AIA Sri Lanka announced the renewal of its partnership with the Sri Lanka Cancer Society for the third consecutive year, for 2021. AIA will continue to donate Rs 100/- on behalf of every new policy sold in the year, to the Sri Lanka Cancer Society. The Memorandum of Understanding (MOU) in this regard was signed between AIA CEO Nikhil Advani and Cancer Society Chairperson Nihal Rodrigo.
In 2019, AIA reached out to the Cancer Society in honour of it being AIA Group’s centennial year. A MOU was signed, with AIA pledging to donate Rs. 100 for every new policy sold that year, resulting in a donation of almost Rs. 5 Mn at the end of the year. The MOU was renewed in 2020 and again in 2021, despite the challenges of the Covid pandemic and AIA continued to honour its pledge, resulting in a donation of almost Rs. 4.7 Mn for the year. The funds donated are being used by the Cancer Society for the provision of care and solace to needy cancer patients as well as increasing awareness on the prevention and treatment of cancer, which is a rapidly growing concern in Sri Lanka.
AIA CEO Nikhil Advani explained, “As the best life insurance company in Sri Lanka (awarded by the Global Banking and Finance Review 2019, 2020), we are committed to making a tangible difference in the lives of Sri Lankans. We prioritize our promise of helping people live heathier, longer, better lives and community service is a huge part of bringing that promise to life.”
He added, “Non–Communicable Diseases, such as cancer remain a very real problem in Sri Lanka and are responsible for approx. 80% of deaths, which is well above the global rate of 63%. Cancer is one of the nation’s leading health concerns and requires specialised treatment and more so, a dedicated care and support system for the patients and their families-and we truly appreciate the good work that the Sri Lanka Cancer Society are doing in this regard. It gives all our staff, wealth planners and partners great purpose to know that we are helping the battle against this dreaded illness, physically, financially and emotionally.”
Cancer Society Chairperson Nihal Rodrigo thanked AIA for their continued support, “a sign of a strong partnership is when you support each other come rain or shine, and AIA certainly did stand by us, even in the face of a crippling pandemic. We do appreciate that despite the economic challenges during the pandemic, AIA continued to provide the promised financial support, which was immeasurably helpful in running our hospices and treating needy cancer patients during a very tough time. We are delighted to see this partnership renewed for the third year and look forward to strengthening our battle against cancer with the strength and support of AIA.”
He added, “We use the significant contributions made by AIA largely towards the operation and upkeep of ‘Shantha Sevana’ a 32 bed hospice care facility as well as the ‘Bandaranayake Memorial Homes’, which provides a transit home and care facilities to needy patients seeking treatment at the National Cancer Institute, the Apeksha Hospital. We rely on external support to provide direct care for patients who are undergoing this ordeal while doing everything possible to ensure they receive the best of care and support, both medically and emotionally. So, it means a lot to us to have AIA come forward and continue their support for our cause.”
U.S. confident SL would ensure required facilitation for U.S. investors
Sri Lankan government has pledged to address the pending policy issues and I am confident that once the pandemic subsides, concrete efforts will begin to improve ease of doing business and ensure the required facilitation for US investors, Martin Kelly, Charge d’ Affairs of the Embassy of the United States of America in Sri Lanka said recently speaking at the Sri Lanka Invest Forum 2021 held virtually through June 7-9, 2021
“Sri Lanka was among the first countries in the region to open its economy and offers the highest standards of living among other advanced indicators in South Asia. Over the last seventeen years, the country continued to transition from an agriculture commodity based economy to become world leader in textile and apparel, a major exporter of IT and communication related services and of course a world class destination for international tourists,” he said.
“Promoting trade and investment opportunities is one of the embassy’s top priorities, and a vital component of our efforts to encourage private sector led development and toward stronger ties between the two countries,” he said.
Kelly said that the government of Sri Lanka has promoted pro-business policies including tax benefits, to attract the U.S. and other foreign direct investments.
ComBank donates ICU beds to Kegalle Teaching Hospital
Commercial Bank Chairman Justice K. Sripavan and Managing Director S. Renganathan with representatives of the Bank and the Kegalle Hospital
The Commercial Bank of Ceylon has donated three Intensive Care Unit (ICU) beds to the Teaching Hospital Kegalle, which receives over 80,000 admissions and 350,000 clinic visits, annually. The donation was made following a request from the hospital and will help it to provide seamless healthcare services to prevent non-pandemic related morbidities and mortalities while also treating patients who are COVID-19 positive.
The CSR Trust of the Bank has already gifted medical equipment and gear including Personal Protection Equipment (PPE) kits, face masks, surgical masks, hand sanitisers, Slit lamps, pulse oximeters, multipara monitors and oxygen concentrators to over 16 government hospitals. Commercial Bank also made a monetary donation to the National COVID-19 Healthcare and Social Security Fund set up by the government last year.
Trading activity gets slower among retail investors
Lankem Ceylon Rights Issue undersubscribed.
By Hiran H.Senewiratne
Stock trading at the Colombo Stock Exchange (CSE) was marginally positive yesterday and the number of retail investor participation was lower compared to previous trading days. Index heavy LOLC group which accounted for more than 30 percent of the turnover, contributed 20 points to the All Share Price Index, stock market analysts said.
Both indices moved upwards. All Share Price Index was up by 35.75 points and S&P SL20 up by 2.01 points. Turnover stood at Rs 1.74 billion sans a single crossing. In the retail market top six companies that mainly contributed to the turnover were LOLC Rs 510 million (1.28 million shares traded), Expolanka Holdings Rs 197 million (4.1 million shares traded), Melstacorp Rs 137 million (2.6 million shares traded), Browns Investments Rs 71.5 million (11.3 million shares traded), Windforce Rs 68.2 million (3.5 million shares traded) and Hayleys Holdings Rs 54.8 million (730,000 shares traded).
Index heavy LOLC, which contributed 20 points to the All Share Price Index, appreciated its share price by Rs 18.75 or 4.85 percent. Its share price started trading at Rs 386.25 and at the end of the day it moved up to Rs 405.
A pioneer in renewable energy, Vidullanka PLC has successfully completed raising additional capital of Rs. 253 million to fuel its expansion drive in the solar power sphere.
Lankem Ceylon Plc, Rs. 677 million worth Rights Issue has been undersubscribed. When the issue closed the Company managed to draw only subscriptions for 17.6 million shares worth Rs. 352.3 million. The original plan was to issue 33.85 million shares at Rs. 20 each aiming at raising Rs. 677 million. The basis was one new ordinary share for every one share held. Funds were to be raised to augment working capital requirements.
During the day 67.9 million share volumes changed hands in 17564 share transactions.
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