Business
CL Synergy announces new board ahead of IPO
Leading digitally-enabled freight forwarding solutions provider with a global footprint, CL Synergy, has announced the appointment of six members to its Board of Directors.
The announcement comes as the Company completes its transition from a Private Limited Liability company into a Public Limited Liability company, in preparation for an expansion plan, which will include an Initial Public Offering (IPO) and listing of its shares, once the necessary approvals are obtained. The new Directors will add value by bringing in a wealth of experience and expertise to guide the Company, as it embarks on the next phase of its growth journey, a CLS news release said.
The new additions to the Board of Directors of CL Synergy Limited include Mr. Dharma Dheerasinghe, who will serve as Chairman, Messrs. Nirosh De Silva, Thilan Wijesinghe and Sanjaya Bandara, who will serve as Independent/Non-Executive Directors and Udara Widanagamage and Anuradha Sooriyaarachchi, who will serve as Executive Directors.
“All of these individuals are veterans and leaders in their respective fields,” the release said.
The new appointments complete CL Synergy’s Board of Directors, which also includes its Managing Director/Co-Founder Roshan Silva, Director – Finance/Co-Founder Janaka Udamulla and Director Shehani Kulatunga, all of whom have been with the Company since its inception 17 years ago.
Mr. Dharma Dheerasinghe, having built a banking career in both in the public and private sectors was Chairman of Commercial Bank of Ceylon PLC, while also having previously served as the Deputy Governor and Assistant Governor of the Central Bank of Sri Lanka having also functioned as an Alternate Executive Director at the International Monetary Fund (IMF). He holds both a Master’s Degree and a Bachelor’s Degree in Economics from the University of Leeds and the University of Colombo, respectively.
Mr. Nirosh De Silva is a Chartered Financial Analyst and holds a BA in Economics and Business Management from Franklin and Marshall College, and is presently the Managing Partner at Horizon Partners Limited. Previously, he has served as a Senior Manager at Ayojana Fund Management, and at Hatton National Bank PLC. Mr. De Silva has a wealth of experience in private equity and corporate finance.
Mr. Thilan Wijesinghe is a prominent investment banker, a specialist in public-private partnerships (PPP) and an entrepreneur. A well-known figure in the world of business, Mr. Wijesinghe holds three bachelor’s degrees, in Industrial Engineering, Economics and Business Administration. He is a specialist in investment banking and real estate. He is presently the Chairman and CEO of TWCorp (Private) Limited, the Chairman of Sapphirus Lanka (Private) Limited, and a Director at both Ceylon Tea Trails (Private) Limited and MJF Leisure (Private) Limited.
Mr. Sanjaya Bandara holds a BSc in Accountancy & Financial Management from the University of Sri Jayewardenepura and a Master’s Degree in Business Administration from the University of Colombo. He is presently the President of the Institute of Chartered Accountants of Sri Lanka, a Director at Prime Land Residencies PLC, a Partner at B R De Silva and Co. and serves as a Board Member of both the Confederation of Asian and Pacific Accountants and the Sri Lanka Accounting and Auditing Standards Monitoring Board.
Mr. Udara Widanagamage is a marketer and Logistics & supply chain expert. He has also served as a Director of CL Synergy (Private) Limited, a role which he is now continuing in his new capacity at CL Synergy Limited. Mr. Widanagamage holds an MBA from the University of Wales Trinity Saint David and is Chartered Institute of Marketing (CIM) and the Institute of Certified Management Accountants, Australia (CMA), qualified.
Mr. Anuradha Sooriyaarachchi has served as Director – Procurement & Business Development at CL Synergy (Private) Limited, a role which he is now extending in his new capacity at CL Synergy Limited. Mr. Sooriyaarachchi has also served as General Manager and Deputy General Manager at CL Synergy (Private) Limited. He has also functioned in roles such as Manager Sales (Sri Lanka/Maldives) at APL Lanka (Private) Limited and Senior Executive at Maersk Logistics Lanka (Private) Limited. He is a member of the Institute of Chartered Ship Brokers. Anuradha’s contributions towards the development of the industry saw him being appointed as a member of the Logistics Advisory Committee to the Export Development Board (EDB) by the Minister of Trade, with effect from July 2021.
CL Synergy Limited was incorporated as CL Synergy (Private) Limited in 2004 as a fully-fledged freight forwarding company. The Company’s objective is to provide professional, reliable and high-quality services. The Company prides itself on providing customers with a personalized atmosphere, flexibility, highly competitive pricing and efficient servicing. CL Synergy has diversified its activities under a set of Associate companies which include fleet management, software solutions and Investments, along with other innovative ventures in the pipeline.
Business
‘NSB achieves outstanding profit in 2024, showcasing resilience and strategic growth amid economic changes’
The National Savings Bank (NSB) has once again solidified its position as a pillar of financial stability showcasing a year of remarkable resilience and strategic agility, unveiling its audited financial results for the year ended December 31, 2024. Against the backdrop of economic uncertainties, NSB reported a remarkable 126% increase in Profit After Tax (PAT), soaring to Rs. 16.29 billion from Rs. 7.22 billion in 2023. This phenomenal growth underscores the Bank’s unwavering commitment to financial prudence, operational efficiency, and shareholder value enhancement.
Reflecting on the Bank’s outstanding performance in 2024, Chairman of NSB, Dr Harsha Cabral PC, stated, “NSB’s financial success in 2024 underscores the strength of our strategic vision, disciplined execution, and unwavering dedication to our customers and stakeholders. Despite a challenging macroeconomic environment, we have demonstrated resilience, achieving record profitability while maintaining a strong balance sheet and a stable risk profile. Our commitment to sustainable growth, prudent governance, and financial inclusivity continues to drive our long-term success. As we look ahead, we will further strengthen our role as a key pillar of Sri Lanka’s financial sector, ensuring that we create lasting value for the nation and its people.”
