Experienced chartered accountant Tishan Subasinghe, fintech entrepreneur Omar Kassim, legal luminary Mohamed Adamaly and Islamic finance legal professional Paul Mercer recently joined the Board of Directors of Amãna Bank.
The appointment of Omar Kassim is in the interest of the Bank’s former chairman Osman Kassim, who retired after completing the maximum 9 year period of directorship of a Licensed Commercial Bank as per CBSL directions, but continues to be amongst the top 10 shareholders of the Bank. Tishan Subsasinghe replaces retired senior director Jazri Magdon Ismail who also retired after completing the regulatory 9 year period while Mohamed Adamaly was appointed as the replacement to Harsha Amarasekera PC who resigned from the Board in the beginning of 2020 in lieu of his imminent retirement having served the board since its inception. Paul Mercer’s appointment fills the vacant position of the second nominee director from ICD, the Bank’s strategic shareholder. While Tishan Subasinghe will function as a Non-Executive Independent Director, the trio of Omar Kassim, Mohamed Adamaly and Paul Mercer will serve as Non-Executive Non-Independent Directors.
Commenting on their appointment the Bank’s chairman Asgi Akbarally said “We are honoured to have our Board of Directors strengthened by four versatile directors in Tishan Subasinghe, Omar Kassim, Mohamed Adamaly and Paul Mercer. Their collective experience and business insight will be of valuable benefit in guiding the Bank towards achieving its strategic goals.”
Tishan Harendranath Subasinghe, is a Fellow and Council Member of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and the Managing Director and Joint Managing Partner of Moore Stephens Consulting (Private) Limited and Moore Stephens Aiyar respectively. Before that he was the Head of Audit and Assurance at BDO Partners. He is also the chairman of Sanasa General Insurance Company Limited and is also a Council Member of the University of Moratuwa. His profession also expands overseas where he had work experience with PricewaterhouseCoopers (PwC) in New York, Philadelphia, Chicago and Botswana spanning several years. These were supported by the international training that he has undergone in USA, Hong Kong, Bangkok, Hyderabad, Mumbai, Malaysia, Indonesia and Rome. As a member of CA Sri Lanka, Tishan has served as the chairman of the Annual Report Awards Committee, National Conference Committee and Examinations Committee. He also held the post of Vice President of the Young Chartered Accountants Forum (YCAF). Tishan is a Certified Information Systems Auditor (CISA-USA) and has an MBA in Finance by the University of Colombo with a Gold Medal and has earned an LLB (Hons.) degree from the Buckinghamshire New University. He is also a visiting lecturer at several government universities and had also conducted international training in Maldives and Bhutan.
Omar Kassim is a fintech focused technology entrepreneur, who specialises in conceiving, building, and exiting interesting technology ventures. Omar is the Co-Founder and Chief Executive Officer of Nomod, a London headquartered startup building a highly efficient, scalable, business banking platform to empower millions of entrepreneurs and startups around the world to start and grow their businesses with inventive payment and banking tools. Omar also Co-Founded and was the Chief Executive Officer of Esanjo, a trading, investment, and technology business based in Dubai, where he remains a member of the Board. Omar previously founded and exited JadoPado, a highly regarded e-commerce technology platform addressing the Middle East, North African, and South Asia. Omar holds a BsC in Electronics Engineering and Business Studies from the University of Warwick in the United Kingdom.
Mohamed Adamaly is a leading legal professional in Sri Lanka having a wide Civil Law practice in the Original Courts and Appellate Courts, with a focus on Commercial Law, Labour Law, Insurance Law, and Banking & Credit related laws. Adamaly also specializes in Investment Advisory, Business Set-up/Restructuring Services and Corporate Acquisitions. Adamaly graduated from the Faculty of Law University of Colombo with Honours while also achieving First Class Honours from the Sri Lanka Law College before being admitted as an Attorney-at-law of the Supreme Court of Sri Lanka in 1994. Adamaly has served as a visiting lecture at the University of Colombo and at the Sri Lanka Law College. He also holds a Postgraduate Diploma in Marketing from the Chartered Institute of Marketing (CIM UK) and is a leading lecture for CIM and formerly for CIMA, in Sri Lanka. Due to his vast legal expertise coupled with his business acumen, Adamaly holds and has held directorships in several public and private companies including in the David Peiris Group, Bogala Graphite Lanka PLC, Assetline Leasing Company Limited and Sinwa Holdings Limited. Adamaly is also a leading thespian in the country and has received the National TOYP Award for his contribution to Drama and Literature.
