By Hiran H.Senewiratne
Trading activities at the CSE were extremely bullish yesterday, moving up to the 10000 level. During the middle of the session profit- takings were noted and the market was able to set an all- time high record after touching the 9950 level in the All Share Price Index, stock market analysts said.
Amid those developments, Expolanka Holdings surpassed total market capitalization of Rs 408 billion, which was the highest in the CSE history, from the viewpoint of a company’s market capitalization, market analysts said. The Expolanka share price appreciated by Rs 7.50 or 3.7 percent. Its shares shot up to Rs 209 from Rs 201.50, thus contributing 32.9 points to the All Share Price Index.
Although Commercial Leasing and Finance, one of the subsidiaries of the LOLC Group, witnessed a price depreciation after recording price appreciations during the previous two days, the exceptional rally on LOLC stocks continued. This was because LOLC Group’s Singapore based subsidiary, LOLC Asia (Pvt) Ltd, had received approval from the financial services regulators in Pakistan to increase up to 100 percent its shares in PAK Oman Microfinance, by acquiring the remaining 49.9 percent shares of the company for a consideration of Pakistan Rs 1.21 billion or US $ seven million, stock market analysts said. Commercial Leasing share price went down by Rs 3 or six percent. Its shares started trading at Rs 44.40 and at the end of the day its shares depreciated to Rs 41.40.
Due to these positive market developments, the All Share Price Index went up by 33.7 points and S and P SL20 rose by 32.25 points. Turnover stood at Rs 4.5 billion with three crossings. Those crossings were reported in Melstacorp, where 500,000 shares crossed for Rs 28.2 million and its shares traded at Rs 56.50, Cargills Ceylon PLC 100,000 shares crossed for Rs 23.2 million, its shares traded at Rs 232 and Royal Ceramic 396,000 shares crossed for Rs 26 million, its shares traded at Rs 55.60.
In the retail market, top five companies that mainly contributed to the turnover were, Expolanka Holdings Rs 812 million (3.9 million shares traded), Browns Investments Rs 391 million (36.5 million shares traded), LOLC Holdings Rs 334 million (510,000 shares traded), Royal Ceramics Rs 265 million (7.4 million shares traded) and Hayleys Fabrics Rs 265 million (7.4 million shares traded). During the day, 149.4 million share volumes changed hands in 37000 transactions.
The Colombo CSE had given, in principle, approval for Sarvodaya Development Finance Ltd.’s (SDF) Rs. 1 billion Initial Public Offering (IPO). SDF will issue 22.727 million shares at Rs. 22 each with an option to issue a further 22.727 million shares at the same price in the event of an oversubscription of the original amount.
CSE said it had approved the listing of SDF shares by way of an offer for subscription on the Main Board or Diri Savi Board, as applicable. The official opening of the SDF IPO is November 23, while it will be available for subscription from October 28 onwards.
Yesterday, the US dollar rate was Rs 201.04, which was the controlled rate set by the Central Bank of Sri Lanka.
Sri Lanka Tourism commands attention at World Routes 2021
Sri Lanka made a huge splash at the 26th World Route Development Forum (World Routes 2021), which took place in Milan, Italy, recently. By making its presence felt at the forum, Sri Lanka pitched its destination for global airlines to consider it as one of the top holiday destinations for the upcoming winter season and beyond. Sri Lanka Tourism officials were able to directly engage with decision-makers from the global route development community, including world’s air services, while taking advantage of dedicated in-person and virtual event days combining extensive meeting opportunities, exclusive industry insight and first-class networking opportunities.
The Chairperson of Sri Lanka Tourism, Ms. Kimarli Fernando, expertly leveraged on the platform provided by World Routes 2021 to highlight Sri Lanka’s 5-year global campaign and growth potential. Her keynote presentation was followed by a panel discussion and a Q&A session with attendees in collaboration with Major General (Rtd.), G.A Chandrasiri , Chairman, Airport and Aviation Services. Through the duration of the Forum, Sri Lanka Tourism was present on all social media platforms for driving brand awareness, pushing Destination Sri Lanka to the front and centre of global travel and tourism operators present.
With the Sri Lankan Government declaring this a growth decade, Sri Lanka Tourism has been aligned to the government’s vision as enshrined in the 10 pillar strategy document. Over the last two years, Sri Lanka Tourism has advanced the industry across various factors to bring prosperity to all stakeholders and to ensure Sri Lanka tourism fulfills its potential. Concurrently, with a high vaccination rate, Sri Lanka has opened up to fully vaccinated tourists, offering them a safe and exciting stay.
