Business
Abans Finance rights issue oversubscribed
Abans Finance PLC raised an additional capital by way of a Rights Issue from its existing shareholders, to fund the company’s future growth. With the Rights Issue, the company’s core capital base has now reached beyond Rs 2.5 billion.
A member of the diversified Abans Group, Abans Finance PLC, with a history of 17 years in the financial services sector, despite being the most turbulent business environment has recorded its highest ever profit for last three consecutive years by recording PBT of Rs. 154 million in FY 2019/20, Rs 427 million in FY 2020/21 and Rs 615 million in the last financial year i.e. FY 2021/22. With the successful completion of this rights issue, the momentum of consistent growth of the company will be further strengthened.
Abans Finance PLC’s chairman Cecil Perera said, “this is a proactive move made from a position of obvious strength that allows Abans Finance PLC to secure capital in anticipation of upcoming growth plans in the coming years and strengthening its position as a leading financial services organization.”
Abans Finance PLC is one of the most innovative finance companies in Sri Lanka and the company’s principal lines of business include finance leasing, mortgage loans, educational loans, hire purchase and acceptance of fixed and savings deposits. This product portfolio will be further expanded to products such as consumer durable financing in the future through the company’s strong branch network with extensive presence across the Island. This is further backed by over four hundred outlets island wide of its parent company i.e. Abans PLC.
Based on the business / financial analysis done on the company, FITCH Ratings Lanka Limited has rated Abans Finance PLC with an investment grading with a National Long-Term Rating of ‘A-(lka)’ RWN. As a key finance institution, the raising of its capital base allows Abans Finance PLC the added monetary equilibrium in continuing its strategic support to SMEs and other entrepreneurs who form the backbone of the country’s economy. This sector accounts for over 50% of the nation’s GDP, and addressing their financial needs is not only financially lucrative towards the company but fulfilling a corporate social responsibility as well.
Furthermore, Abans Finance PLC recently reinforced its strength with the joining of Sanjaya Bandara to the Board at the capacity of an Independent Non – Executive Director/chairman Board Audit Committee. With the latest appointment, the Board of Directors of Abans Finance PLC comprises of Chairman Cecil Perera, Rusi Pestonjee, MHiran Embuldeniya, Thulci Aluwihare, Mrs. Srini Ratnayake Choksy and Sanjaya Bandara.
The Company in addition also has a hand-picked a team of top management with a proven consistent track record headed by its Chief Executive Officer Dharshan Silva.
Company stresses ambition to surpass this milestone
Eyes markets across Africa and beyond
In a groundbreaking achievement for Sri Lanka’s IT and electronics manufacturing industry, EWIS Colombo Ltd, the country’s first and only local computer manufacturer, has successfully exported its first consignment of locally built laptops to Zimbabwe.
This landmark event not only positions Sri Lanka as an emerging force in global IT hardware manufacturing but also highlights EWIS’s commitment to innovation, quality, and excellence on the international stage.
This historic shipment, dispatched from EWIS’s state-of-the-art manufacturing facility in Samajasewapura, Sooriyawewa, underscores the company’s dedication to delivering world-class technology solutions. With over 11 years of expertise in manufacturing and assembly, EWIS Colombo Ltd has played a pivotal role in driving Sri Lanka’s ICT sector forward. As a Board of Investment (BOI) Section 17-approved company, EWIS has established the country’s first and only local computer manufacturing plant, paving the way for the nation’s growth in high-tech exports.
Speaking on this momentous achievement, Sanjeewa Wickramanayake, Chairman of EWIS Colombo Ltd, said: “This milestone is not just for EWIS but for Sri Lanka as a whole. It proves that our country has the talent, capability, and ambition to manufacture and export high-quality IT products, competing confidently on the global stage. As we continue expanding beyond local markets, we take immense pride in showcasing Sri Lanka’s excellence in technology and innovation to the world. EWIS’s commitment to world-class quality is reinforced by its ISO 9001:2015, ISO 14001:2015, CE, FCC, and RoHS certifications, ensuring compliance with international quality, safety, and environmental standards.”
Speaking further he said:
“For nearly four decades, EWIS has been a trailblazer in Sri Lanka’s ICT sector, delivering cutting-edge solutions for education, businesses, and government enterprises.
With over 11 years of local manufacturing and assembly expertise, EWIS has continuously refined its capabilities to produce high-quality, internationally competitive IT hardware. The successful export to Zimbabwe represents a bold step toward expanding EWIS’s global footprint, reinforcing Sri Lanka’s potential as a world-class technology and manufacturing hub.”
Dialog Television, Sri Lanka’s #1 Pay-TV service provider, has partnered with Emerging Media to enhance the convenience and effectiveness of advertising. This collaboration brings together Dialog Television’s world-class entertainment, featuring 18 advertisable channels across genres such as movies, edutainment, kids, music, sports, and local content, with Emerging Media’s expertise in digital advertising and targeted marketing. This synergy creates a seamless platform for businesses to maximize brand exposure across multiple channels.
With a reach of over 1.7 million households, Dialog Television provides advertisers with a powerful avenue to engage diverse audiences. Brands can place advertisements on leading international and local channels such as &flix, Star Movies, TLC, Animal Planet, AXN, Zee Café, Comedy Central, Star Plus, A+, Nickelodeon, Star Vijay, Zee Tamil, Star Sports, Ten Cricket, Sony SIX, ThePapare TV, Channel One, Citi Hitz and Channel C. Through this partnership, Emerging Media will facilitate advertising sales, allowing businesses to target specific viewer segments while simplifying the media buying process with a single point of contact.
Commenting on the partnership, Lim Li San, Group Chief Operating Officer at Dialog Axiata PLC, stated, “As Sri Lanka’s premier Pay-TV service provider, we serve more than 1.7 million households with over 6 million pairs of captive eyeballs across Sri Lanka. Today, we are excited to embark on this partnership with Emerging Media to avail our Dialog Television platform and brand strength to provide quality advertisement exposure and customer engagement to local businesses across Sri Lanka.”
The International Institute of Health Sciences (IIHS), a pioneer in healthcare training for over 23 years, has partnered with the University of Surrey, UK, to revolutionise healthcare education in Sri Lanka and the broader South Asian region. This will create a world-class academic pathway for aspiring nursing and healthcare professionals, as well as young individuals seeking careers in the field. Under this agreement, IIHS and the University of Surrey will introduce a series of academic initiatives to enhance healthcare training and accessibility.
These include delivering internationally recognised nursing programmes that allow Sri Lankan and regional students to earn globally competitive qualifications in Sri Lanka.
Commenting on the move, Dr. Kithsiri Edirisinghe, CEO & Dean of Undergraduate Studies at IIHS, said: “This MOU marks a significant step in our mission to deliver world-class healthcare education to Sri Lanka and the region. IIHS remains dedicated to shaping the future of healthcare professionals and fostering global healthcare leadership.” Dr. Shelini Surendran, Associate Dean (International) at the University of Surrey, emphasised: “Sri Lanka is establishing itself as a regional education hub, and this partnership ensures students across Asia can access top-tier UK healthcare education at IIHS. By bridging academic excellence with accessibility, we provide students with a clear pathway to their professional goals.”
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