business Sri Lanka

Broader market reacted positively to the strong corporate earnings released for latest quarter. Market hence continued its recovery story in the month, where the ASPI yesterday increased by 70.0 points (+0.9%) to close at 7,403.4, while the S&P SL20 Index also increased by 23.1 points (+0.8%) to close the day at 2,978.8. Thus for the month of May’21, ASPI gained 195.2 points (+2.7% MoM & +9.3% YTD), whilst the S&P20 index also increased by 110.9 points (+3.9% MoM & +13.0% YTD).

Moreover, LOLC Holdings, John Keells Holdings, Asiri Hospitals, Vallibel One and Lanka Hospitals remained as the top positive contributors to the ASPI during the day. Meanwhile, yesterday’s total turnover stood at LKR3,337.7 mn (USD16,655.1k) vs. 12-month average daily turnover of LKR3,040.2 mn (USD15,170.7k) whilst the volume traded for the day was 119,554.6k against the 12-month average daily volume of 170,651.1k. Capital Goods, Food and Beverage and Materials were the main sectors that contributed to the daily turnover. Furthermore, top traded counters for the day were Royal Ceramics LKR423.3 mn, John Keells Holdings LKR358.9 mn Lanka Walltiles LKR300.1 mn, LOLC Holdings LKR290.3 mn and Dipped Products LKR225.2 mn.

(Courtesy: Softlogic Stock Brokers)

As Sri Lanka began expanding its COVID-19 vaccination programme beyond the Western Province, Emirates SkyCargo supported the process by transporting a consignment of Sputnik V vaccines from Russia to Colombo.

The consignment comprising 50,000 doses was transported under controlled conditions from Moscow’s Domodedovo International Airport to Dubai and onwards to Colombo, arrived at the Bandaranaike International Airport on the night of May 27. The importer was the State Pharmaceuticals Corporation (SPC) and the local agent was DHL Global Freight.

Emirates SkyCargo, the air freight division of Emirates has been leading the international air cargo industry in the transportation of COVID-19 vaccines and other essential pharmaceutical, PPE and food supplies during the pandemic. Emirates has transported around 70 million doses of COVID-19 vaccines to more than 60 destinations by May 2021. Emirates SkyCargo has transported six different types of COVID-19 vaccines on its flights.

Emirates SkyCargo has a dedicated GDP-certified facility at its hub in Dubai used for storing and transporting COVID-19 vaccines from manufacturing locations to a destination network spanning six continents.

In January 2021, Emirates SkyCargo joined hands with DP World, Dubai Airports and International Humanitarian City to form the Dubai Vaccine Logistics Alliance.

Dialog Axiata PLC, had the distinction of being awarded the title ‘Sri Lanka’s Most Valuable Brand’ for the third consecutive year by Brand Finance, the world’s leading independent brand valuation consultancy, at the 18th edition of its annual review.

With a brand value of Rs. 53.9 Bn, Dialog also retained its brand rating of AAA for the seventh consecutive year and the title of ‘Most Valuable Telecommunications Brand’ for the 14th consecutive year, reaffirming the brand’s ethos of empowering and enriching Sri Lankan lives and enterprises. Furthermore, reflecting the profound impression that the Dialog brand has made in the hearts and minds of Sri Lankans, Dialog was recognised as the ‘Most Loved Telecommunication Brand’.

At the heart of Dialog’s brand strength is its unwavering commitment and passion in empowering and enriching Sri Lankan lives and enterprises over the past 25 years, using its scale and brand voice to raise the bar and deliver solutions that create lasting positive change in our communities. These accolades reflect the trust and confidence placed in the brand by over 16 million Sri Lankans and the values that it represents. This achievement in the Brand Finance league table also recognises Dialog’s unwavering efforts in supporting its customers, colleagues, communities and the country to navigate the challenges posed by the COVID-19 pandemic.

Ruchi Gunewardene, Managing Director of Brand Finance Lanka, commented, “The reason for Dialog to retain its position as the most valuable brand in Sri Lanka is that Dialog is also the strongest brand on the table, and has been so for many years. This has considerably helped Dialog create value, especially during these turbulent times when customers are looking for brands they can trust and rely on.”

Commenting, Supun Weerasinghe, Group Chief Executive of Dialog Axiata PLC said, “We are honoured to be awarded the highly coveted title of ‘Sri Lanka’s Most Valuable Brand’ for the third year running and the ‘Most Valuable Telecommunications Brand’ for the 14th consecutive year.

These recognitions are a testament to the ongoing confidence our customers have placed in us and is a reflection of their experience with us as their trusted digital companion.”

“The strength of our brand stems from our passion to deliver ‘Service from the Heart’ and our commitment to creating ‘The Future. Today’. We will continue to develop solutions with a social purpose and invest in the right resources during this new normal to empower Sri Lanka’s transformation into a digital nation”.

Brand Finance is the world’s leading independent brand valuation consultancy, with offices in over 20 countries including Sri Lanka.

The Colombo Stock Exchange (CSE) has recorded 9.3% growth in Year-to-Date (YTD) All Share Price Index (ASPI) within the first 05 months of 2021. The S & P SL 20 Index fared even better with YTD growth of 13%. The market also saw record breaking YTD Market Turnover volume of Rs.414.5 Bn for the first 5 months of 2021.

The YTD market turnover for 2021 exceeds the annual Market Turnover of Rs. 396 Bn achieved in 2020. Accordingly, 2021 YTD Market Turnover is already marked as the 3rd highest Market Turnover recorded in the history of CSE and the highest Market Turnover recorded within a shortest period of time.

Previously high market turnover volumes were recorded during the period 2010 and 2011, where Rs. 570 Bn and Rs. 546 Bn was achieved. The YTD Daily Average Market Turnover for 2021 is Rs. 4.4 Bn as at 31st May 2021 and is the highest Daily Average Turnover in history. The average number of trades per day is approximately 27,000 which is doubled compared to 2020.

Another significant development in 2021 is the activation of the primary market for debt and equity. With the Government incentivizing the use of the capital market, already 3 Initial Public Offerings (IPOs) were successfully concluded with all 3 issues being oversubscribed and closing on the opening day and raising an aggregate of Rs. 3.9 Bn in equity capital. Two of the IPO’s already commenced trading and these traded above the issued price. More equity IPO’s are in the pipeline for 2021. The CSE also saw the very first listing of a SME company on the Empower Board and the state owned Ceylon Electricity Board issuing a Listed Public debenture.

The market digitalization efforts also saw a significant number of new accounts being opened. Since the electronic account openings were enabled in September 2020, the daily volume of new accounts have doubled and many new younger investors are entering the stock market.

It is also noteworthy to mention that despite the significant increases in the market turnover, number of trades and the number of new accounts, the stock market is now operating remotely in view of the ongoing pandemic and the resultant travel restrictions.

The CSE and all the market intermediaries have very quickly and successfully evolved to convert their operations to a digital format to operate from remote locations under a Work From Home (WFH) concept in keeping with the Government health and safety regulations.

The Board of Investment, The Ceylon Chamber of Commerce and the Colombo Stock Exchange is all set to unveil the first ever virtual platform in Sri Lanka to attract foreign investments and Asia’s first and largest Virtual Investor Forum from June 7 to 9.

The event will provide an overall experience and comprehensive understanding on the FDI and Capital Market opportunities in Sri Lanka. Directed with this purpose, event schedule is enriched with 50+ sessions covering two time zones and expert insight from diverse industries.

Sharing perspective on policy and government, the event will carry addresses delivered by Gotabaya Rajapaksa, President of Sri Lanka and the Guest of Honor, Mahinda Rajapaksa, Prime Minister of Sri Lanka; The event will also see addresses by Ali Sabry, Minister of Justice, Ajith Nivard Cabraal, State Minister of Money and Capital Market and State Enterprise Reforms and Nalaka Godahewa, State Minister of Urban Development, Coast Conservation, Waste Disposal and Community Cleanliness.

