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ACAP to acquire 70 per cent stake in Navara Capital Partners

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By Hiran H.Senewiratne 

Asia Capital PLC (ACAP) recently announced to the CSE that the company had entered into a share purchase agreement to acquire a 70 percent  stake of Navara Capital Partners Ltd. (NCPL).Upon acquisition of NCPL, the latter would re-enter and recommence its stock brokering business at a time when capital markets in the country are performing well due to policy certainty prevailing in the current economic landscape of the country, company sources said. 

The agreement was entered into on Monday. “Navara Capital Partners is currently carrying out business as an investment holding company and the company is having a 95 percent  stake of Navara Securities. The company is also planning to recommence its  stock brokering business shortly, which is part of our expansion plan, sources said.

At the CSE yesterday, developments were as follows: Tokyo Cement voting share price dropped to Rs. 75.20 from Rs. 77.80, which was a Rs. 2.60 or three percent drop and non voting shares witnessed a  drop of Rs 67.10 from Rs. 69.20, which was a Rs. 2.10 or three percent drop.

 Melstacorp, Royal Ceramic and Swissteck share prices declined slightly due to slight profit takings of certain shareholders. 

 Both indices dropped during the day. All Share Price Index went down by 2.6 points and  S and P SL20 went down by 0.09 points. The turnover stood at Rs. 2.72 billion with five crossings. Those crossings were reported in Vallibel One, which crossed 1.6 million; its shares traded at Rs. 25.70, Sampath Bank 250,000 shares crossed for Rs. 32.75 million, its shares traded at Rs. 131, Commercial Bank 400,000 shares crossed for Rs. 31.6 million; its shares traded at Rs79, JKH 167,500 shares crossed for Rs. 24.7 million; shares traded at Rs. 147.50 and Royal Ceramic 133,600 crossed for Rs. 23 million, its shares traded at Rs. 172.

In the retail market top five companies that mainly contributed to the turnover were, JKH Rs. 272 million (1.86 million shares traded), Hayleys Fabrics Rs. 231 million (8.5 million shares traded), Tokyo Cement (Non Voting) Rs. 218 million (3.2 million shares traded), Tokyo (Voting) Rs. 164 million (2.2 million shares traded) and CT Holdings Rs. 159 million (979,000 shares traded). During the day  94 million share volumes changed hands in 19892 transactions.   

On the previous day long standing Director Kamantha Amarasekera  bought a 5 percent  stake in Browns Investments PLC (BIL) for Rs. 3 billion.

The transaction amounting to 750 million shares was done at Rs. 4 each. The share price of BIL increased by Rs. 0.10 (2.56percent ) to close at Rs. 4. The deal accounted for 51 percent  of the turnover at the CSE yesterday while overall BIL saw 877 million of its shares traded for Rs. 3.5 billion, accounting for 60 percent  of total turnover. 



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LOLC Al-Falaah unveils pioneering Wadi’ah Gold-Storage Facility with multiple customer benefits

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Sri Lanka’s most awarded and trusted Alternate Financial services brand, LOLC Al-Falaah recently unveiled their ground-breaking new product – the Wadi’ah Gold Loan Facility. This is the 1st time a Finance company in Sri Lanka is offering this facility. Al-Falaah Wadi’ah is a unique gold storage option offered to Al-Falaah’s valued customer base. All gold articles are tested for quality and authenticity using state-of-the art equipment by the company’s experienced staff without causing any damage to the jewellery. A unique ‘Gold Storage Certificate’ with the description of articles, including weight, quality and quantity along with the market value will be issued to the customer when obtaining this facility.

Speaking about the new product, Mr. Shiraz Refai, Deputy General Manager of LOLC Al-Falaah said, “Gold is a favourite investment option at all levels within the concentrated community. The metal is usually pawned, sold or exchanged when in need of cash. As the conventional Pawning options and Gold Loan offering has limitations to cater to the specific needs, as well as contradict with certain beliefs of the community, a concept acceptable and practiced in the industry is introduced by LOLC’s Alternate Financial Services Unit to its valued customer segment”.

