by businesses retailers etc.

The Total Operating Income growth of 4.36% predominantly aided by treasury trading activities which improved from a loss of Rs 497 mn in 2019 to a gain of Rs 348 mn in FY 2020. Further, net gains reported from de-recognition of financial assets increased to Rs 782 mn from Rs 320mn from FY2019 sustained the operating income growth and other operating income reduced by Rs 600 mn mainly due to contraction of trade-related activities during the year.

Bank recorded an impairment charge of Rs 6.9bn against Rs 3.9bn reported in 2019 with a growth of 80%. Impairment charges for Stage III advances increased from Rs 3.9bn to Rs 5.7bn during the year due to the impact of COVID-19 pandemic on businesses. Further, businesses that were identified as risk elevated industries too contributed to the increase in impairment.

Impairment on Stage I & II also grew from Rs 103mn to Rs 628mn and reversal of Rs 246mn to charge of Rs 359mn respectively. Simultaneously, Impairment on other financial instruments and assets also went up by Rs 290mn, mainly due to downgrading of the credit rating attributed to foreign currency bond holdings. The overall impairment improved the provision cover ratio to 43.68% as of December 31 2020.

Total Operating Expenses of the Bank slightly increased by 1.40% compared to FY2019. Establishment expenses reduced marginally from R 6 bn recorded in FY2019 to Rs 5.9bn in FY2020. The Bank’s Cost to Income ratio which stood at 50.3 % as at the end of 2020 has decreased when compared to FY2019.

VAT on Financial Services reduced by 5.73% in align to the Bank’s performance despite the increase in personnel cost by 4.82%. The Nation Building Tax (NBT) and the Debt Repayment Levy (DRL) that were in 2019 were abolished during 2019, reflecting a positive change to the income statement. Income tax expenses stood at Rs 1.3bn which reduced to Rs 1.1bn due to subsequent elimination of temporary differences in Deferred Tax. To page 18

Overall, Bank recorded a Profit Before Tax (PBT) of Rs 4.1bn against LKR 5.10bn in FY2019 demonstrating a 19.37% decline. Similarly, Profit After Tax (PAT) was Rs 3bn against Rs 3.6bn reported in FY2019. This reflected a YoY reduction of 18.18%.

Bank achieved the Rs 557bn Total Assets as of 31 December 2020 (Dec 20), a 8.02% growth compared to the December 2019 (Dec 19). Overall, the Bank’s gross loans grew by Rs 19.3bn, recording a 5% growth compared to Dec 2019 to stand at Rs 409.3bn as at December 2020.

Total deposit base of the Bank grew by Rs 39.6bn to Rs 440.3bn, a 9.87% increase compared to the previous year mainly delivered by the internal campaign “Heroes of Heart” launched in 2020.