Day one will feature keynote speeches from Dr. P.B Jayasundara, Secretary to the President who will deliver a keynote address on the National Policy Framework. Prof. W.D. Lakshman- Governor, Central Bank of Sri Lanka and Sajith Attygalle - Secretary to Treasury will be part of a panel discussion on Charting Sri Lanka’s Economic Trajectory. Viraj Dayaratne Chairman, Securities and Exchange Commission, Sanjaya Mohottala, Chairman BOI and Dumith Fernando, Chairman, CSE will also deliver keynotes during the Day onr plenary sessions. Day 2 will include speeches from Lalith Weeratunga Principal Advisor to His Excellency President, Suresh de Mel- Chairman EDB, Janaka Ratnayake- Chairman, Public Utilities Commission of Sri Lanka, Pasan Wanigasekara Director General, Board of Investment, Kimarli Fernando, Chairperson Sri Lanka Tourism Development Authority and Oshadha Senanayake, Director General, Telecommunications Regulatory Commission of Sri Lanka. J.M. Bhadranie Jayawardhana – Secretary, Ministry of Trade and Ananda Dharmapriya- Director General, Department of Commerce will join as panelists in a Deep Dive forum on Trade while Geethanjali Ranawaka – ‎Director General ‎National Intellectual Property Office will participate in a session focusing on the Intellectual Property Framework. Day 3 will feature keynotes addresses by Prof. Lalith Gamage, Chairman, ICTA and Dr. A. A I N Wickramasinghe, Director, Department of Foreign Exchange, Central Bank of Sri Lanka.

SLIF 2021 is supported by the following partners and sponsors: International Finance Corporation (Knowledge Partner), Boston Consulting Group ( Strategic Partner), Port City Sri Lanka (Flagship Project Partner), Microsoft (Technology Partner), HSBC (Banking Partner), Asia Securities (Platinum Sponsor), Shangri-La (Hospitability Partner), SLASSCOM (IT-BPM Sector Partner), FairFirst Insurance (Insurance Partner), Dialog (Communication partner), Citibank (Gold Sponsor), CAL (Gold Sponsor), NSB Fund Management (Silver), CT CLSA (Silver), NDBIB (Silver r), Melstacorp (Bronze), Softlogic Stockbrokers (Bronze).

Further details can be found at www.invest-srilanka.lk

LOLC Group, posted a record-breaking performance for the financial year ending March 31 2021, achieving unprecedented bottom line results of Rs. 57 billion in Profit Before Tax (PBT), and a Profit After Tax (PAT) of Rs. 53 billion - a first for any corporate in the country.

By achieving profits on this massive scale in the history of Sri Lanka’s corporate world, the Group once again consolidated its position as the top most profitable diversified corporate in the country, three years in a row - establishing LOLC as one of the largest Micro and Small & Medium Enterprises (MSME) platforms in the world.

This stunning performance by LOLC resulted in a Rs. 28Bn being recorded as Profits Attributable to the Equity Holders of the Parent company. The Group results denote an impressive Earnings Per Share of Rs. 59.01 compared with Rs. 22.93 recorded in the previous year. Whereas, the total comprehensive income was Rs. 81Bn out of which Rs. 37Bn is attributable to the Equity Holders of the Parent company. Furthermore, the total attributable comprehensive income per share was Rs. 77.84.

The resultant Net Assets Value per Share as at the year-end was Rs. 286.23 compared to Rs. 194.72 reported last year, demonstrates the exceptional value creation by the Group during the concluded financial year.

The story of LOLC’s rise into an elite blue-chip within a span of 40 years is nothing short of awe-inspiring, surpassing competitors who have been in existence for over a century.

In Sri Lanka, the LOLC Group diversified into agriculture and plantations, leisure, renewable energy, construction, manufacturing and trading, information services, as well as research and innovation over and above its flagship financial services. All of these businesses recorded an upward trend in profitability in 2020/21, despite the adverse effects of COVID-19 being felt by Sri Lanka’s economy through 2020, coupled with weak GDP growth in the preceding year. LOLC’s financial services have brought about life-changing financial inclusion in MSMEs in Sri Lanka, empowering frequently marginalized communities to build a better future for their families - driving women’s empowerment and financial independence by encouraging their entrepreneurial ambitions.

Overall, the LOLC Group’s Financial Services achieved a Rs. 17.3Bn as bottom line despite allowing for a strong level of risk mitigating provisions amounting to Rs. 30Bn for bad and doubtful debts on a very conservative basis against Rs. 17Bn last year.

LOLC’s finance companies in Sri Lanka experienced a strong level of deposit inflows despite the all-time low interest rates. The flagship finance company - LOLC Finance PLC (LOFC) – with a Total Assets base of Rs. 170Bn, recorded PAT of Rs. 4.4Bn.

Commercial Leasing & Finance PLC (CLC) with a Total Assets Base of Rs. 77Bn also recorded strong performance, posting a PAT of Rs. 2.2Bn in 2020/21.

Meanwhile, with a Total Assets Base of Rs. 19Bn, LOLC Development Finance (LODF) PLC recorded a PAT of Rs. 155Mn.

Seylan Bank succeeded in delivering a steady PAT of Rs. 3Bn for FY2020.

LOLC’s global success took seed in 2007, when it invested in PRASAC - a Cambodian microfinance organisation - and grew it into a billion-dollar organization in less than 12 years. A 70% stake was recently acquired by the Republic of Korea’s largest commercial bank, Kookmin Bank, for US$ 603 Mn - thereby contributing to overall Group profitability and strengthening its balance sheet with a put option to divest the remaining stake in December 2021.

LOLC’s overseas financial services entities made strong contributions to the profitability of the Group in 2020/21 - with LOLC Cambodia leading the way with a US$ 45 Mn in PAT with the Total Assets base exceeding over US$ 1 Bn. In Cambodia, LOLC continues to hold a 97% stake in LOLC Cambodia - the fourth-largest microfinance company in terms of market position, and the second most profitable microfinance institution in Cambodia after PRASAC.

Venturing into Myanmar in 2013 as a greenfield operation, LOLC Myanmar Microfinance Company Limited has now become the fourth-largest among the 176 MFIs, with an asset base of US$ 175 Mn, a portfolio of US$ 126 Mn and a growing deposit book of US$ 20 Mn. LOLC Myanmar has seen exceptional performance in FY2020/21 by posting a profit of US$ 3 Mn as PAT, and envisages strong growth prospects amidst the atmosphere of a large unbanked population.

In 2017, LOLC ventured into Pakistan by investing in Pak Oman Microfinance Bank (POMB), a joint venture with the Islamic republic of Pakistan and the Sultanate of Oman.

Tapping into other neighbouring emerging markets, LOLC invested in the Philippines - a country with a population of 110 million - through LOLC ASKI Finance and LOLC Bank Philippines - a thrift bank in 2019.

In the year under review, the Group made its first finance sector investment in the African region by acquiring a controlling stake of FinaTrust Microfinance Bank in Nigeria – a West African nation with the largest population in the continent of 206 million.

The Group commenced operations in Zambia by incorporating LOLC Finance Zambia as a Greenfield operation - which currently operates through 6 branches.

The global expansion strategy for the financial services sector remains a key focus, with plans being made for expanding into more markets in both Africa and Asia.

One of LOLC’s two insurance companies LOLC Life Assurance registered a GWP of Rs 3.2 Bn - the first Life Company in the industry to achieve this milestone in less than 10 years - and posted a growth of 21% in GWP, backed by a robust growth of 59% in first year premiums: the highest new business growth in the insurance industry. Meanwhile, LOLC General Insurance achieved Rs. 6Bn in Gross Written Premium in 2020 in less than 10 years - a first for Sri Lanka.

After success in the overseas MSME sector, the company is leveraging on its vast international customer base and technical synergies to enter the micro insurance arena, already securing licenses in Cambodia and a representative office in Myanmar - thereby offering end-to-end financial security for the MSME sectors in these markets.

LOLC Securities (LOSEC) Private Limited, a leading stock broker with strong retail and local and foreign institutional client base, expanded its market share from 7% to 9.5% in FY 2020/21.

LOLC’s expertise in financial services has been further underscored by the launch of iPay, a unique payment aggregator which has garnered close to 90,000 subscribers and enables a wide range of financial transactions through the app. It has been successfully launched in Sri Lanka and Cambodia, along with implementation plans already in place for Myanmar, Pakistan and Indonesia.

