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CSE makes move to invigorate listing process

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The Colombo Stock Exchange (CSE) has launched an action plan to address key areas relating to the process of listing a company on the CSE with the objective of enhancing its efficiency thereby better serving the funding requirements of companies belonging to both state and private sectors. The action plan will further simplify the process, eliminate any redundant approval steps, reduce documentation and improve the time to market for companies’ new and follow-on offerings of equity and debt.

Measures have already been taken to change listing criteria by offering a wider choice of listing options for companies, further amend the listing rules to enable a simplified process in addition to carrying out changes to internal infrastructure of the CSE to ensure a smoother process workflow.

Commenting on the new plan to streamline the listing process, CSE Chairman Dumith Fernando said “Increasing the number of companies listed on the exchange is one of the CSE’s key strategic objectives. We have to make exponential progress on this front. As businesses approach the post-COVID period, it is likely that funding will be a top priority and we have versatile options available to address the different funding requirements of corporates. We have put in place systems and processes to cater to an ever-evolving business landscape in Sri Lanka and we stand ready to meet the requirements of our corporate stakeholders. We strongly believe that the steps we are taking to simplify the listing process would attract more companies to raise capital through the CSE helping them unlock value and create wealth for their shareholder.”The CSE has already commenced stakeholder engagement to obtain feedback to carry out further improvements to the CSE’s overall Listing process.

Improvements expected from this new CSE plan include the reduction of documentation that have to be submitted with the Listing Application and the removal of certain disclosures in the Prospectus/Introductory Document. In this connection, the CSE would commence discussions with the Securities and Exchange Commission of Sri Lanka (SEC) to streamline the current dual approval process.

Another significant change by the CSE is the introduction of a ‘Single Window’ customer relationship unit that will be set up within the CSE to identify potential listing candidate companies, work with such companies and assist them through the listing process. This will make it easier for companies and their advisors to understand and address any problems faced in the process through a single point of contact.

With the objective of further enhancing the transparency of the listing process, an online tracking tool for all listing applications that have been submitted to the CSE will also be introduced, which would provide Issuers with more transparency in tracking the status of their respective applications and understanding which parties hold primary responsibility at each step of the process.

The CSE now offers equity or debt based fundraising options for companies of all sizes, from large conglomerates to SMEs, through versatile listing platforms such as the Main, Diri Savi and Empower Boards.



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Newly developed Sathosa Motors Service Complex to service all vehicle brands

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Sathosa Motors PLC and its new state-of-the-art vehicle service complex, is now serving not just Isuzu but also any brand of vehicle.

Pioneering automotive specialist, Sathosa Motors is the sole authorized agent for the world-renowned Isuzu brand, but the newly developed service complex will now undertake all kinds of services required for any brand of vehicle.

 The internationally trained specialists are ready to serve you at the Sathosa Motors Service Complex now on weekdays from 8.00 am to 5.00 pm and on Saturday from 8.00 am to 1.00 pm at No 25, Vauxhall Street, Colombo 02.

Sathosa Motors PLC guarantees its customers reliable and convenient service and will undertake vehicle inspections, periodic maintenance, body and under carriage washing, interior cleaning and beautification, engine tuning, error diagnosis, accident repairs, air condition repairs, and many more at a highly affordable rate.

In addition, genuine spare parts, as well as lubricants and industrial services are available at discounted prices at the Service Complex.

Sathosa Motors PLC aims to provide high quality services at all times and all services are carried out strictly under health guidelines due to the prevailing COVID-19 pandemic situation.

Sathosa Motors announces that it has decided to keep all branches of the Sathosa Motors service network open to continue to serve its customers.

 

(Sathosa Motors)

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CSE trading bullish despite rupee hitting historic low against dollar

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By Hiran H.Senewiratne 

CSE trading activities were bullish despite Sri Lanka’s rupee registering a historic slump against the US dollar   at 202/205 to the one month dollar in mid morning trade yesterday, after opening at around 200/203.The stock market moved up, though, anticipating March quarterly results to be exceptional. This is expected to be particularly true of the Hayleys Group and Expolanka. Accordingly, investors seem to be re-entering the market after January, stock market analysts said.

Further, approval of the US $ 500 million Chinese loan and the fact that the Port City Bill has been tabled in parliament have lifted investor sentiment in a significant direction of the stock market, market analysts said. Amid those developments, both indices moved upwards, especially the All Share Price Index went up by 1.22 percent. The All Share Price Index rose by 92.35 points and S and P SL20 went up by 19.21 points. Turnover stood at Rs. 4.72 billion with four crossings. 

Those crossings were reported in JKH, which crossed 922,000 shares to the tune of Rs. 137.8 million, its shares traded at Rs. 149.25, Commercial Bank 950,000 shares crossed for Rs. 82.7 million, its shares traded at Rs. 87, HNB 155,000 shares crossed for Rs. 26.5 million, its shares traded at Rs. 132 and Ceylon Cold Stores 33,500 shares crossed for Rs. 20.1 million, its shares fetching Rs. 600.

In the retail market, five companies that mainly contributed to the turnover were, Browns Investments Rs. 793.6 million (123.1 million shares traded), LOLC Rs. 463.4 million (1.32 million shares traded), Royal Ceramic Rs. 442 million (1.2 million shares traded), Hayleys Rs. 442 million (five million shares traded), Dipped Products Rs. 372.3 million (6.2 million shares traded). During the day 197.3 million share volumes changed hands in 30480 transactions. 

The market was quite bullish from the beginning and LOLC Group companies led the market. It is said that LOLC contributed 25.5 points to the All Share Price Index. Browns Investments 9.8 points and Vallibel One contributed 8 points to the All Share Price Price Index while Commercial Leasing contributed six points.    

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‘Embark on that long-awaited getaway with Emirates and enjoy special fares’

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Emirates is launching seasonal fares that enable aspiring globetrotters to plan exciting adventures around the world as well as for students preparing to travel overseas. With Emirates’ generous booking policies, customers have the option to lock in these special fares and extend ticket validity for up to three years, enjoying greater flexibility and confidence when planning travel during unprecedented times.

Travellers in Sri Lanka can look forward to flight deals on all routes in Emirates’ global network, with return fares starting at only Rs 68,700 in Economy Class or Rs 257,500 in Business Class. These special seasonal fares are available for bookings made from 13 to 26 April 2021, and are valid for travel between 16 April and 30 September 2021*.

Featured destinations and starting Economy Class fares include: US$ 342 (about Rs 68,700 at current exchange rates) to Dubai, US$ 654 (about Rs 131,300) to Milan, US$ 644 (about Rs 129,300) to Paris, US$ 1,117 (about Rs 224,200) to New York, US$ 1,303 (about Rs 261,500) to Toronto and US$ 966 (about Rs 193,900) to Nairobi.

Special Business Class fares start at US$ 1,283 (approximately Rs 257,500) to Dubai, from US$ 3,127 (about Rs 627,600) to Milan, US$ 2,860 (about Rs 574,000) to Paris, US$ 3,618 (about Rs 726,100) to New York, US$ 3,654 (about Rs 733,300) to Toronto and US$ 2,179 (about Rs 437,300) to Nairobi. All fares in Rupees are subject to the rate of exchange on the day of purchase.

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