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Deshabandu Tilak De Zoysa joins OrphanCare Trustee Board

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Deshabandu Tilak De Zoysa has joined the Independent Board of Trustees of OrphanCare. Established and managed as an independent trust, OrphanCare aims at addressing a very important yet mostly unattended need of orphan children; which is to secure the fate of orphans once they reach the age of 18 and are compelled to leave institutional care. All OrphanCare activities and operations are fully sponsored by Amãna Bank.

A well-known figure in the Sri Lankan business community, Tilak de Zoysa, also known for his humanitarian work, is the chairman of HelpAge, Sri Lanka’s leading NGO supporting disadvantaged senior citizens. Being the Global Ambassador and Past Chairman of HelpAge International (UK) and in recognition of his services to the country through various philanthropic and meritorious projects, Tilak de Zoysa was conferred the title of Deshabandu by the President of Sri Lanka. He is also the recipient of “The Order of the Rising Sun – Gold Rays with Neck Ribbon” conferred by the Emperor of Japan. Tilak was also recognized by LMD in their Lifetime Achievers Award for 2017.

Tilak currently is the chairman of Carsons Cumberbatch PLC, Associated CEAT (Pvt) Ltd, Amaya Hotels and Resorts USA (Radisson), Jetwing Zinc Journey Lanka (Pvt) Ltd, Trinity Steel (Pvt) Ltd, CG Corp Global Sri Lanka and Sasakawa Memorial Sri Lanka Japan Cultural Centre Trust. He is currently an Advisor to the Al- Futtaim Group of Companies in Sri Lanka, who are the principals of AMW, in which Tilak chairs the Supervisory Board. He is also the Vice Chairman of CEAT Kelani Holdings (Pvt) Ltd, Orient Insurance Ltd, and serves on the Boards of several listed and private Companies which include Tal Lanka Hotels PLC (Taj), Tal Hotels and Resorts Ltd, Nawaloka Hospitals PLC, Associated Electrical Corporation Ltd, INOAC Polymer Lanka (Pvt) Ltd, Cinnovation INC, and Varun Beverages Lanka (Pvt) Ltd (Pepsi).

Tilak de Zoysa was the Past President of the Colombo YMBA and past Chairman of the Ceylon Chamber of Commerce and the National Chamber of Commerce of Sri Lanka. He also served as a Member of the Monetary Board of Sri Lanka from 2003 to 2009.

Sharing his views on joining the OrphanCare Trust Tilak de Zoysa said “As the Chairman of Helpage Sri Lanka for the past two decades and having served for two years as the Chairman of HelpAge International (HAI) UK, my primary focus and objective, has always been, to improve the quality of life, of the under privileged ‘Elderly Citizens’ of Sri Lanka. I am now eagerly looking forward to working with the commendable ‘OrphanCare Trust’ which has been providing the much required love and care, to our most unfortunate Orphans of our Country.”

Commenting on Tilak De Zoysa joining the Board of Trustees, OrphanCare Trust Chairman Ruzly Hussain said “We are very honoured to have a person of Tilak’s caliber joining to support our cause. I am confident that along with his multitude of experience in managing many charitable projects across the globe, OrphanCare is in good hands to grow and support the vulnerable orphan children.”

Tilak de Zoysa will be joining the OrphanCare Trust which constitute as follows: Chairman of the Trust Mr Ruzly Hussain (founder of the Roteract movement in Sri Lanka), Mr Osman Kassim (Founder Chairman Amãna Bank) Mr K R Ravindran (Chairman, Board of Trustees of Rotary Foundation and former Rotary International president), Mr Rohan Tudawe – Treasurer (Chairman Tudawe Brothers), Mr Sharad Amalean (Co-founder MAS Holdings), Mr Tyeab Akbarally (Senior Director Akbar Brothers) Mr Harsha Amarasekera (President’s Counsel and Chairman CIC Holdings), Mr Jazri Magdon Ismail (Past President AAT) and Mohamed Azmeer (CEO Amãna Bank). 

Despite the challenging circumstances, OrphanCare to date, has enrolled over 3,000 orphans from across 80+ orphanages and has completed seven rounds of uninterrupted quarterly fund disbursements to recipient accounts. The project has been lauded both locally and internationally which is testified by Amãna Bank winning the CSR Bank of the Year Sri Lanka at Global Banking & Finance Awards, Best Social Upliftment Project at the SLIBFI Awards, Best CSR Project at the south-asian based IFFSA Awards and the Social Responsible Bank of the Year at the IRB Awards.



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CDS signs up with Lanka IOC to act as Registrar

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The Central Depository Systems (CDS), a fully owned subsidiary of the Colombo Stock Exchange (CSE), recently signed a service agreement with Lanka IOC PLC as the registrar for Lanka IOC PLC, with effect from 01st of January 2023. Lanka IOC PLC, with a corporate history spanning 20 years, is the only private sector auto fuel retailer in Sri Lanka. Over the years, the company has made a significant impact on the socio-economic landscape by enabling mobility, economic activity, and development. With an island-wide footprint of 213 retail outlets, the company services 12% of the country’s retail fuel demand.