Paul Mercer is an English law qualified lawyer with over 20 years of experience working in banking, particularly in Islamic Finance. Paul has extensive experience in corporate governance and has used his skills and experience as a Director on a number of boards representing the Kuwait Finance House Group. Paul was the Chairman of Bahrain Investment Bank, Ibdar Bank, and as Chairman of the Board, he oversaw a three-way bank merger involving Elaf Bank, Capital Management House and Capivest. In recent years Paul has been actively engaged on Islamic Banking regulation in Bahrain, Saudi Arabia and Kuwait and the implementation of capital and governance requirements. While working as a lawyer in private practice and as in-house legal counsel at Kuwait Finance House (Bahrain), Paul has advised on a full range of legal issues relating to Islamic Finance and helped in the preparation of transactional documentation designed to comply with Islamic Law. Paul is a member of the Chartered Institute of Arbitrators and is registered as an arbitrator on the GCC Commercial Arbitration Centre Roster of Arbitrators.
With the recent appointments Amãna Bank Board of Directors constitute as follows : Ali Asghar (Asgi) Akbarally (Chairman), Rajiv Nandlal Dvivedi, Pradeep Dilshan Rajeeva Hettiaratchi, Aaron Russell-Davison, Mohammed Ataur Rahman Chowdhury, Syed Muhammed Asim Raza, Khairul Muzamel Perera bin Abdullah, Tishan Harendranath Subasinghe, Omar Kassim, Mohamed Adamaly and Paul Mercer. Retired directors Osman Kassim, Tyeab Akbarally, Harsha Amarasekera and Jazri Magdon Ismail will continue to serve as trustees on the Bank’s unique flagship CSR venture, ‘OrphanCare’ Trust.
Amana Bank PLC is a stand-alone institution licensed by the Central Bank of Sri Lanka and listed on the Colombo Stock Exchange with Jeddah based IsDB Group being the principal shareholder having a 29.97% shareholding of the Bank. The IsDB Group is a ‘AAA’ rated (S&P, Moody’s & Fitch) multilateral development financial institution with a membership of 57 countries. In June 2020 Fitch Ratings Sri Lanka declared an upward revision of the National Long Term Rating of Amãna Bank to BB+(lka) with a Stable Outlook. Amãna Bank does not have any subsidiaries, associates or affiliated institutions, other than the ‘OrphanCare’ Trust.
Galadari Colombo awarded ‘SLIM People’s Hotel Brand of the Year 2021’
The Galadari Colombo was given a thumbs up from the people as the People’s Hotel Brand of the Year for the second time running at the recently concluded SLIM (Sri Lanka Institute of Marketing) People’s Awards 2021.
The uniqueness of the SLIM People’s Awards is the fact that it is awarded by the public which shows the popular choice of the Sri Lankan people.
This is the 15th successful running of the much-anticipated event conducted by SLIM in association with Nielsen which is globally renowned for its measurement and consumer insights.
Having stood the test time of time in the hospitality industry for more than 3 decades the Galadari Colombo is hopeful to remain in the hearts of its people as a brand that is trustworthy and dedicated to service.
Expatriates’ organization painting competition for Sri Lankan children from care homes highlights close India-Sri Lanka ties
Celebrating 75 years of India’s independence in Sri Lanka, Sri Lankan children from care homes converged in Colombo from all across Sri Lanka over 10-11 April 2021 for the final round of the nationwide painting competition organized by Colombo Expatriates Cultural Association (CECA) – a voluntary organization of expatriates consisting of mainly Indians – with support of the High Commission of India, Ministry of Education of government of Sri Lanka and several other partners.
Prof. G.L Peiris, Minister of Education was the Chief Guest and Gopal Baglay, High Commissioner of India was the Guest of Honour at the final round. Several other dignitaries including State Minister Piyal Nishantha were also present. The dignitaries lauded the effort as a shining example of strong people-to-people ties between India and Sri Lanka and stressed the enormous significance of the enriching experience for the children.