Browns’ trading business recorded one of its highest revenues with an increase of 45% with a gross profits increase of 47% for FY 2020/21, while posting a PAT of Rs. 1.8Bn.

The Group’s local plantations sector operates through Maturata Plantations and Gal Oya plantations, two businesses that recorded strong performance in the year under review.

The BI Group acquired a 67% stake in Tropical Island Commodities Pvt Ltd. During the year, Maturata recorded a historic performance with an excellent profit contribution to the Group, a PAT of Rs. 382Mn.

Gal Oya Plantations continued to enhance its sugar cane growing and production capacity with Hingurana Sugar Factory being expanded to meet local demand, which will also help the Government to reduce expenditure on sugar imports.

BI Group, invested in Sunbird Bioenergy (SBSL) Limited in 2019, an agro-based company incorporated in Sierra Leone, the largest land extent allocated for sugar cane plantation in the region with 23,791Ha with the ability to increase up to 50,000Ha, produces Extra Neutral Alcohol (ENA) as per the global industrial standards.

The company achieved its plantation target of increasing the sugar cane extent up to 6,500Ha from 900Ha in 2019, a remarkable achievement for the Group and produced an ENA of 14.3Mn liters. SBSL also generates and exports power to the national grid with a power generation capacity of 32MWh.

In the renewable energy sector, Sagasolar Power (Pvt) Limited, the first utility scale solar plant in the country, has been in operation for over 4 years since its commissioning in 2016 and generates steady profit contributions to the BI Group.

Browns Engineering, the Construction and Engineering arm of BI, aims to improve its market share in the telecommunication industry in Sri Lanka to be the turnkey solutions provider for telco operators. The company has performed extremely well with Rs. 1.6 Bn revenue along with Rs. 361 Mn in PAT.

Excel World is being upgraded to become the premier food & beverage and MICE destination in Colombo City.

Browns Hotels & Resorts, with Eden Resort & Spa in Beruwala, The Paradise in Dambulla, Dickwella Resort & Spa and The Calm Resort & Spa in Pasikudah converted of these properties into repatriation hotels helped the operating hotels to enjoy a steady stream of revenues generating operating profits.

BI leisure subsidiary, Eden Hotels Lanka PLC acquired the controlling stake of Serendib Hotels PLC. Dolphin Hotel, Avani Bentota and Hotel Sigiriya are currently operating as Quarantine properties.

The Group’s leisure footprint expanded to the global arena with a significant investment in Maldives in the last few years. Another project in progress on the island of Bodhufarufinolhu with 100 keys, in the Ari Atoll, Maldives is to be completed in December.

Having grown its leisure footprint significantly and with the expansion planned for the medium term, the Group will hold 2,000 plus keys in Sri Lanka and overseas leisure properties to be positioned as a significant leisure operator.

Browns Investments PLC entered into a landmark agreement to partner with China Harbour Engineering Company Limited (CHEC) to commence the Colombo International Finance Centre (CIFC) Mixed Development Project, which has strategic development project status, in Colombo Port City (CPC). This project comprises of a land area under development of 6.8 Hectares with an investment value totaling US$ 1 Bn. The LOLC Group is also exploring Technology and Innovation aligned to President of Sri Lanka’s vision and to infuse local value addition. LOLC Advanced Technologies has built capacity to convert graphite to grapheme and in partnership with SLINTEC, in which it has invested, is also conducting value additions such as fortifying rice with nutraceuticals; and researching organic fertilisers to cater to the current demand.

Recording the highest profitability by a corporate in Sri Lanka in just a span of 40 years and the profitability levels achieved by LOLC in 2020/21 could be the historical pivot point for a new dawn in corporate sector performance for Sri Lanka. Amidst a global trend of economic uncertainty, the Group’s strategic investments and robust financial performance have infused formidable stability and resilience to Sri Lanka’s economy.

The “Brighter Life” Foundation in Switzerland (BLFS) came forward to donate some of the most urgently needed medical equipment to save the newborn lives of children at the Neonatal Intensive Care Unit (NICU) of the De Soysa Hospital for Women (DSHW), in Colombo.

This incidentally is the first time since the outbreak of the COVID-19 pandemic that a European Union based organization came to assist in a CSR of this nature.

President of Brighter Life Foundation, Rudolf Albert Gauhl, said that the total value of this medical equipment, Resuci Flow, (the first-aid ventilator for infants) costs nearly Rs. 4 million and some of them are being used in a Sri Lankan government children’s ICU for the first time.

He said that many corporate and entrepreneurs based in Switzerland came forward to assist towards this initiative. Gauhl said that they would keep on funding BLFS and would engage in other CSR activities as well in the future. Consultant, Neonatologist, NICU Dr Nalin Gamaathige who received this donation from President, BLFS, Rudolf Albert Gauhl said that Sri Lanka can be proud of the fact that De Soysa Children’s hospital was the first dedicated Child Care hospital in Asia and today child mortality rate in Sri Lanka is on par with other developed nations like the USA, the UK which is around 5 for every 1,000 babies while in neighbouring countries its around 40.

The hospital also created world history when doctors at the hospital performed emergency surgery to save a 25-year-old pregnant COVID-19 positive patient, delivering quadruplets. “The mother and her four babies after treatment are now safely in their home.”

“The success for all these is that the government has heavily invested for education, equipment and medicines in the health care segment and the dedication of doctors, nurses and support staff.”

He however said that with priority give to COVID-19 eradication the hospital needs some urgent life-saving equipment and appealed to the private sector to come forward to provide them. “In this regard, we must extend our sincere gratitude to “Brighter Life” Foundation in Switzerland (BLFS), for donating a life saving first-aid ventilator for infants towards the care of Low birth weight (LBW) babies who need intensive care treatment and supporting a national cause.”

Resuci Flow a first-aid ventilator for infants where the baby’s lung is safely ventilated and optimally oxygenated by the built-in oxygen mixer and has been locally marketed and serviced.

BOI Executive Director Special Projects Vidharshan Fernando whose family was involved in donating land for De Soya Hospital said that the equipment would help save the lives of LBW babies.

BLFS member Hiu Dias Bandaranayake said that in addition to this they have been engaged in many CSR projects especially towards differently able youth empowerment, providing scholarships and other activities. She said that currently, the BLFS is involved in developing the mental skills of the partially abled children and also maintains and funds two centres in Tangalle and Kandy. Some of them have gained employment, while some are self-employed.

The COVID -19 third wave has seen an increased rise in the number of reported cases and in response to this, HSBC Sri Lanka partnered with A-PAD Sri Lanka to facilitate emergency medical equipment including ventilators and oxygen machines to manage the current in-patient requirements at the Gampaha District Base Hospital.

The request for emergency medical essentials was made by the Ministry of Health to Asia Pacific Alliance for Disaster Management Sri Lanka (A-PAD) given the rapid rise in cases within the Gampaha district.

This is the third instance HSBC Sri Lanka has come forward to support communities affected by the pandemic.

Previously, HSBC partnered with A-PAD to support the local healthcare services by donating protective gear and medical equipment for use, in addition to rations for communities in lockdown and supplies to make quarantine centres more livable.

Marlbo Trading Company, sole agent for many reputed European and Asian electrical brands operating since 1989 provided urgent medical supplies to treat urgent COVID-19 patients at the Madulkelle Hospital in Kandy.

“We believe that as responsible citizens and entrepreneurs we should assist the government in achieving this task by contributing towards this cause in whatever possible manner,’ said Marlbo Trading Company Chairman M. Maniymuthu.

To meet this objective Marlbo Trading donated medical equipment towards assisting COVID-19 treatment facilities at Madulkelle Hospital in Kandy last week.

This was done through the Regional Director of Health Services in Kandy.

Port City Colombo donated over Rs. 2 million worth of Personal Protective Equipment (PPE) to the Marine Environment Protection Authority (MEPA) on 28 May to support its ongoing efforts to clean up the debris and chemical waste collected on the coastline resulting from the MV X-PRESS PEARL ship fire.

