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ACL Cables supports electricians to enhance skill set with NVQ Level 4 certification

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ACL Cables PLC, the No. 1 cable manufacturer in Sri Lanka commenced another novel concept recently supporting electricians enhance skillsets, contributing to their personal growth and the industry.

ACL Cables has partnered the Vocational Training Authority (VTA) to ensure electrical technicians island wide are awarded the NVQ level 4 certification.

This programme is aligned to the regulations enforced by the Government and Public Utility Commission of Sri Lanka (PUCSL) which aim to certify and create licensed electricians.

According to local authority regulations all electricians are required to be certified and obtain a license to conduct any electrical construction activity in the future.

This is mainly to establish a professional status for electricians in the country by accrediting their qualifications and experience.

Towards this objective, ACL Cables together with VTA Centers will sponsor and conduct knowledge sharing sessions for electricians to ensure they are prepared for theoretical and practical examinations to obtain the NVQ level 4 Certification. This project was put into action by ACL Cables under the CSR theme of “Divimaga Denuma” (Knowledge for lives).

Specifically targeting electricians who are registered under the Electricians Club of ACL Cables, individuals will be selected in batches of 25 and the programme will be conducted over a period of 6-months around 217 VTA centers islandwide. The certification which usually takes two and a half years for completion has been fast-tracked to ensure a larger number of electricians benefit. This special scheme was maneuvered and guided under the supervision of Dhamitha Wickramasinghe the president of VTA.

ACL Cables also aims to continue this initiative throughout the next few years to ensure all partner electricians receive this valuable qualification.

Commenting on this worthy programme, ACL Managing Director Suren Madanayake said, “We have continuously empowered our stakeholders for their betterment. This has been part of our corporate social responsibility initiatives. In this programme, we have identified Electricians as among our major stakeholders in making our business operations a success. As the No. 1 cable company in Sri Lanka, we undertook the responsibility to step in and transform these individuals into qualified professionals by helping them obtaining the necessary license and certifications as directed by local authorities.”

“Our initial step was to educate electricians on existing regulations, which we did through our island wide seminars. Now we have commenced the next stage to ensure they are equipped with the necessary knowledge. I thank the VTA, PUCSL and all local authorities who partnered with us to make this overall programme a success. I also invite all electricians who are yet to partner ACL to call our agents and register with the ACL Electricians’ Club,” he added.

The proposed licensing mechanism was developed by PUCSL in collaboration with the Institution of Engineers Sri Lanka (IESL), Tertiary, Vocational Education Commission (TVEC) and Construction Industry Development Authority (CIDA), Ceylon Electricity Board (CEB) and Lanka Electricity Company (PVT) Limited (LECO).

During the initial stage of this programme, ACL together with PUCSL conducted several sessions island wide to educate electricians on the necessary licensing procedure.

ACL Cables is the leading cable company in Sri Lanka with a market share of 70% and annual turnover of 18 billion as a group. Diversifying its operation ACL has moved into the distribution of electrical switches, circuit protection devices (MCB, RCD and isolator), ceiling fans and a wide range of electrical accessories.

 

 



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Pan Asia Bank posts steady performance during FY 2023 –

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Aravinda Perera- Chairman & Naleen Edirisinghe - Director CEO of Pan Asia Bank

Profit before Tax increases by 258% amidst external challenges

Pan Asia Banking Corporation PLC reflected a steady performance amidst multitude of adversities emerging from challenging macro-economic conditions as the Bank reported its financial performance during 2023, which showed judicious portfolio management and prudency exercised in dealing with possible fallout on its asset quality in challenging times.

The Bank reported a Pre-tax Profit of Rs. 2,328 Mn for the year ended 31st December 2023, which is 258% increase compared to corresponding period last year, supported by improved net interest income, increased trading gains from government securities and reduced exchange losses.

The Sri Lankan economy has experienced some positive signs of gradual economic recovery and a measure of stability in macro-economic factors compared to the previous year, with the appreciation of LKR against USD and the IMF bailout followed by the Domestic Debt Optimization (DDO) announcement. The multiple economic scenario models used regarding collective impairment in 2022 were continued in 2023 to ensure that adequate buffers were in place to absorb any potential credit risk that could arise in the future. The allowance for overlays applied in previous year was continued and maintained during 2023 too. Meanwhile, the Bank managed to end the year with healthy credit quality matrices due to improved credit underwriting standards and concerted collection & recovery efforts despite the contraction in the loan book during 2023 which impacted the Bank’s Stage 3 Loan Ratio adversely.