Reasoning on appointing CDS, as the Registrar for Lanka IOC PLC, its’ Managing Director, Manoj Gupta, said, “we engaged CDS to conduct our virtual annual general meetings during the period of COVID 19 pandemic where all listed companies were not in a position to convene any physical meeting as it was most essential to maintain social distance. We found the services rendered to us by CDS were highly satisfactory. Thus, we are happy to appoint CDS as the Registrars of the company.” “CDS has provided the service of handling the dividend payments to shareholders consecutively for the last
three years and carried out the functions in a very good manner, coordinating well with the bankers and shareholders,” added the Company Secretary of Lanka IOC PLC, Ms. Amali Liyanapatabendi

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SLT-MOBITEL honoured at Asian Technology Excellence Awards 2022

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Reiterating its leadership in innovative broadband deployment solutions, SLT-MOBITEL, the National ICT Solutions Provider was honoured with the prestigious ‘Technology Excellence Award for Network and Broadband – Telecommunications’ at The Asian Technology Excellence Awards 2022. The recognition is in appreciation of SLTMOBITEL’s innovative use of LTE 850MHz broadband solution which provides extensive coverage to rural areas of the country.

Understanding the need to provide superior rural connectivity to support the nation’s ongoing digital transformation and bridgingn the digital divide, SLT-MOBITEL’s innovative LTE 850MHz network strategically combined the underutilized spectrum from obsolete CDMA fixed line operations and forfeited its resources to obtain a new noninterfered 5MHz band for 4G LTE deployment from The
Telecommunication Regulatory Commission of Sri Lanka (TRCSL). This enabled, SLT-MOBITEL to significantly enhance rural connectivity across Sri Lanka, empowering every Sri Lankan to avail the benefit of SLT-MOBITEL’s Sub1GHz 850MHz LTE network especially during Covid-19 travel restrictions where broadband had become a necessity for everyone. In addition, SLTMOBITEL’s LTE 850MHz solution recovered valuable national spectrum resources which was interfered and exhausted earlier. With the coverage enhancement the mobile arm was able to connect an additional 700,000 subscribers who did not have access to broadband services earlier. With the LTE 850MHz deployment, SLT-MOBITEL was able to further bolster its support during COVID-19, providing rural communities especially the school children, people who worked from home and national authorities to immediately respond to Covid-19 emergency situations, thereby narrowing Sri Lanka’s digital divide

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Lingering debt-restructuring worries trigger share market volatility

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By Hiran H.Senewiratne

CSE trading was characterized by a marked degree of volatility yesterday. The CSE started trading on a positive note but by mid-day the market had turned negative, only to register some recovery during the latter part of the day. But the recovery could not be fully sustained, market analysts said. Market volatility could be traced to the worry among traders that the Chinese government is yet to respond
positively to the Sri Lankan government’s debt restructuring plan, although the Chinese Exim Bank responded positively to the IMF bailout proposition, analysts said. Stock market mid- day shares fell on
profit- taking after the market had continuously been on green after debt restructuring assurances by major creditors, an analyst said. “However, the anticipated rate cut wasn’t met and the
market over- reacted and moved to red, the analyst added.

Amid those developments both indices indicated a downward trend.The All- Share Price Index went down by 11.5 points and S and P SL20 declined by 2.78 points. Turnover stood at Rs 1.2 billion with two crossings. Those crossings were reported in Melstacorp, where 594,000 shares crossed to the tune of Rs 29.7 million, its shares traded at Rs 50 and Horana Plantations 300,000 shares crossed for Rs 21 million, and its shares traded at Rs 70. In the retail market, top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 269 million (1.3 million shares traded),Softlogic Life Insurance Rs 147 million (1.3 million shares traded), Softlogic Capital Rs 122 million (eight million shares traded), LOLC Holdings Rs 71.9 million (158,000 shares traded), Expolanka Holdings Rs 54.4 million (289,000 shares traded), Browns Investments Rs 41.9 million (six million shares traded) and JKH Rs 41 million (298,000 shares traded). It is said that high net worth and institutional
investor participation was noted in Agstar, Melstacorp and JKH. Mixed interest was observed in Lanka IOC, Expolanka Holdings and LOLC Holdings, while retail interest was noted in LOLC Finance, Browns Investments and Softlogic Capital.

The Materials sector was the top contributor to the market turnover (due to Agstar), while the sector index gained 0.18 per cent. The share price of Agstar increased by 50 cents (3.23 per cent) to
close at Rs.16. The Diversified Financials sector was the second highest contributor to the market turnover (due to LOLC Holdings), while the sector index increased by 2.16 per cent. The share price of LOLC Holdings appreciated by Rs. 21.75 (5.11 per cent) to close at Rs. 447.25. During the day 41 million share volumes changed hands in 14000 transactions.

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