The MEPA, together with the tri-forces, undertook the cleanup of the 30 km coastal stretch from Uswetakeiyawa to Negombo but was challenged with ensuring safety for its workers due to the lack of protective gear. Port City Colombo promptly responded to their urgent request by donating PPE that included 1,000 heavy use gloves, 1,000 safety goggles, 950 gumboots, 1,000 face masks, and 204 shovels.

On behalf of the CHEC Port City Colombo, Environment Consultant W.A.D.D Wijesooriya, Head of Public Relations Kassapa Senarath and Environment Officer of China Harbour Engineering Company Mangala Jayaneththi, handed over the donation to Marine Environment Protection Authority Deputy General Manager A.J.M. Gunasekara and D.R.C. Jayawardana at the Port City Colombo premises.

MEPA Deputy General Manager Gunasekara appreciated the timely donation made by Port City Colombo and commended the active engagement Port City Colombo had with MEPA in supporting the continuous efforts to keep the Sri Lankan coastlines and the marine environment safe.

Seylan Bank, gifted a fully equipped Intensive Care Unit (ICU) to the Colombo East Base Hospital in Mulleriyawa, on May 21, to support the national effort against COVID -19. The new ICU equipped with a special infection control technology system will be utilised for the treatment of patients detected with COVID-19.

The official handover event at the hospital was attended by Health Minister Pavithra Wanniarachchi, Head of the National Operation Centre for Prevention of COVID-19, Army Commander General Shavendra Silva, Seylan Bank COO Ramesh Jayasekara, officials from the Colombo East Base Hospital and representatives of Seylan Bank. The event was held in strict accordance with health guidelines.

Having identified Colombo East Base hospital’s requirement for a fully equipped, functional intensive care unit for treating patients in serious condition, Seylan Bank stepped forward to build a state-of-the-art ICU ward for the Hospital. The foundation stone for the facility was laid last year, and today the bank was able to gift a well-equipped ICU to the hospital, further strengthening the national efforts in combating COVID-19 at a crucial time. “Our decision to build an Intensive Care Unit with a special infection control technology system at the Colombo East Base Hospital was taken very early at the onset of this pandemic to support the National Health Services as the fulfilment of social responsibility by Seylan Bank and its staff,” said Seylan Bank CEO Kapila Ariyaratne.

“While I am very grateful and proud of the direct involvement of our staff in the completion of this project, my special thanks also go out to the Army Commander General Shavendra Silva and the Sri Lanka Army for stepping forward to render their technical assistance and provide the labour necessary to complete the project amidst all their other undertakings. It is the fervent wish of all of us at Seylan Bank that we come together as one nation and do what is necessary to help the country rid itself of this danger as early as possible”

The state of the art ICU facility is a 5-bed unit equipped with a special isolation space for those with immune deficiencies. The unit also homes medical gas and oxygen supplies at 6 points across the unit inclusive of service space, a nursing station and a dedicated entrance with a washing area that is built for easier access of differently-abled patients.

The new ICU is built in an open space offering enough distance to manage COVID-19 patients and has all the necessary precautionary measures to avoid unnecessary exposure.

MAS Holdings and its associates honoured their pledge to support the ‘Little Hearts’ project of the Lady Ridgeway Hospital, by raising funds to upgrade its infrastructure in cardiac care, towards its ongoing national healthcare efforts

In 2019, at the request of the Sri Lanka College of Pediatricians, MAS embarked on internally raising funds for the ‘Little Hearts’ project, where the hospital requested the company’s assistance to raise Rs. 100 Mn towards the construction of a Cardiac and Critical Care Complex in aid of children with heart diseases and critical illnesses, with construction being carried out by the Civil Engineering Division of the Sri Lanka Navy. The company was able to successfully raise over Rs 130 Mn through donations by both MAS employees and an equal-value contribution from the company.

The hospital superstructure construction commenced in 2020, with funding from the Little Hearts project, alongside the Sri Lankan government’s backing. The Cardiac and Critical Care Complex is a twelve-story hospital wing with 9 floors of the structure having been completed to date.

Lady Ridgeway Hospital further requested support from MAS towards the purchase of a high-end echocardiography machine which costs Rs. 18 million.

Commenting on their efforts, Director- MAS Holdings, Ajay Amalean stated “We are honoured to be able to support the Little Hearts project. Social stewardship is part of our core corporate ethos, and this further showcases the importance MAS places on supporting our nation and our people. We encourage local companies to step forward in supporting the Little Hearts project, ensuring that this shared effort creates significant value for the nation and enhances the quality of our healthcare for children”.

Commenting on the project, Consultant Paediatric Cardiologist and the project director of Little Hearts, Dr Duminda Samarasinghe stated, “We would like to extend our sincere gratitude to MAS Holdings for their efforts towards supporting us. Every day, we lose around 8 children in Sri Lanka due to Congenital Heart Disease (CHD) or critical illnesses and most of them can be saved with the improvement of facilities. If all other corporations in Sri Lanka could think like MAS and support us to complete this building and help us purchase the best possible equipment like the echocardiography machine, we can make most of these children live.”

The construction of Cardiac and Critical Care Complex.

Sysco LABS was recently named as a winner of the provincial award for the Western Province in the “Best Innovation in Internal Process” category at the SLASSCOM National Ingenuity Awards for 2021. Winning the accolade was the Sysco Unified Test Automation Platform (SUTAP) team.

SUTAP is a Test Automation Platform which was built in-house at Sysco LABS to create a common testing platform, which could be used across Sysco’s entire organization. This was done to standardize and unify testing, as well as to make it easier for different stakeholders to access test reports witheasy-to-understand dashboards, enabling simpler decision making.Built using open-source technology, the platform has saved more than $1m USD annually.

Receiving the award on behalf of the team was Quality Engineering Lead - Rifad Mohamed at the awards ceremony organized by SLASSCOM on the 31st of March 2021 at the Shangri-La Hotel, Colombo.

The Ingenuity Awards were held to celebrate and support tech innovation and innovators in Sri Lanka by recognizing outstanding solutions and services in product engineering, business process management, or process improvement and the event featured the awards ceremony where eminent professionals in the ICT sector come together to celebrate the industry, network and share knowledge. 

Streamlining agriculture through new technologies helps in improving productivity and reducing the cost of production which will encourage more people to turn towards agriculture as a business, leaving behind the shadows of the ‘white-collar job’ concept.

The role of the private sector in developing the agriculture industry is vital with its potential to strengthen the supply and value chains, promote value additions, help in commercial and large-scale production and use new and existing resources to innovate new farming techniques.

“When talking about the role of the private sector, DIMO as a socially responsible corporate has come to the fore in developing the agriculture industry with their agriculture arm DIMO Agribusinesses, having understood the importance of the agriculture industry for the development of the country’s economy. DIMO Agribusinesses is committed to supporting the industry in multiple ways and is in the process of bringing the latest Agri technologies to Sri Lanka, sharing knowledge about sustainable agriculture practices among local farmers, introducing new crop care solutions, seeds, fertilizers, greenhouse farming and micro-irrigation systems. DIMO’s Agri Techno parks engage in agriculture research and development, seed production, farmer education and training initiatives to support the growth of the industry.” DIMO Agribusinesses COO Priyanga Dematawa.

The Chartered Institute of Management Accountants (CIMA) in Sri Lanka has invited a panel of specialists to share insights on how to develop a consistent content strategy on social media platforms and build a strong brand on June 3, 2021, at 3 pm via Zoom.

Social media can make you, or break you, to some, this can be intimidating. That being said, it has become a powerful tool, when used wisely, which could launch one’s identity, develop one’s image and make one stand out in one industry. You can’t just post about your business all the time to build effective social media engagement; you will need to build up your reputation as a trusted industry expert.

This webinar will be valuable to anyone who is looking to stand out and needs to understand what personal branding on social media is and its importance. Participants will learn about why social media is important for personal branding and how they could build their brand on social media. They will also learn how to market themselves professionally on social media.

Featured speakers at the programme will be Social Marketing Consultant Indulekha Nanayakkara, APIDM CEO Amitha Amarasinghe, and Wire Communication Consultancy Chairman Ashan Kumar. More information and assistance on the webinar and registration could be obtained from Kishnika Weeresinghe on mastercourses.srilanka@aicpa-cima.com 

As Sri Lanka is facing a spike in COVID-19 positive cases the medical burden faced by the Government of the country has worsened.