Core Drivers of Profitability: Strength in Core Banking Operations A pivotal driver of this exceptional performance was the remarkable 146% surge in net interest income, soaring to Rs. 72.78 billion from Rs. 29.57 billion in 2023. This growth was achieved despite a 10% year-on-year decline in interest income, primarily stemming from an accommodative monetary policy stance that resulted in subdued yields on loans and government securities. However, the substantial 34% reduction in interest expenses to Rs. 130.97 billion outpaced the decline in income, propelling a significant expansion in net interest income.
“By recalibrating our deposit strategies and capitalizing on favourable rate environments, we have significantly strengthened our interest margins,” remarked the General Manager/CEO, Ms. Shashi Kandambi. “The Bank’s ability to optimize its asset-liability mix and enhance operational efficiencies has been instrumental in achieving this milestone, reaffirming its commitment to sustainable growth and value creation”, Ms Kandambi further asserted. (NSB)
4TH GLOBAL MINISTERIAL CONFERENCE ON ROAD SAFETY
The 4th Global Ministerial Conference on Road Safety was held from 19th February to 20th February, 2025, in the Kingdom of Morocco, in the beautiful city of Marrakesh.
Morocco is a remarkable country with kind and friendly people, making it one of the most attractive destinations in the world. Marrakesh, in particular, is renowned for its rich cultural heritage and stunning landscapes.
The conference was organized by the Kingdom of Morocco with the support of the World Health Organization (WHO). It provided an opportunity to host satellite events related to improving global road safety and advancing initiatives to achieve global targets.
The event was well attended, with approximately 1,500 delegates, including ministers from various countries, senior officials from United Nations agencies, and representatives from civil society, academia, and the private sector.
Key Discussions at the Conference
The conference served as a platform to accelerate actions aimed at improving road safety through the implementation of the Global Plan for the Decade of Action for Road Safety 2021–2030. The following topics were discussed:
Child Health Initiative Manifesto 2030
Protecting Young Lives – A Global Status Report on Child & Adolescent Road Safety
Perspectives on Meeting Challenge 2030 – What Has Worked, What Hasn’t, and What’s Next?
Supporting the Global Road Safety Agenda and Engaging with the Private Sector
Ensuring the Highest Levels of Safety Across Organizational Value Chains
FIA Road Safety Roadmap
At the conference, it was highly commended that the FIA Foundation has made significant progress in addressing global road traffic injuries in multiple ways. However, it was acknowledged that more work is needed to achieve the set road safety targets. Continuous efforts at the global, national, and city levels have been made to reduce deaths and injuries by implementing effective strategies such as safer vehicles, improved road design, speed limit management, standardized motorcycle helmets, and the adoption of new technologies.
Despite FIA’s efforts to reduce global road fatalities, the rise in population and motorization has led to an increase in road accidents. More than a million people lose their lives each year, while 10’s of millions suffer life-changing injuries.
The conference highlighted specific causes of the increase in accidents, including poorly designed highways, freeways, and road networks, which lead to unnecessary deaths and injuries. Other contributing factors include motorists failing to follow road signs and speed limits and the poor quality of safety helmets.
However, in Sri Lanka according to Statistics of Police Department, 30,000 accidents occur during each year. 2,500 accidents per month, 85 accidents daily and 8 fatal accidents per day.
Ensuring safer vehicles for all drivers and passengers is a fundamental right, regardless of where they live. The conference noted that some regions still sell cars that fail to meet United Nations safety standards. Notably, the Government of India launched the ‘SAFER CARS FOR INDIA’ campaign in 2023 to address this issue.
It is crucial for Sri Lanka to address the unsafe modification of vehicles and the installation of hazardous motor accessories, as recent accidents have shown that many passenger deaths and injuries occurred due to such modifications.
Furthermore, making rear seatbelt use mandatory for all passengers in cars and buses is essential to improving road safety by bringing Amendment to Motor Traffic Act is very important by Ministry of Transport
In Sri Lanka, Automobile Association of Ceylon represents following Committees and Agencies:
National Council for Road Safety
Safer & Cleaner Roads headed by Presidential Secretariat
Standing Committee on Traffic, Highways and Transportation of Colombo Municipal Council
Appointment to High – Level Committee to provide Directions to Address Road Safety Challenges in Sri Lanka.
Automobile Sector Industry Skills Council
Public Utility Commission of Sri Lanka
Moving Forward
If Sri Lanka adopts Globally recommended Road Safety measures, Sri Lanka should be able to achieve the Global Road Safety Goals by 2030.
The Automobile Association of Ceylon will facilitate and assist the Government of Sri Lanka in achieving these targets and road safety goals by 2030.
By: Prasanna De Zoysa
Sectional Chairman
(Road Safety, Buildings & Environmental)
Automobile Association of Ceylon
In celebration of Women’s Month, LOLC Life Assurance is proud to introduce a special initiative that offers greater protection and meaningful rewards for women. Throughout March 2025, females who purchase a critical illness policy with a minimum sum assured of Rs. 1 million will receive an additional 50% cover of up to a maximum of Rs. 1 million at no extra cost, exclusively for female-specific critical illnesses, including, breast cancer, womb cancer, and cervical cancer. This complimentary cover will remain valid throughout the policy period. Furthermore, if the policyholder is male and has included his spouse under the policy, she will also be eligible for this special benefit without any changes to the coverage.
As part of this initiative, LOLC Life Assurance is also rewarding mothers. All policyholders who give birth during March 2025 will receive a cash reward of Rs. 25,000 provided their policies were obtained on or before 31st December, 2024 and remain active at the time of delivery.
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