Bank of Ceylon successfully raised Rs. 10 billion through the issuance of Basel III Compliant, Unlisted, Rated, Unsecured, Subordinated, Perpetual, Additional Tier 1 (AT1) Capital bonds with a non-viability full and permanent write down at an issue price of Rs. 100 each on 1st December, 2020.
The initial issue of Rs. 3 billion was oversubscribed by more than three times on its opening day and the bank decided to close it on the same day.
Commenting on the issuance, the bank’s General Manager, D.P.K. Gunasekera said that this was the bank’s second AT 1 capital perpetual bond issue during this year and the oversubscription of this issuance highlights the strong confidence the investors have placed on all aspects of the bank’s performance. He also thanked the bank’s customers and investors for their confidence shown in the strength, stability and growth prospects of the bank.
Being a domestic systemically important bank that has an innate responsibility towards maintaining the financial stability and economic development of Sri Lanka the Bank looks forward to utilize these funds towards financially boosting the priority sectors of the country whilst strengthening the Tier 1 capital and enhancing the Single Borrower exposure limit encouraging entrepreneurship and investment within the country. This will largely benefit retail to large scale private and public sector enterprises to improve their businesses and eventually contribute towards the country’s overall economic performance.
The AT 1 capital perpetual bonds are not listed on the Colombo Stock Exchange and are confined to qualified investors. The bonds are irredeemable and may be callable by the Bank at its discretion at any time after 5 years from the date of issue subject to approval of the Central Bank of Sri Lanka.
The bonds carry a floating interest rate of Weighted Average 12 months Net Treasury Bill rate + 1.50% p.a. with a floor rate of 9.00% p.a. The bonds are rated AA (hyb) by ICRA Lanka Ltd.
This bond issue was approved by the Securities and Exchange Commission of Sri Lanka and Central Bank of Sri Lanka.
The managers and the registrars for the issuance was the Investment Banking Division of Bank of Ceylon.
Bank of Ceylon has a legacy of enriching the lives of Sri Lankans for over eight decades. With well over Rs. 2 Trillion in assets, BOC is the owner of the highest asset base owned by a single business entity of Sri Lankan origin.
‘Expolanka Holdings steadfast in posting stabilized Q3 results’
Expolanka Holdings PLC recorded a steady 9-month performance as at December 31, 2022 amid declines in the overall global markets. Reflecting the underlying strength of its business and success in pursuing a consolidated strategy, the combined 9-month performance delivered a strong endorsement in overcoming challenges in the macro environment with Year-to-date Revenue of Rs. 491Bn, Gross Profit Rs. 85.9Bn and Net Profit Rs. 32Bn. International business continued to generate above 95% in contribution, demonstrating the robust earning potential of the company, an Expolanka Holdings press release said.
The release adds: ‘However, declines in international trade moderated Q3 FY 2022 earnings, recording a Revenue of Rs. 94.2Bn, Gross Profit of Rs. 20.6Bn and a Profit after Tax of Rs. 3.0Bn.
‘Contributing to company earnings was the logistics sector which navigated the challenging macro-economic environment and adopted longer-term strategies concentrating on business fundamentals. For Q3, the sector posted a Revenue of Rs. 92Bn, Gross Profit of Rs. 19.9Bn and Profit after Tax of Rs. 2.7Bn delivering a YTD Profit after tax of Rs. 30.1Bn.
‘Impacting revenues were a reduction in operating volumes across Air Freight and Ocean Freight products due to the overall slowdown in global trade volumes on grounds of high inventory levels, inflationary fears and the global energy crisis. The Air Freight business encountered a relatively larger impact due to challenging market conditions resulting in weakening demand and reduced volumes.
‘Focusing on increased customer penetration, developing partner networks and enhanced competencies, the company was successful in gaining cumulative progress in the Ocean Freight product.
‘The North American trade lane continues to remain the critical business driver for Expolanka, while the European and Intra-Asia companies remained resilient.
‘Reinforcing growth and sustaining improved margins was also due to the company’s focus on strengthening customer relationships, attracting selective new customers and engaging in proactive procurement strategies.
‘Key EFL origins also delivered strong results, reflecting the success of the infrastructure investments made into these markets.
‘The Group’s stabilized 9-month performance was also aided by the continued resurgence in the leisure sector. In Q3 the sector delivered a Revenue of Rs. 725Mn, Gross profit of Rs. 578Mn and Profit after tax of Rs. 202Mn by strengthening its market position focusing on efficient procurement and operational excellence.’