Upfield Lanka the company behind Astra and Flora in Sri Lanka and the largest plant-based company in the world, has stepped up its efforts in providing immediate support by donating 10 (ten) units of fully electric Intensive Care Unit (ICU) beds to the National Operations Centre for Prevention of COVID-19 Outbreak (NOCPCO) via the Sri Lankan Army - Seva Vanitha Unit, on 17th May 2021.

The donation was handed over to the Head of National Operation Centre for Prevention of COVID-19 Outbreak (NOCPCO), Chief of Defense Staff and Army Commander General Shavendra Silva by Head of Business and Customer Development Director of Upfield Lanka, Anuruddha Aluvihare in the presence of representatives from Upfield and NOCPCO.

Since the outbreak of COVID-19 in 2020 Upfield Lanka initiated multiple programmes toward assisting Sri Lanka manage the prevailing situation while also supporting communities that were economically affected as a result of the pandemic.

During lockdown last year Upfield Lanka supported the Disaster Management Centre by donating over 5,000 kilograms of Astra and Flora to help provide the right nutrition at the quarantine centers for COVID patients.

In February of 2021, in a bid to empower women during this tough time, especially mothers across Sri Lanka, Astra launched ‘Astra Diriya Wanitha’ in collaboration with the Samurdhi programme to equip women to start baking businesses. To this day the initiative has provided certificates to over 750 graduates within the Western Province and hopes to create 14,000 home bakers by the end of 2023.

With children at the heart of Astra, over 200 Personal Protective Equipment (PPE) were also donated and distributed through the Ministry of Education zonal officials for exam invigilators during the recent Ordinary Level examinations in 2020, to ensure safety conduct of the examinations.

Upfield Lanka, as a responsible organization with over 55 years of local roots in the country with Astra; is dedicated to support and create many more such initiatives to help revive the country for its citizens.

Upfield Lanka with its holding organization, Upfield Global based in the Netherlands, is owned by KKR a US organization.

Sunshine recorded a consolidated Group revenue of Rs.24.3 billion for the year ended 31 March 2021, an increase of 16.6% over last year. Profit after tax (PAT) for the period in review also increased to Rs. 2.5 billion, an increase of 38.5% YoY, and profit margins have also increased to 10.4% compared to last year’s 8.8%. These improved results stem from revenue growth, margin increases in key sectors and strategic measures taken by the group to rationalize operating cost and lower finance expenses.

The Group’s Healthcare business emerged as the largest contributor to Sunshine’s revenue, accounting for 53% of the total, while Consumer Goods and Agri-Business sectors of the group contributed 29% and 16% respectively of the total Group revenue. The gross profit closed at Rs. 7.7 billion up 25.2% YoY compared to the previous year, backed by the contribution from the Consumer goods and Agribusiness sectors. The Group EBIT closed at Rs. 3.5 billion, an increase of 21.2% YoY.

Profit after Tax and Minority Interest (PATMI) increased by 32.7% YoY to Rs1.5 billion; the Healthcare sector made the largest contribution to PATMI, accounting for 37% of the total while Agribusiness accounted for 30% of the total. Net Asset Value per share increased to Rs. 23.48 as at end-March 2021, compared to LKR 18.75 at the end of March 2020.

Sunshine Holdings Group Managing Director Vish Govindsamy said, “All possible measures have been taken to ensure business sustainability and continuity in the coming months. We are proud that the Group has remained resilient in the face of such difficulties.

For increasing exposure to its defensive core sectors, and maintaining a healthy balance sheet, Sunshine Group’s Fitch rating was upwardly revised to ‘AA+(lka)’; Outlook Stable, from ‘A(lka)’ in January 2021 (reaffirmed in March 2021).

Pharma and Medical Devices sectors achieved the highest per quarter revenue during the last quarter while Healthguard, the retail arm of the Healthcare sector, witnessed an increase in sales in the mid of FY21 which was predominantly driven by the increase in health and wellness consciousness of consumers with the spread of COVID-19 in the country.

Group’s Healthcare sector merged with Akbar Pharmaceuticals in January 2021, making it Sri Lanka’s first fully integrated Healthcare company with the addition of pharma manufacturing and R&D operations.

Spearheaded by brands like ‘Zesta’, ‘Watawala Tea’, ‘Ran Kahata’ and ‘Daintee’, the Consumer sector continued its impressive growth by posting revenues of Rs. 7.1 billion in FY21, an increase of 30.8% YoY and accounted for 29% of group revenue for the period.

The Group’s agribusiness sector, represented by Watawala Plantations PLC (WATA), saw a revenue increase of 2.5% YoY to Rs. 3.9 billion due to an increase in Palm oil net selling average (NSA) and milk prices.

The dairy segment, which commenced operations in 2018, made profits in FY21 contributing to 4% of the Agribusiness sector PBT. In addition, to the increase in NSA, the profitability of the dairy segment was further driven by lean management and rationalization of feed cost, despite the increase in commodity prices of key raw materials during 4Q.PAT for the Agri sector increased by 120.2% to Rs. 1.6 billion.

In the Agribusiness sector, the dairy business under Watawla Dairy Ltd (WDL) raised US$2million in equity from SBI Japan for an 11% stake in the company in May 2021. The proceeds will be utilized to expand dairy operations and strengthen the balance sheet of WDL.

To ensure ease of doing business the power of the proposed commission to act as a one-stop-shop to deal with investors was emphasized. The emphasis was placed by legal counsel at Sri Lankan Investment Bank Capital Alliance.

Legal Counsel Capital Alliance Ranila Wijesundara said, “They are going to set up a special commission to set up and regulate operations in the Port City area. Given that the ease of doing business is one of the main objectives it is important that the commission act as a one-stop-shop for investment. It is a single-window facilitator.

Legal Counsel,  Ranila Wijesundera

Wijesundara was speaking on May 25 on a Capital Alliance organized webinar on the Port City law.

“All the investor has to deal with is the commission. The commission goes and deals with other regulatory authorities.” This framework is similar to the operations of the Board of Investment in Sri Lanka. “The success of this will largely depend on the efficacy of the commission,” Wijesundera said.

The commission will be appointed by the President. Commission members will have 3-year terms with the right to re-election. Day to day operations will be handled by a Director-General. The appointment of the Director-General is vested with the President. The land that was reclaimed by means of legal title is vested with the commission. The commission will act as a lessor for anyone entering into a lease or buying land within the Port City.

Wijesundera said, “While nationality is not mentioned in the act the criteria sets out that they need expertise in areas like Information Technology or Engineering.”

The Port City will bring about a new International Dispute Resolution Center. The centre will not be limited to arbitration but also offer services like mediation, reconciliation, and adjudication. Wijesundera said, “There are various types of dispute resolution mechanisms which will be available to investors. The rules the centre sets up will be in line with international standards. The act is very efficient.”

Enforcement of rulings by the Dispute Resolution Centre will be done by the local courts. Delays will be prevented by the establishment of a fast-track enforcement mechanism. Enforcement in the local courts will happen in line with the current arbitration act of 1995. It is expected that cases will have to be taken up on a day to day basis.

Wijesundera said, “Within a span of two weeks your arbitration would be enforced.”

Anybody can invest in Port City so long as they get a license from the commission. Any currency currently in use in Sri Lanka can be used in Port City. Sri Lankan companies can invest in Port City but they need to source their investment from funds originating from outside Sri Lanka.

As the Port City is still being built, companies given the approval to operate within Port City will have five years from the enactment of the act to establish physical operations within the Port City zone. The commission will be given the power to provide licenses to new gaming ventures within Port City.

All Sri Lankan laws except those that are specifically exempt from the act will be applicable. Anti-money laundering laws of the country will apply. Regulatory mechanisms currently in the rest of the country will apply in Port City. Wijesundera said, “The relevant regulatory authority has the discretion to accept or decline the license to operate issued by the commission.”

Parliament will have oversight on any tax exemptions awarded.

SLIIT, one of the largest non-state degree awarding institute announced the commencement of its May intake for Undergraduate Degree Programmes, inviting students to experience academic excellence.