One of the key pillars has been connectivity and the efforts made have been fruitful – with several European and regional airlines resuming direct flights, new routes being established and increased frequency of flights to Sri Lanka which will boost tourism for the upcoming peak season.
Apart from elaborating on the strategy, Kimarli Fernando engaged in an absorbing Q&A session with global airline industry stakeholders. During her keynote speech she elaborated on Sri Lanka’s biodiversity, UNESCO sites and other cultural and nature offerings. One of the highlights of her speech was tourist investment. Tourism has been attracting substantial investment despite the challenges emanating from the pandemic. Between March 2020 – June 2021, the Government of Sri Lanka has attracted over US$950 million in investments, received 64 project proposals and approved 38 projects to the value of $102.38 Million. These ventures will be executed under the Sri Lanka Tourism Development Authority (SLTDA). In order to attract strategic investors, the Investor Relations Unit was launched as a single point of contact for all tourism investments. In addition, the Government of Sri Lanka is extending a host of financial incentives and fast-track processes to get projects off the ground within the shortest possible time.
Given the recent tie-ups with France tourism operators and a similar push in more key western markets, the brand awareness of Sri Lanka is growing in strategic markets.
ComBank wins Daraz award for ‘Best Engaging Overall Cards Base’
The Commercial Bank of Ceylon was presented the award for ‘The Best Engaging Overall Cards Base’ at the recent ‘Payment Partner Performance Awards 2021’ of Daraz, South Asia’s premier online shopping marketplace.
The Bank was awarded this title for empowering the Daraz platform by generating the highest number of transactions by both credit and debit card bases and the highest number of unique buyers’ engagement during the financial year 2020-21. This is the second consecutive year that the Bank was honoured with this award.
The Commercial Bank of Ceylon has been an Internet Payment (IPG) service provider to Daraz from 2018, and has since partnered with the online retailer to power ‘Daraz 11.11,’ the world’s biggest online sale.
The two organisations are working together to offer diversified and unique offers to customers with a view of offering them attractive value additions, the Bank said. Commercial Bank cardholders can enjoy periodic discounts at Daraz with the offers structured by the Bank, and the convenience of Easy Payment Plans of up to 60 months.
Launched in 2012, the Daraz eCommerce site has an active presence in Pakistan, Bangladesh, Sri Lanka, Myanmar, and Nepal. The marketplace has over 2.5 million products in diverse categories such as consumer electronics, household goods, beauty, fashion, sports equipment, and groceries. It was acquired by the Alibaba Group in 2018.
Commercial Bank Credit and Debit Cards offer year-round promotions covering a wide variety of services. Commercial Bank was the first bank to offer loyalty rewards for both Credit and Debit Card holders under its Max Loyalty Rewards Points scheme. The Bank was also a pioneer in extending promotional discount offers which were traditionally only offered for Credit Cards to its Debit Cards.
Commercial Bank cards are the fastest growing cards in Sri Lanka and enjoy market leadership in Credit and Debit Card cumulative point-of-sale usage. The Bank offers a variety of Credit Cards in the Silver, Gold and Platinum tiers of Visa, Mastercard and UnionPay Cards, as well as Visa Signature, World Mastercard, Visa Infinite, UnionPay Asia Prestige Platinum and UnionPay Asia Prestige Diamond Cards in the premium segment. The cards are equipped with ‘Tap ’n Go’ NFC technology and are backed by a strong NFC Point-of-Sale (POS) network.
Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 11 years consecutively, Commercial Bank operates a network of 268 branches and 931 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
Banks’ Chief Internal Auditors’ Forum appoints new committee for 2021/22
The Chief Internal Auditors’ Forum of Banks appointed its 5th committee recently. The inaugural committee meeting was held on 17th November 2021 subsequent to the AGM held on 3rd November 2021. Charitha Jawawickrama of Sampath Bank was appointed as the President, Numair Cassim (Amana Bank) as Vice President and Nirosha Perera (Union Bank) as Secretary. Others in the committee include Varuna Koggalage (Seylan Bank), Dulan Abeyratne (HSBC), Dhanjaya Dayananda (SDB), Jayan Fernando (DFCC), Kushlaini Allis (NTB) and Gamini Jayaweera (NSB). The outgoing committee included Maduwantha Liyanage of BOC (Immediate Past President), John Premanath (Commercial Bank) and Chandima Samarasinghe (Cargills Bank).
The Forum was established to build strong relationships amongst the Licensed Commercial Banks and Licensed Specialized Banks in dealing with new developments and challenges pertinent to the industry. It also supports Internal Audit professionals to enhance comradeship and encourages participation of Banks to share knowledge and industry best practices. Since re-establishing in 2015, the forum has become an integral body that supports and assists Banks with regard to common audit related concerns in the industry.
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