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Proposal to sell 20 percent stake in two state banks enlivens share market

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By Hiran H.Senewiratne

Although the stock market was sluggish throughout yesterday, it received some vigour when President Ranil Wickremesinghe presented budget 2024 in parliament as the Finance Minister and announced that a 20 percent stake in the two state banks, namely, the People’s Bank and the Bank of Ceylon, would be sold to enliven the capital market, analysts said.

The government plans to sell a 20 percent stake in state banks to strategic investors or the public, President Ranil Wickremesinghe said. “I propose that 20 percent of the shares of the two large state-owned banks should be given to strategic investors or the public to improve capital and support the future growth of the two state-owned banks to reduce the burden on taxpayer funds, he said while presenting the budget.

The 2024 budget has proposed several tough measures, including prosecuting those who fail to file tax returns and making submission of a copy of the Certificate of the Taxpayer Identification Number (TIN) mandatory for several transactions. The moves come after the government failed to achieve its 1 million target on new tax files this year.

Amid those developments both indices moved upwards. The All- Share Price Index went up by 10 points while the S and P SL20 rose by 7.6 points. Turnover stood at Rs 559 million without any crossings. In the retail market top seven companies that mainly contributed to the turnover were; Capital Alliance Rs 118 million (1.75 million shares traded), JKH Rs 31.3 million (161,000 shares traded), Ceylon Grain Elevators Rs 24.8 million (135,000 shares traded), Hayleys Rs 22 million (273,000 shares traded), Hayleys Fabrics Rs 20.5 million (483,000 shares traded), Browns Investments Rs 19.3 million (3.8 million shares traded) and CIC Holdings Rs 18.3 million (266,000 shares traded). During the day 19.2 million share volumes changed hands in 8570 transactions.

Yesterday the rupee opened flat at Rs 327.00/40 to the US dollar from Rs 327.00/50 on Friday, dealers said.

Bonds were not being actively quoted as investors adopted a wait-and-see approach ahead of the 2024 budget reading yesterday.



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BOC Maldives Celebrates 45 Years of Banking Excellence and Unveils New Digital Banking Initiative

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Established in 1981, BOC Maldives has grown steadily over the years, building a reputation as a trusted banking partner. BOC Maldives forms an important part of Bank of Ceylon’s international network, connecting the bank’s operations in London, Chennai, Seychelles, Malé and Hulhumalé. Within this network, BOC Maldives occupies a unique position due to its presence in a tourism-driven economy and its role in facilitating banking relationships associated with trade, investment, foreign currency transactions, and broader regional business activities.

Bank of Ceylon (BOC) Maldives recently celebrated its 45th anniversary, marking a significant milestone in the bank’s longstanding contribution to the Maldivian banking sector and its commitment to fostering economic growth and financial inclusion in the Maldives. A special customer felicitation ceremony was held to recognise long standing relationships with key customers and business partners with the participation of Bank of Ceylon’s Chairman Mr. Kavinda de Zoysa, General Manager/CEO Mr. Y.A. Jayathilaka, Acting Senior Deputy General Manager/Head of Global Markets Mr. G.A. Jayashantha, and Chief Manager of the Overseas Branches Division, Mr. Harischandra Hewage together with Country Manager Ms. Manjula Herath and the staff of BOC, Maldives.

The ceremony reflected the bank’s appreciation for the trust and confidence placed in BOC Maldives over the years and underscored the importance of maintaining strong and mutually beneficial partnerships. Addressing the gathering, senior representatives of the bank highlighted the institution’s journey over the past 45 years and emphasized the branch’s contribution towards strengthening economic ties between Sri Lanka and the Maldives. They also acknowledged the invaluable support extended by customers, stakeholders, regulatory authorities, and employees who have contributed to the branch’s success throughout the years.

One of the key highlights of the event was the announcement of the upcoming launch of Internet Banking services in the Maldives. This initiative represents another significant step in the bank’s digital transformation journey and its ongoing efforts to enhance customer convenience and accessibility. The branch has consistently embraced advancements in banking technology to improve customer service and operational efficiency. Notably, BOC was the first bank in the Maldives to introduce Automated Teller Machines (ATMs), demonstrating its pioneering approach to banking innovation within the country.

The anniversary also offered an opportunity to reflect on the legacy built by BOC Maldives since its establishment. Over the years, the bank has been associated with financing and supporting projects in government, infrastructure, tourism, resort development, construction, real estate, wholesale and retail trade, housing, fisheries, and aviation. Earlier milestones in the bank’s Maldivian operations have also recognized its role in supporting major national and sectoral projects, including airport-related development, government sector financing, and the Hulhumalé Reclamation Project Phase II.

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Blue Lanka Tours launches employee mental health and wellness programme

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Participants of the event

Blue Lanka Tours recently launched a mental health and wellness initiative aimed at promoting employee wellbeing and fostering a healthier workplace culture.

The programme, titled Compass, was held at the ITC Ratnadeepa in Colombo, bringing together employees for a series of sessions focused on mental health awareness, healthy living and personal development.

Addressing the event, Blue Lanka Tours Founder and Managing Director Dinesh N. Perera said the company’s responsibility extended beyond serving international visitors to ensuring the wellbeing of its employees.

“When we say we are a responsible company, it also means we are a responsible employer who recognises workplace pressures, personal responsibilities and the demands of modern life,” he said.

Wellness Facilitator and Mindset Coach Tanuja Perera Raymond conducted a session on building confidence, emotional balance and workplace performance through practical daily habits. Counselling Psychologist and Mind Leap Counselling Services Founder Dulari Ranasinghe discussed strategies for managing stress, overcoming emotional challenges and developing healthier personal relationships.

Fitness and Nutrition Coach Shane Ramenaden led the final session, highlighting the relationship between physical health and workplace productivity through posture improvement, mindful decompression, nutrition and healthy lifestyle practices.

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ICAO Asia-Pacific Director joins NGAP aviation awareness programme in Kandalama

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A winner of the art competition receiving her certificate

The Civil Aviation Authority of Sri Lanka (CAASL) conducted the Next Generation of Aviation Professionals (NGAP) Sri Lanka Programme at D.S. Senanayake Maha Vidyalaya, Kandalama, recently bringing together around 400 school students to promote awareness of aviation-related careers.

The programme, organised through the CAASL Civil Aviation Promotion Unit under the leadership of Director General of Civil Aviation and Chief Executive Officer Captain Daminda Rambukwella, aimed to inspire students to explore opportunities in the aviation sector.

ICAO Asia and Pacific Regional Director Tao Ma attended the event as chief guest, reaffirming the International Civil Aviation Organization’s support for initiatives that encourage youth participation in aviation and contribute to the sustainable growth of the global industry.

Students from D.S. Senanayake Maha Vidyalaya and several schools in the Galewela Education Zone participated in the programme, which featured interactive sessions, presentations by aviation professionals, and educational activities designed to enhance knowledge of the sector.

The programme commenced with a model aircraft flying display, which drew significant interest from students while demonstrating basic principles of flight and aircraft operations.

An aviation-themed art competition was also held, with ICAO officials and CAASL representatives reviewing student artwork and commending their creativity and enthusiasm.

Speaking at the event, Tao Ma praised Sri Lanka’s efforts to promote aviation awareness among youth, noting the importance of developing the next generation of aviation professionals.

Director General of Civil Aviation and Chief Executive Officer of the Civil Aviation Authority of Sri Lanka, Captain Daminda Rambukwella highlighted the role of the NGAP initiative in building a future-ready aviation workforce and encouraged students to consider careers in the expanding sector.

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