Students can select from a wide and impressive range of degree programmes including Computing, Business, Engineering, Education, Architecture, Psychology, Quantity Surveying, Law, Nursing, Tourism and Hospitality. Additionally, students can specialise in inter- disciplinary areas receiving an unparalleled higher education.

Degrees awarded by SLIIT approved by the University Grants Commission (UGC) and the Ministry of Higher Education. Students who have showcased admirable results following the release of their 2020 GCE A/Level examination will be offered scholarships.

SLIIT Director Academic Affairs and Relations, Yashas Mallawarachchi said, “While the pandemic has, in many ways, changed the way we operate and despite the challenges posed, we have been continuously supporting students through hybrid and online teaching methods and these efforts have paid off in our ability to provide a high-quality educational experience.”

Over the year SLIIT continues to maintain high academic standards, providing students with focused education in a professional and friendly environment. Fostering a close link between the curriculum and potential future career opportunities for students, SLIIT sustains learners throughout and helps open doors for their advancement. SLIIT facilitates internships; industrial training and placement opportunities to ensure students showcase their potential as prospective employees.

Undergraduate students who seek transfer options can easily select from the wide range of partner universities available at SLIIT. SLIIT Students who transfer have the ability to enhance knowledge and immerse in an exciting cross-cultural environment. Despite the challenges due to the pandemic SLIIT has been successful in conducting hybrid teaching, examinations and graduations during the last year and aim to continue to do so which ensures students graduate on time.

Application forms for the May intake programmes can be downloaded from www.sliit.lk. duly filled applications should be forwarded to admission@sliit.lk.

Regarding recent reports surrounding the closure of one its facilities in Thulhiriya, MAS reiterates that the company is proactively working with the Government Health Authorities in a transparent and cooperative manner.

The facility was closed by MAS based on PCR test results revealing 380 positive employees at the plant, while 1,505 employees tested negative in an aggressive testing programme initiated by the Company. These tests were carried out by a Government approved private hospital, and all results have been provided to the local authorities.

The facility will only be reopened after consultation with the local health authorities and after the prescribed sanitization procedures are completed. All information and data requested by the Health Ministry as well as the Labour Ministry regarding the Thulhiriya facility and its health protocols have been handed over and the Company will cooperate fully with any further requests.

“We have seen recently during this third wave of COVID-19 that the number of employees testing positive increases directly in line with the absolute number of tests conducted at certain plants.

After the recent developments at the Thulhiriya facility, MAS consulted with the Director General of Health Services to determine the recommended way forward in such situations as well as the level of testing that is to be carried out at our plants during C-19”, a company spokesperson said.

ICRA Lanka Limited has assigned the issuer rating of [SL]BBB+ (Pronounced SL triple B plus) with Stable outlook for Senfin Asset Management (Pvt) Limited (SENFIN or the Company).

ICRA Lanka has taken the consolidated view of SENFIN and its parent company Senkadagala Finance PLC (SENK), given the significant strategic and operational linkages between them. Senfin Asset Management (PVT) Limited is a 100% owned subsidiary of Senkadagala Finance PLC.

The rating primarily factors the Senkadagala Group’s position as an established financial institution with a vintage of over 50 years, with its established market presence with an extensive branch network. The rating also factors in the fairly secured lending profile, with 100% asset-backed exposures, well-diversified funding profile, and the comfortable capitalization profile of SENK.

Dr. Arosha explaining the master plan of the Colombo Port City to one of the representatives of the investment party at Shangri-La Hotel, overlooking the Colombo Port City site. Company Secretary of Lakma Holdings Asoka Manike Jayalath is on the extreme left.
 

One of the leading firms promoting Foreign Direct Investment (FDI) to Sri Lanka in various sectors, has taken a proactive role in promoting the Colombo Port City in the international terrain to bring the required FDI in this hour of need.

‘On an invitation from Lakma Holdings, one of the London based mega Investment arm has made an official visit to Sri Lanka through us irrespective of the growing COVID pandemic’ said Chairman of Lakma Holdings, Dr. Arosha Fernando after making an official visit to the Colombo Port City site and Colombo Port City Head Office at Chatham Street in Fort with their foreign investors.

Sri Lanka tea production for the month of April 2021 totalled 29.58 M/kgs, showing an increase of 8.76 M/kgs vis-à-vis 20.82 M/kgs of April 2020. All elevations have shown substantial gains, with High and Medium Growns in particular gaining 63% and 76% respectively over the corresponding month of 2020.

The January-April 2021 cumulative production totalled 104.09 M/kgs, recording a gain of 29.59 M/kgs vis-à-vis 74.50 M/kgs of January-April 2020. On a cumulative basis also, all elevations have shown substantial gains, with the Low Growns in particular gaining 43% over the corresponding period of 2020.

The cumulative production of CTC teas (January-April 2021) totalled 9.19 M/kgs, recording a 2.17 M/kgs increase vis-à-vis 7.02 M/kgs of January-April 2020. Here Again, when analysing the respective elevations, all elevations have shown a significant gain YoY when compared to the corresponding period of 2020.

( Courtesy Forbes & Walker Tea Brokers)

Highlights from ‘Light of Dhamma’ for Vesak 2021

SLT-MOBITEL, launched a national effort to light up hearts affected by the pandemic, through the illumination of colourful Vesak lanterns and lightsat the SLT head office. SLT Group Chairman, Rohan Fernando, symbolically lit the first Vesak lantern on May 25, in the presence of Senior Management of SLT-MOBITEL in strict adherence to COVID-19 guidelines.

This year, SLT-MOBITEL’s Vesak theme is the 'Singalovada Sutta', emphasising on the Buddist code of discipline for people, and the happiness that can be derived in this present life by understanding and living by our responsibilities and duties towardsour myriad social relations.As part of its endeavour to spread the light of Vesak to all hearts, SLT-MOBITEL utilized mainstream media and social media platforms to carry the message of the 'Singalovada Sutta', creating a conversation around the most suitable manner to carry out our daily lives as part of a larger society.

Mentioning on the religious grounding and importance of the initiative, SLT Group Chairman, Rohan Fernando stated. “Vesak is the holiest of days for all Buddhists around the world. In Sri Lanka, this Vesak comes at a tough time as the government valiantly works towards protecting the nation from an unpredictable pandemic. Our theme this Vesak, the 'Singalovada Sutta',emphasizes individual responsibility in the protection of the collective.”

“I believe it aptly resonates with our current predicament as we put away the usual festivities, and prioritise the value placed on social consideration at the most difficult times. We would like to dedicate our lantern and lights display as an amisa pooja offering to Lord Buddha.”

As a national service provider impacting lives of every Sri Lankan, SLT-MOBITEL has been at the forefront of providing for the nation. The company and its people have been proactive in providing pandemic relief for Sri Lankans at the grassroots level, while on a national scale SLT-MOBITEL has focused on the connectivity needs of the most vulnerable including children studying online, and grownups restricted to their homes due to COVID-19 regulations.

SLT-MOBITEL was one of the first and biggest contributors to the Itukama national fund to combat COVID, and has joined hands with the Government of Sri Lanka to provide connectivity for the most rural and inaccessible places in Sri Lanka, through its ‘GamataSannivedanaya’ program.

John Keells Group records strong recurring EBITDA of Rs.7.17 billion in Q4 despite underperformance of Leisure and Property; Q4 recurring EBITDA growth of 43%, excluding Leisure

The Group witnessed a faster than anticipated recovery momentum with the performance of most businesses reaching pre COVID-19 levels with business activity and consumer trends being near normal by the end of the financial year. Excluding Leisure, Group revenue increased by 17% to Rs.36.15 billion in Q4; up 1% to Rs.122.32 billion in 2020/21.

Excluding Leisure, Group recurring EBITDA increased by 43% to Rs.7.10 billion in Q4; up 8% to Rs.19.16 billion in 2020/21. The pace of recovery in Q4 is demonstrated by the recurring EBITDA of Rs.7.21 billion in the quarter against the full year recurring EBITDA of Rs.15.57 billion.