The competition was held in three categories – Sub Junior, Junior and Senior. The first round of the competition had seen enthusiastic participation of 4,375 students from child care homes across Sri Lanka. Contestants from all provinces who had produced sixty best paintings were invited along with one care-giver for the final round held in Colombo on April 10 at Hotel Taj Samudra. While top three winners in all the three categories were awarded SLR 100,000, SLR 75,000 and SLR 50,000 respectively in addition to various other gifts, certificates and medals, all the 60 finalists received cash awards, desktop computers, and other gifts contributed by various sponsors.
The event also formed part of ‘India @ 75’ celebrations in Sri Lanka which comprise events and activities in the run up to completion of 75 years of India’s Independence in August 2022. Prime Minister of India Shri Narendra Modi had launched these celebrations in India on March 12 2021, 75 weeks before the 75th Anniversary of Independence. In Sri Lanka, formal launch of these celebrations had taken place on April 9 2021 with the inauguration of ‘India Corner’ at the Nagananda Institute for Buddhist Studies.
Chrissworld to raise Rs. 56.25 million through IPO
By Hiran H.Senewiratne
Chrissworld Ltd. (CWL), an SME company engaged in the provision of third-party logistics (3PL) services, is gearing to raise up to Rs. 56.25 million via an initial public offering (IPO) on the Colombo Stock Exchange, sources said.
The company plans to offer 7,500,000 Ordinary Voting Shares for subscription at Rs. 7.50 per share. The subscription will open on April 27, with Atara Capital Partners representing the company as managers to the issue.
Meanwhile, the CSE noted in a statement that it has approved an application submitted by Chrissworld Ltd. for the listing of its Ordinary Voting Shares by way of an offer for subscription on the Empower Board of the CSE.
The company, starting off with Rs. 6 million capital in 2019, expanded its capital to Rs. 22.5 million and projects to obtain Rs. 79 million after the IPO.
Chrissworld will be earmarking milestones with the IPO as the first to be listed on the Empower Board, CSE’s newest listing platform, dedicated to SMEs. Further, Central Depository Systems (Pvt.) Ltd., a subsidiary company of CSE, will step in for the first time as the registrar to the issue.
Amid those developments the CSE started on a bullish note yesterday and during the latter part of the day with heavy retail investor participation the CSE witnessed a bullish trend. It is said that manufacturing sector counters became the most popular stocks during the day. Notable price appreciation was reported in Hayleys Group, Royal Ceramic Group and Distilleries.
Both indices moved upwards. The All Share Price Index went up by 100.10 points and S and P SL20 rose by 49.18 points. Turnover stood at Rs. 3.51 billion with a crossing. The crossing was reported in JKH, which crossed 1.32 million shares to the tune of Rs. 199.3 million and its share price was Rs. 151.
In the retail market, companies that mainly contributed to the turnover were; Royal Ceramic Rs. 511.2 million (1.46 million shares traded), Expolanka Holdings Rs. 359.9 million (4.5 million shares traded), Hayleys Group Rs. 359.9 million (4.5 million shares traded), Dipped Products Rs. 321 million (5.5 million shares traded), JKH Rs. 290 million (1.9 million shares traded), and Haycarb Rs. 177 million (1.5 million shares traded). During the day 87.8 million share volumes changed hands in 23900 transactions.
Hayleys shares appreciated by Rs. 6 or eight percent. Its shares started trading at Rs. 75.90 and at the end of the day they moved to Rs. 82. Royal Ceramic shares appreciated by Rs. 13.5 or nine percent. Its shares started trading at Rs. 328.25 and at the end of the day they moved to Rs. 358.75. Expolanka shares appreciated by Rs. 2.70 or five percent. Its shares started trading at Rs. 49.70 and at the end of the day they shot up to Rs. 52.40 and Distilleries shares appreciated by 70 cent or 3 percent from Rs. 20.20 to Rs. 20.90
Sri Lanka’s rupee quoted steady at 202.00/203 to the one month US dollar Monday, while gilt yields remained unchanged, dealers said.
The rupee last closed in the one-week forward market at 202/203 to the US dollar on Friday. Sri Lanka markets were dull as seasonal bliss kicks in.
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