By Hiran H.Senewiratne
Almas Holdings, a leading business entity in Sri Lanka, will be listed in the CSE in the near future to raise Rs 3-4 billion capital to expand its operations, Group chairman Imtiaz Buhardeen said.
“Bank interest rates at one time were above 30 percent. Now they are showing a declining trend, which will likely settle at a single digit towards the end of the year. Therefore, investing in the CSE would be more lucrative than depositing in fixed deposits. That has prompted me to go for an Initial Public Offering (IPO) of the company in the future, Buhardeen told The Island Financial Review.
Buhardeen added: ‘We are into transportation, manufacturing, power and energy, plantations, banking and financial sectors and listing our company in the stock market will enable us to build a bigger portfolio of business.
‘Investing in the stock market is more accountable and transparent than investing in other sources because every quarter of the year listed companies are mandatorily expected to publish their quarterly results. This itself is an indication that investing in the stock market is a more reliable and transparent mode for one to invest in a bigger way.
‘Since, Sri Lanka has gone to the IMF and import restrictions are being relaxed slowly and steadily, it will enable us to have more positives in the long term perspective. Because this time IMF is observing Sri Lanka very carefully and Sri Lanka has to implement reforms in all sectors in a prudent manner.’
HNB renews partnership with Prime Group for exclusive home loans
Paving the path for aspiring homeowners, Sri Lanka’s leading private sector bank, HNB PLC, renewed its long-standing partnership with local real estate giant Prime Group to offer investors exclusive deals and benefits.
The partnership will offer customers a range of benefits, including special interest rates during the September and October promotional period. The exclusive offer extends to all properties across Prime Group’s extensive portfolio, including highly anticipated Prime Residencies projects, such as The Grand Ward Place, The Beachfront Uswetakeiyawa II and 43 by the Sea on Marine Drive, Dehiwala.
“Building your own home in Sri Lanka can be quite a challenge. The escalating costs of construction, driven by rising inflation, have added to the struggle. We at HNB remain steadfast in our commitment to empower every Sri Lankan to own a home of their own. As such, we are delighted to partner with Prime Group again to offer our customers affordable financing options and exceptional services,” HNB Assistant General Manager – Personal Financial Services (PFS), Kanchana Karunagama, said.
Delivering the best value to its customers, HNB will offer special interest rates during the promotional period. Prospective homeowners can make use of convenient and flexible repayment options tailor-made to their budgets, together with doorstep mortgage advisory services provided by the Bank’s dedicated agents, who will assist with the legal documentation needed for the facility.
“As Prime Group, our mission is to empower Sri Lankans with the chance to achieve homeownership, allowing them to find stability and make the most of these challenging times. Therefore, it is a pleasure for us to partner with HNB in serving our customers,” Prime Group Director – Corporate Affairs Nalinda Heenatigala said.
SLT-MOBITEL empowers Apple iPhone users across Sri Lanka to embrace 5G revolution
SLT-MOBITEL is providing a groundbreaking opportunity, enabling customers with latest Apple iPhone devices to experience the best of 5G technology through its state-of-the-art 5G trial network. Apple users who have 5G compatible iPhone devices and with the latest iOS 17 update can now experience 5G when they are in a SLT-MOBITEL 5G trial zone.
Recognising 5G as a game-changer, SLT-MOBITEL was the first to trial 5G technology in South Asia in 2018 and has been at the forefront of the 5G revolution in Sri Lanka ever since. Recently, SLT-MOBITEL expanded its 5G pre-commercial trial network across main cities including Colombo, Kandy, Anuradhapura, Galle, and Jaffna, setting pathways for customers to seamlessly explore the possibilities of 5G technology.
Celebrating the new offering, SLT-MOBITEL is providing its customers with an amazing 10GB of free trial data on the lightning-fast 5G network. The trial data allows users to explore the capabilities of 5G without an initial cost and harness the full power of 5G technology, unlocking a world of new possibilities.SLT-MOBITEL extends a special invitation to customers who own 5G enabled iPhone 12 devices and beyond, to seize this exciting opportunity and become part of the 5G revolution by updating their eligible iOS device.
SLPA poised as an exemplary model for SOEs, says its chairman
Keith D. Bernard – the Chairman of Sri Lanka Ports Authority (SLPA), welcoming the attendees as chair, made this comments at the Annual Performance Review Meeting (APRM) of SLPA for the year 2022. The meeting was held on September 14, 2023, at its headquarters in Colombo.Entities incorporated under any statute other than the Companies Act must have an APRM every year where the annual report is presented. The Sri Lanka Ports Authority (SLPA) was established under Act No. 51 of 1970.
In terms of the Guidelines for Corporate Governance of PED Circular No. 1/2021 dated November 16, 2021, it is important that the State-Owned Enterprises (SOEs) maintain continuous communication with their stakeholders at all times through mandatory requirements such as the Annual Report. Such disclosure of information ensures transparency and accountability without compromising any statutory or operational requirements of the entity.
Speaking at the event, the Chairman of SLPA expressed his perspective on the organisation’s future direction. He acknowledged SLPA’s recent achievements and progress in completing the East Container Terminal (ECT) and stressed the need for strategic planning with government support for the future.
“At present, SLPA serves as the regulator, operator, and landlord of our ports. In our capacity as the landlord, we possess assets throughout the country, and all commercial ports fall under the purview of SLPA. Additionally, we compete directly with private operators as operators ourselves. Therefore, we must carefully consider whether our role as operators should remain independent or involve collaboration with other operators. It’s crucial that we approach this strategically and define our precise role in this sector for the future,” he said.
Bernard also highlighted the significance of conducting a self-assessment in the pursuit of good governance within the organisation.
“We have commendable ministerial support and boast a talented team of dedicated professionals who tirelessly work towards the success of our port. While we have encountered challenges in the past, we are confident that, leveraging our strengths, we can overcome any hurdles. SLPA has the potential to serve as an exemplary model for the private sector, leading the way and becoming a guiding beacon for all institutions in Sri Lanka,” he said.
The Additional Director General of the Department of Public Enterprises – B.A.T. Rodrigo, commenting at the event, mentioned that in comparison to the other state-owned enterprises (SOEs) in Sri Lanka, SLPA is the leading SOE amongst them and has been a role model to other SOEs. He wished SLPA would continue doing so in the future. He also thanked the Chairman, the Board of Directors, and the Management of SLPA for arranging the APRM adhering to the good governance guidelines.
France to withdraw ambassador, troops from Niger after coup: Macron
Osiris-Rex: Nasa confirms return of asteroid Bennu samples
Iyer, Gill, Suryakumar and Ashwin stud India’s series-clinching win
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#Sundayisland Sunday Island- 31 January- Headlines
Sports4 days ago
Selectors make ‘U’ turn after requesting Shanaka to step down
News3 days ago
In terms of RTI Act House releases names of MPs who voted for new law
News5 days ago
Ex-Army Chief’s services to the nation stressed
News1 day ago
Business focus shifting in a more favorable direction
Sports6 days ago
Kusal, Charith and Dunith in ESPN’s Asia Cup team of the tournament
Features6 days ago
Truth seeking needs to go beyond Easter bombing
Business6 days ago
CBSL underscores importance of SL committing to anti-money laundering measures
Business4 days ago
David Cameron to address Port City Colombo UAE Roadshow