Given the positive momentum of the performance of the businesses, notwithstanding the impacts of the current outbreak, a final dividend for 2020/21 of Rs.0.50 per share, was declared to be paid in June 2021. Total dividend declared for 2020/21 amounts to Rs.2 per share and a total payout of Rs.1.98 billion. The declaration of this dividend reflects the cash generation capability of the Group’s diverse portfolio of businesses, despite the continued impacts on the Leisure business on the overall performance of the Group.

A consortium consisting of Adani Ports and Special Economic Zone Limited (APSEZ) and JKH, in the capacity as the local partner, received a letter of intent (LOI) to develop and operate the West Container Terminal at the Port of Colombo as a public private partnership (PPP) project.

The Supermarket business witnessed a sharp quarter-on-quarter recovery momentum in sales, with the fourth quarter same store sales recovering to pre COVID-19 levels. The Consumer Foods industry group recorded a strong recovery during the year, particularly the performance of the Frozen Confectionery business. The Frozen Confectionery business recorded its highest monthly sales volume in the history of its operations in March 2021.

Whilst the opening of the airports is expected to help revive the tourism industry in Sri Lanka and the Maldives, the performance of the Leisure business will largely depend on the pace of revival of regional and global travel, when travellers regain confidence, particularly with the vaccination drives in many countries. The performance of the Maldivian Resorts segment and the momentum of forward bookings have been very encouraging.

With the completion of the residential and office towers at ‘Cinnamon Life’, the hand-over process of the units will commence, on a staggered basis, from the first quarter of 2021/22 onwards, resulting in the recognition of revenue and profits from ‘Cinnamon Life’. Project completion is scheduled for the first quarter of 2022/23.

The Insurance business recorded double digit growth in gross written premiums during the year driven by an encouraging increase in regular new business premiums. The Banking business recorded an increase in profitability driven by focused recovery efforts, cost management initiatives and higher investment income.

Even amidst strict travel restrictions, factory workers involved in the production and export industry are allowed to travel from their places of residence to the factory and vice versa.

The government has issued passes to all the factories functioning in BOI export zones and outside to facilitate the transport of employees between the places of residence and the workplace. The employees can use their private vehicles or the transport provided by the relevant companies to come to work.

The BOI chairman said this pass is issued only to travel to and from between the place of residence and the workplace. Mohottala called on all employees to extend their support to mitigate the pandemic without misusing this facility provided by the government. He made this request during a visit to the newly established COVID intermediate treatment center at the Katunayake Export Promotion Zone.

This intermediate treatment center was established in the buildings of the Crystal Martin Company which is closed down for production. The company has donated 100 beds for this project. The Free Trade Manufacturing Association and Sri Lanka and the Youth Council have also provided beds for this center which is functioning under the close medical supervision of Negombo Hospital . The virus seems to be more contagious in the third wave than it was in the first and second wave, the BOI chief said stressing that ensuring the health security of employees remains his top priority while continuing the production and export process uninterrupted.

Each and every employee has a responsibility not to bring the virus from the home or the village to the factories or from the factories to the home”, he said there is a large number of people involved in direct and indirect employment associated with the factories and these factors should seriously be taken into consideration.

The Katunayake, Biyagama, Seethawaka zones are functioning well and they help to keep the export revenue at a satisfactory level . The spread of Covid 19 in these zones has been brought under control, Mohottala added.

Tokyo Cement Group stepped forward to fulfill its National duty by signing a far-reaching MOU with the Ministry of Environment.

Through this memorandum of understanding, Tokyo Cement Group will fully sponsor a program by the Ministry to plant 200,000 Kumbuk and Bamboo trees in the Mahaweli River basin, with the objective of conserving this invaluable natural gift of national significance.

The program “Ivura rakina Pawura” was symbolically kicked off recently at the Ministry of Environment under the auspices of Mahinda Amaraweera, Minister of Environment and S.R. Gnanam, Managing Director of Tokyo Cement Company (Lanka) PLC, in conjunction with the National Tree Planting Program “Husma dena Thuru”. The national program is directly linked with the Government’s manifesto to increase the forest cover by planting 2 million trees, with a focus on sustainably managing sensitive river reservations.

The 3-year project aims to plant Kumbuk and Bamboo saplings sourced from regional plant nurseries on the banks of Mahaweli River along its scenic path of 335 kilometers, under the full patronage of Tokyo Cement Group while the Ministry will overlook and coordinate on-ground activities.

Tokyo Cement in this long-term engagement looks forward to getting the support of local farming communities and school children in the respective areas to become patrons of the trees that are planted.

The two plant nurseries of Tokyo Cement have been propagating native forest tree plants with medicinal value such as, Kumbuk, Karanda, Mee, and Ingini over the last several years, with the objective of conserving the country’s unique biodiversity.

Tokyo Cement Group’s forest tree nurseries in Trincomalee and Mahiyangana will provide the Kumbuk saplings required each year for the Ivura rakina Pawura project

Attending the virtual signing ceremony were HIPG CEO Johnson Liu, COO Tissa Wickramasinghe along with Intertek Regional Director Trade James Ignatovich, Regional Director Sales and Technical Support Stephen Harrington, Regional Managing Director Sandeep Das, Country Managing Director of Intertek Sri Lanka Priyantha De Silva and Regional CFO Ajay Kapoor from Intertek.

The Hambantota International Port (HIP) will partner Intertek Lanka (Pvt) Ltd to establish a state-of-the-art petroleum testing laboratory which will be unique to Sri Lanka. Through this facility, Intertek will provide innovative and bespoke assurance, testing, inspection and certification services.

Johnson Liu, CEO of HIPG says, “HIPG has great potential in energy services due to its location in the Indian Ocean rim, where 50% of the world’s maritime oil is traded. Our oil fuel bunker, LPG and future LNG operations are sure to cement HIP’s position as an energy hub in the region.”

In a virtual ceremony held this week, HIPG and Intertek Lanka (Pvt) Ltd signed an agreement for a 10-year partnership, which provides Intertek the opportunity to establish its services in the port.

“Petroleum testing is an important activity in port related services such as testing marine products, bunkering and bunker related inspections. Intertek helps to ensure that products meet quality, health, environmental safety and social accountability standards for virtually any market around the world, with our extensive global accreditations, recognitions and agreements. We look forward to working with the Hambantota Port which is ideally located to serve the east-west shipping routes,” says Priyantha De Silva, Country Managing Director of Intertek Lanka (Pvt) Ltd.

The leading global independent inspection service provider will bring all of its global capabilities to ensure the laboratory is classified as a truly international state-of-the-art facility which is capable of testing IMO 2020 global Sulphur protocol.

“This will be a great value addition to HIP’s offering and as we add more services for the shipping network on the main east-west shipping lanes, Hambantota Port will take its rightful place as a global maritime location,” Tissa Wickramasinghe, COO, HIPG said. This partnership will enable HIP’s clients to get their products such as fuel oil and marine diesel tested efficiently as the petroleum laboratory will be within the port premises. The new lab will also open up employment opportunities for the local community and provide exposure to laboratory operations of international standards.

Colombo Stock Exchange (CSE) launched an Educational Series on ‘How to Invest in Initial Public Offerings (IPOs)’ on May 18, 2021.

Anuradhapura Branch of CSE had organized the initiative fronted with the objective of establishing an educated and informed investor base. NDB Investment Bank has come forward as the resource partner for the program and the initial event attracted over 150 participants along with a remarkable feedback. The participants engaged in a broad discussion and a Question & Answer session on elements concerning an Investor when subscribing for an IPO.

Kassapa Weerasekara, Assistant Manager of the Listing Department at CSE, Sujani Perera, Vice President of Corporate Advisory at NDB Investment Bank and Charith Udugama, Manager of Corporate Advisory at NDB Investment Bank shared insight on the said topic.

The program elaborated on aspects that investors should be focusing on when they invest in an IPO and how the investors can identify whether a specific IPO is ideal for them. The program covered the concept of IPOs, how companies and investors benefit from IPOs and how investors could maximize their returns by properly evaluating the IPO prospectus.