‘Recording a revenue of Rs. 1.6Bn and a Profit after Tax of Rs. 41Mn, the Group’s investment sector remained steady making progress across its business portfolios.
‘Despite the global macro environment remaining uncertain and challenging in the future, Expolanka aims to forge ahead, unwavering in its approach to deliver on earmarked strategic initiatives building on its strong performance. The company stands persistent towards generating accelerated growth and innovation while remaining true to its core values by reaffirming its long-term commitment and challenging the status quo to seize opportunities in the market that would predominantly secure its position as a market leader.’
Sanasa Life Introduces “Pinsaru Vandana” – A Premium Insurance Policy for Buddhist Clergy
Helping to elevate and protect the Buddha Sasana, Sanasa Life Insurance has introduced a very special and tailored insurance policy for Buddhist Monks. The “Pinsaru Vandana” insurance policy provides a specialized insurance scheme addressing the special needs of Buddhist Monks. An auspicious inauguration ceremony was held, in the presence of several senior members of the Buddhist Clergy on the 17th of January 2023, at the Sri Sambudhdhatva Jayanthi Mandiraya in Colombo. A total of 300 Buddhist Monks were in attendance at the event, and gave their blessings for this special insurance scheme. A group of dignitaries, including Wishawa Prasadini, Dr. P. A. Kirivandeniya and Piriwena Director, Venerable Watinapaha Somarathana Thero, were also present and played key roles during the event.
“Pinsaru Vandana” is an insurance scheme that provides relief and protection for junior monks, in the event of the death, serious illness or incapacitation of their patron/senior monk. In such an unfortunate event, junior monks can often become destitute and or marginalized. Thus, “Pinsaru Vandana” will help to protect these young monks as they pursue their journey and mission of elevating and sustaining the Buddha Sasana.
Technocity hosts ‘Together We Win’ training programme in Thailand
The Technocity Pvt. Ltd., the leading Sri Lankan IT Distribution Company, recently held a three-day ‘Together We Win’ training programme at the Rembrandt Hotel in Bangkok, Thailand.
The event, in partnership with HP, invited The Technocity’s top 10 Partners for training in gratitude for the continuous support they have shown towards helping the company develop its business.
The event featured esteemed speakers, including Gehan Thangappan (Business Head, The Technocity), Manish Gawri (Hp Inc., Notebook), T Natarajan (Hp Inc., Print) and M. Kalim (Sales Manager, The Technocity).
The sessions covered various pertinent topics while the invitees viewed a series of product videos during the training to further understand the complexities of the products.
Addressing the invitees, Gehan Thangappan said, “We started small, as all new businesses do, but we’ve grown beyond our borders. This is all thanks to our valued partners and customers who have helped us achieve newer and higher ground. Grateful as we are, we also look forward to providing our diverse clientele with the best products and top-notch service as always.”
The Technocity also conducted a F2F discussion with the partners, briefing them on the way forward and announcing the channel incentive schemes in place targeting Ink Tank Printers. Prior to the conclusion of the event, the attending partners partook in a quiz segment and were treated to exciting giveaways.
“We are very happy with the success of this programme. The training had a very good impact, especially as it was held out of the country and it motivated partners. It was also significant for us as it was the first event we had held overseas after Covid,” Thangappan added.
The Technocity Pvt Ltd is one of the leading distributors in Sri Lanka for IT products and services. In the nearly three decades since its establishment, The Technocity has grown to become one of the most trusted names in the industry. The company is also the first local distributor for HP in Sri Lanka and boasts a portfolio of representation for notable brands like Asus, Lenovo, MSI, Logitech and Viewsonic.
Indian guru jailed for life in second rape case
Dancing couple given 10-year jail sentence in Iran
Flood-hit Auckland suffers more heavy rain
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
U.S. Congress to probe assets fleecing by US citizens of Sri Lankan origin
Opinion7 days ago
Simple questions to Sirisena and Gotabaya
Opinion7 days ago
Nelum Kuluna poses danger to aircraft
Features3 days ago
Implementing 13A: Some thoughts
Features7 days ago
Vibrant ties with M-E, a foreign policy priority for SL
News3 days ago
Intl scientists ask UCLA to reverse Lankan origin ecologist’s suspension
News7 days ago
Treasury blamed for missing paddy stocks worth Rs 1.3 bn
News5 days ago
No show by several parties at Ranil’s reconciliation meet
Editorial6 days ago
Heed their voice