Furthermore, the Bank increased impairment provision buffers held regarding investments in International Sovereign Bonds of Government of Sri Lanka (SLISBs) further during 2023 with the expectation of possible adverse outcomes of the on-going government External Debt Restructuring (EDR) programme. The Bank recognised an impairment charge of nearly Rs. 2 Bn regarding International Sovereign Bonds during 2023.

The interest income for the year 2023 rose by 39% due to the high interest rates that prevailed during the period under review compared to corresponding period of the last year and the re-pricing effect of facilities in response to the market conditions. Further, the growth in interest income was supported by the increased interest income from Rupee denominated securities of the Government of Sri Lanka (T-Bills & Bonds) due to increased investments and high interest rates offered on such new investments compared to the previous year. Consequently, the net interest income increased by 9% in 2023 compared to the last year. (Pan Asia Bank)

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SLT-MOBITEL celebrates the season of love with exciting giveaways

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SLT-MOBITEL, the National ICT Solutions Provider, celebrated Valentine’s Day with a series of heartwarming promotions and networking activities, spreading love and joy for customers across the country.

Connecting hearts from all around the world on social media, SLT-MOBITEL invited participants to share their loving memories for a chance to win movie tickets. Customers were also given the opportunity to dedicate romantic ringing tones to their loved ones by dialling special codes.

As part of the Valentine’s Day celebrations, SLT-MOBITEL also offered a special promotion, providing a special screening for the glamorous movie ‘Sihinayeki Adarey’, powered by SLT-MOBITEL. Furthermore, customers were treated to a surprise bonus of 10GB of free data upon recharging their SLT-MOBITEL mobile numbers with Rs. 500 or more through any banking app.

Taking love to the hill country, in a special engagement event at the Kandy City Centre, fans were able to participate in activities and interact with the ‘Sihinayeki Adarey’ cast including Hemal Ranasinghe, Sheshadri Priyasad, and many others.

Through these exciting promotions, SLT-MOBITEL helped spread love and joy this season while enhancing the customer experience with exclusive activities.

To discover more of SLT-MOBITEL’s Valentine’s Day promotions, visit https://www.facebook.com/SLTMobitel.

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Call for Proposals: Saman Kelegama Memorial Research Grant 2024

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The Institute of Policy Studies of Sri Lanka (IPS) is inviting proposals for the Saman Kelegama Memorial Research Grant 2024. The grant is an annual, merit-based grant awarded to an outstanding undergraduate studying in a Sri Lankan university. It aims to promote policy entrepreneurs among undergraduates by encouraging policy-relevant, rigorous and innovative socio-economic research.

The grant was established in 2018 to honour Dr. Saman Kelegama’s legacy of independent research and public policy engagement in socio-economic development in Sri Lanka and the wider South Asian region. Dr. Kelegama was the Executive Director of the IPS from 1995 to 2017.

Fourth-year undergraduates studying economics or a related subject in a University Grants Commission approved university or higher education institution in Sri Lanka are eligible to apply. Proposals must be written according to the guidelines provided and emailed to tharakam@ips.lk on or before the submission deadline of 30 April 2024.

HOW WILL THE WINNER BE CHOSEN? The quality of the proposals will be judged for its policy relevance, feasibility, originality and creativity. Three finalists will be chosen and invited to present their proposals at the IPS, where the award recipient will be selected.

OUTCOMES OF THE GRANTS – The recipient will be expected to produce a Policy Discussion Brief within six months of receiving the grant. The research report can be written individually or jointly with an IPS senior researcher.

BENEFITS OF THE GRANT – The beneficiary will be awarded a one-time research grant of LKR 200,000 to carry out the proposed research and a three-month internship at the IPS. The recipient will be able to seek guidance from senior researchers and benefit from IPS resources to complete the proposed study during the internship. To enable students from all over Sri Lanka to benefit from this opportunity, the terms of the internship will be flexible. The internship can either be a fully in-house internship at IPS, or it can be an in-house plus online internship. In the case of the second option, the in-house component of the internship should be at least six weeks. To encourage research dissemination, an additional subsidy will be provided for presenting the research findings at local conferences and workshops.

Important Dates

30 April 2024 – Deadline for Submission of Proposals

01 June 2024 – Announcement of Finalists

23 June 2024 – Announcement of the Winner

Further information is available at: https://www.ips.lk/saman-kelegama-memorial-research-grant/

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