Speakers from NDB Investment Bank elaborated on reading a Prospectus and the importance of understanding the Prospectus of a company before subscribing to an IPO. It was suggested that it is adequate to pay careful attention to the current financial stability of the company, its prospective goals, management processes and fundamentals of corporate governance. They further illustrated how these are comparative suggestions based on many aspects and not recommendations.

CSE is continuously dedicated fulfil their role as a responsible educator, to engage and equip the Stock Market Investor base with timely and important knowledge.

Government expenditure towards treatment and prevention for the COVID-19 pandemic so far is over Rs. 138 billion and in addition to minimizing the economic impact several moratoria too were initiated by the Central Banks State Minister of Finance Ajith Nivard Cabraal said.

He said that a serious dialogue has arisen in society regarding government expenditure on behalf of the Covid-19 pandemic and to answer these he presented a detailed explanation in parliament on May 18.

“The government has spent Rs. 96.1 billion as direct COVID-19 related expenditure for 2020 and a further Rs. 41.9 billion up to May 17 on C-19 related expenses.

“A sum of Rs. 56,593 million has been spent on providing low-income earning families who suffered as a result of the Covid pandemic in the months of April and May an allowance of Rs. 5,000 and in April 2021 Rs. 14,000 million was allocated for the control of the pandemic,” the State Minister said explaining the financial provisions for the control of the Covid outbreak.

He also said that in 2020 Rs. 29,045 for quarantine arrangements, health infrastructure facilities, pharmaceuticals and supplies etc. had been spent while up to now in 2021 a sum of Rs. 17,743 million has been disbursed.

In addition, the Minister emphasized that Rs. 3,800 million had been allocated to the education sector for providing facilities for Covid prevention.

In October and November of 2020, the government had spent a sum of Rs. 7,073 million for providing relief through District Secretariat offices, to people in the districts of Gampaha, Colombo, Kalutara, Kurunegala, Batticaloa and Ratnapura affected by the second wave of the Covid outbreak.

Also, Rs. 2,846 million has been allocated to distribute essential food items valued at Rs. 10,000 to people of each family under quarantine in their own homes. “At the same time in 2020 and up to now in 2021, sums of Rs. 102 million and Rs. 2,658 million respectively, have been provided to District Secretariats by the government to give relief to people affected by Covid-19 spreading again”, the State Minister reiterated. (SS)

Automated utility bill payment with no intervention by the customer has brought about a new dimension in convenience for ComBank credit card holders by offering them an option to automatically settle their monthly bills to the country’s most-widely used utilities.

The latest addition to this convenient, hassle-free bill payment facility is the settlement of Mobitel and Water Board bills.

With travel restrictions and safety concerns due to the pandemic, ComBank credit card holders need not go outside to settle their monthly utility bills. The Bank has announced that its credit card holders can now enrol to Dialog, Ceylon Electricity Board (CEB), Mobitel and the National Water Supply & Drainage Board (NWSDB) to settle bills automatically every month via a designated Credit Card.

Further, registration for Automatic Bill Settlement has been simplified, with credit card users being given the option enter their credit card details via the Bank’s website, accept terms and conditions and register, eliminating the need to visit the bank.

“This is the perfect solution for the times we are in, because once a customer registers for the service and links his or her utility accounts to the system, each month’s bill will be paid on time, with no further action required from the customer,” Commercial Bank’s Deputy General Manager – Marketing Hasrath Munasinghe said.

“It is a highly secure and precise form of automated digital payment and we will continue to add more utilities, insurance and mobile bill payment in the future.”

Commercial Bank customers can register their Visa, Mastercard, or UnionPay credit cards for the ‘Auto Bill Pay’ facility. It enables them to easily manage all their utility payments through a single Commercial Bank Credit Card at any given time, and helps them to adopt digital payment habits. After successful registration for the service, each utility or any other entity will present the customer’s monthly bill amount to the bank and bank will authorise the payment on behalf of credit card holder.

Besides ensuring that bills are settled on time without any involvement from the customer, the Auto Bill Pay facility prevents accumulation of arrears due to unpaid bills, saves customers from delinquency fees and prevents disconnection of utility services due to delayed payments. Furthermore, customers can earn Max Loyalty Rewards points that can be redeemed later on at many reputed merchant outlets island-wide.

Raytelligence, Sweden’s leading healthcare technology and service provider partners with Creative Software to develop their cutting edge monitoring system EaZense for vital signs monitoring.

Machines taking over human tasks is no more the stuff of movies. Today, with the pandemic, it is a hard-earned reality, and one that is seeing increasing benefits for the human race. Leading the way in automating healthcare processes to better suit the needs of the future is Raytelligence, a Swedish company with expertise in using radar technology for vital signs monitoring.

Founded in 2015, Raytelligence envisions contributing to a safer life for the elderly and chronically ill, as well as providing effective tools to develop home care in the future. To do this to a high standard takes two things: the right software and the ingenuity to develop it.

“There is high level of regulation when it comes to healthcare. The quality both in hardware and software must be held the highest of standards, and finding both the right competence and the experience to execute it is paramount,” says Klas Arvidson, CEO of Raytelligence. On the partnership with Creative Software, he commented, “Our collaboration with Creative Software gives us a unique opportunity to grow our company and develop our products to support this need much faster.”

EaZense is Raytelligence’s non-intrusive, autonomous monitoring system for the elderly, which automatically detects deviations and feeds a stream of data related to vital signs of a patient via cloud services. The team at Creative Software plays a pivotal role in developing the cloud service for EaZense. The service communicates with radar sensors on a real-time basis to remotely monitor the presence and vital signs of a patient such as breathing patterns, respiratory rate, heart rate, sleep quality, walking speed and changes in behavioral patterns.

Damitha Liyanage, Software Engineering Director at Creative Software, says the team is excited about the work they are doing for Raytelligence: “The Raytelligence team at Creative Software was established less than six months ago. Along with our colleagues in Sweden, we empower caregivers to monitor and supervise patients more efficiently by using technology powered by IoT and cloud services. This has yielded many benefits for healthcare professionals, especially during this time of the COVID-19 pandemic.”

For over two decades, Creative Software has been the partner of choice for international clients by building and managing high-performing and dedicated teams of software professionals working across a wide range of industries.

In the coming weeks, clearance procedures are going to allow imported goods requiring supplier credit to be allowed with credit periods shorter than 180 days. The imported items will still require that the supplier provide credit for the item but the controls will be amended to allow for shorter credit cycles.

Department of Imports and Exports Control Controller General, Damayanthi Karunarathne noted that the economic fallout from COVID-19 necessitated the need for import controls but that these controls would be somewhat relaxed in the period ahead.

Rules for items needing supplier credit will be amended to allow for importation with credit periods shorter than 180 days. Other controls will also be loosened. Karunarathne was speaking at National Chamber recent webinar.

Certain widely imported items like freezer trucks, televisions, and auto spare parts are to have looser import controls. Items that have been put on the credit list but have been cleared on a payment basis can be cleared on the payment of a considerable fine under the discretion of the trade declarations committee.

Palm oil imports will be allowed through an import license system on the advice of the Industries Minister and the BOI.

Raw materials for local manufacturing are allowed so long as there is local value addition of 35%.

New gazette notifications are going to be drafted to allow for certain foreign standards and certification to be recognized by the Sri Lanka Import and Export Department.

License fees of the Department of Import And Export Control which have not been revised for multiple years are to be revised upwards. No information on allowing the importation of tiles has been officially communicated to the department of import and export. Ceramic squatting pans and bathroom fittings will be allowed on a credit basis.

Customs Superintendent, Indunil Udaya said that there is soon going to be a scanning machine at the exports division to reduce the physical examination of containers.

“If there are suspicions on a particular container there will no longer be a need to open the container. Non-invasive examination procedures can be undertaken. We are going to minimize human intervention because of the pandemic situation.”

“Once you upload the documents online you can’t upload them again, even if there is a requirement to upload further documents for clarification, you then have to come to customs physically with the documentation.”

An import-control license has to be debited with customs to clear goods. There is no online system but on an ad-hoc basis, customs officers will accept documents remitted via Whatsapp.

Customs Superintendent C. P. G. Punchihewa said that Customs Declarations are now completely submitted online.

Importers who fail to submit all the requisite documentation will have to come physically and submit the additional documentation.