Accordingly, a unique feature has been introduced to the Al-Falaah Wadi’ah Gold Storage facility offering the Customer the benefit of obtaining an interest-free maximum Cash-Advance in the industry at zero mark-up against the gold storage certificate value for any emergencies. In addition, for the convenience of the customers, the Gold storage facility period is extended from 3, 6 and 12 months without any requirement for a deposit and the custodial fees are comparatively competitive. The stored gold articles will also be offered a free Takaful cover with a reassurance of highest safety and security.

The Al-Falaah Wadi’ah gold storage facility will be initially available at selected branches including Wellawatta, Akkaraipattu, Kalmunai, Pottuvil, Grandpass, Maradana, Mawanella, Matara, Nawalapitiya and Negombo. Al-Falaah aims to make the facility available across all LOLC Finance branches and dedicated Al-Falaah centers island-wide by the end of the 1st quarter of 2021.

Commenting on the new Al-Falaah Wadi’ah Gold loan facility, Nishantha Jayasekera, Chief Manager, SME Unit & Head of Gold Loan Business of LOLC Finance said, “The main aim of this facility is to give financial-access to the grass-root level clients who do not have direct access to banking & finance, but require small cash advances to develop daily businesses and self-employment. Through this product and its value added features, we hope to cover all segments of the population”.

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LANKATILES donates high-end ventilator to Colombo North Teaching Hospital

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A Rs. 4.3 million ventilator has been donated to the Coronary Care Unit of the Colombo North Teaching Hospital, Ragama, by LANKATILES, the country’s leading tile manufacturer.

The machine was described as a high-end, world-class piece of equipment suitable for all patient groups.

Present at the official hand-over were Mr Mahendra Jayasekera, Managing Director of Lanka Walltiles PLC and Lanka Tiles PLC, Dr. S. P. A. Liyanage Ranaweera, Director of Colombo North Teaching Hospital, and Dr. Sanjeewa Rajapakse, Consultant Cardiologist of the hospital.

At a time when state-of-the-art equipment is urgently needed to contain the COVID-19 pandemic, LANKATILES reaffirmed its commitment to help frontline hospital staff in their efforts at reducing the spread of the virus and easing patient numbers.

The company said this was a commitment it is ready to stand by at all times in the interests of the country.

 

 

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Sampath Bank hosts Central Bank’s ‘MatarataQR’ event to promote QR code use

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Matara, April 3rd, 2021: Sampath Bank PLC recently hosted the Central Bank of Sri Lanka’s (CBSL) MatarataQR event, in a bid to drive awareness and increase acceptance and usage of LANKAQR, the common Quick Response (QR) code standard for the country that was introduced in 2020.

Encouraging consumers to adopt the use of QR codes in their day-to-day transactions, the event was held at the Sanath Jayasuriya Grounds in Matara under the patronage of the Chief Guest, Dullas Alahapperuma, Minister of Power and Guest of Honour, D. Kumaratunga, Director – Payments and Settlements, Central Bank of Sri Lanka; along with senior officials from the CBSL, other commercial banks and financial institutions. Sampath Bank was represented by Nanda Fernando – Managing Director; Tharaka Ranwala – Senior DGM – Operations / Group Chief Marketing Officer and Ajith Salgado – Group Chief Information Officer.

At the event, the Bank actively promoted its ‘WePay’ mobile wallet which helped attract more customers while also onboarding new merchants. A 25% cash back was on offer for payments at over 200 merchants in Matara on the day, made via the LANKAQR enabled WePay digital mobile payment app.

“We are very proud to partner with the Central Bank to host this event that will highlight the safety, convenience and speed of getting onboard the LANKAQR payment standard to the people of Matara. These benefits, coupled with the advanced digital banking solutions offered by Sampath Bank, make it a simple choice to migrate to digital payment technology and we warmly invite the merchants in Matara to come experience the benefits of adopting this new method of payments,” said Nanda Fernando, Managing Director, Sampath Bank PLC.

Sampath Bank is a 100% local bank that has deeply rooted itself in the lives of the people of Sri Lanka. Established in 1987, the bank has become a state-of-the-art financial institution that continues to be a market leader today thanks to its constant innovation and customer focused approach to business. It has introduced many firsts to the Sri Lankan banking sector including introducing ATMs to Sri Lanka, extended banking hours and slip-less banking to name a few. The Bank is steadily transforming itself into a ‘tech company engaged in banking,’ from the traditional approach of a bank engaged in technology.

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