Dialog Axiata PLC (“Dialog”), announced the commissioning of the Maldives Sri Lanka Cable system (MSC), enabling the delivery of high-speed broadband services. Dialog’s investment in the new high-speed submarine cable will trigger the single largest infusion of International Bandwidth between Sri Lanka and Maldives to date.
The 840km long international submarine fiber optic cable system provides high-speed, low latency connectivity between Hulhumale in the Republic of Maldives and Mount Lavinia in Sri Lanka. The collaborative efforts of Dialog together with its international consortium partners Ooredoo and Dhiraagu of Maldives together with the supplier HMN were critical in achieving the rapid system design and implementation during this period of challenging logistics and restrictions associated with the COVID-19 pandemic.
The MSC system is the second investment of its kind by Dialog, which follows its investment in the BBG cable (Bay of Bengal Gateway), offering high speed connectivity along with low latency between the Middle East, the Indian sub-continent and South-East Asia, and was one of the first fiber cable systems to be lit at 100G, linking Sri Lanka and the region. This project was conducted under the aegis of Telecommunications Regulatory Commission of Sri Lanka (TRCSL), Ministry of Defense (MOD), Sri Lanka Navy, Coast Conservation and Coastal Resource Management Department (CC&CRMD), Department of Fisheries and Aquatic Resource Development, Board of Investment of Sri Lanka (BOI), Sri Lanka Customs, Sri Lanka Port Authority (SLPA) and other relevant regulatory authorities.
Commenting on the occasion, Supun Weerasinghe, Group Chief Executive of Dialog Axiata PLC said, “We are pleased to have completed this project with our international consortium partners Ooredoo and Dhiraagu together with HMN in record time amidst the challenges of the pandemic. We are honoured and proud to witness the enhanced telecommunication infrastructure of Sri Lanka acting as a regional gateway in international communications. Our gratitude goes to all the regulatory authorities for supporting the successful completion of this project, in our shared vision of establishing Sri Lanka as a trusted regional hub.”
“We are very pleased with HMN Tech’s performance to ensure timely delivery of the project. The MSC system will facilitate the growing demand for internet in the Maldives, while increasing our submarine cable network reliability by providing route diversity. The system also caters for additional capacity required to enhance the digital ecosystem and provide modern digital services,” stated Ismail Rasheed, CEO and Managing Director of Dhiraagu.
“Our close partnership and cooperation between all MSC consortium members and HMN Tech has achieved a timely system completion,” said Najib Khan, Managing Director & CEO of Ooredoo Maldives PLC. “The system further enhances our submarine network infrastructure to support the increasing communication needs of customers and power key digital innovations in the 5G era. This benefits all regional enterprises and consumers.”
“We are honoured to be supported by our customers to deliver this important regional network. Our innovative products and network solutions continues to provide commercial value to our customers,” stated Ma Yanfeng, VP Sales & Marketing. “HMN Tech is committed to supporting worldwide digital transformation through leading technologies and effective system engineering and deployment.”
Galadari Colombo awarded ‘SLIM People’s Hotel Brand of the Year 2021’
The Galadari Colombo was given a thumbs up from the people as the People’s Hotel Brand of the Year for the second time running at the recently concluded SLIM (Sri Lanka Institute of Marketing) People’s Awards 2021.
The uniqueness of the SLIM People’s Awards is the fact that it is awarded by the public which shows the popular choice of the Sri Lankan people.
This is the 15th successful running of the much-anticipated event conducted by SLIM in association with Nielsen which is globally renowned for its measurement and consumer insights.
Having stood the test time of time in the hospitality industry for more than 3 decades the Galadari Colombo is hopeful to remain in the hearts of its people as a brand that is trustworthy and dedicated to service.
Expatriates’ organization painting competition for Sri Lankan children from care homes highlights close India-Sri Lanka ties
Celebrating 75 years of India’s independence in Sri Lanka, Sri Lankan children from care homes converged in Colombo from all across Sri Lanka over 10-11 April 2021 for the final round of the nationwide painting competition organized by Colombo Expatriates Cultural Association (CECA) – a voluntary organization of expatriates consisting of mainly Indians – with support of the High Commission of India, Ministry of Education of government of Sri Lanka and several other partners.
Prof. G.L Peiris, Minister of Education was the Chief Guest and Gopal Baglay, High Commissioner of India was the Guest of Honour at the final round. Several other dignitaries including State Minister Piyal Nishantha were also present. The dignitaries lauded the effort as a shining example of strong people-to-people ties between India and Sri Lanka and stressed the enormous significance of the enriching experience for the children.
The competition was held in three categories – Sub Junior, Junior and Senior. The first round of the competition had seen enthusiastic participation of 4,375 students from child care homes across Sri Lanka. Contestants from all provinces who had produced sixty best paintings were invited along with one care-giver for the final round held in Colombo on April 10 at Hotel Taj Samudra. While top three winners in all the three categories were awarded SLR 100,000, SLR 75,000 and SLR 50,000 respectively in addition to various other gifts, certificates and medals, all the 60 finalists received cash awards, desktop computers, and other gifts contributed by various sponsors.
The event also formed part of ‘India @ 75’ celebrations in Sri Lanka which comprise events and activities in the run up to completion of 75 years of India’s Independence in August 2022. Prime Minister of India Shri Narendra Modi had launched these celebrations in India on March 12 2021, 75 weeks before the 75th Anniversary of Independence. In Sri Lanka, formal launch of these celebrations had taken place on April 9 2021 with the inauguration of ‘India Corner’ at the Nagananda Institute for Buddhist Studies.
Chrissworld to raise Rs. 56.25 million through IPO
By Hiran H.Senewiratne
Chrissworld Ltd. (CWL), an SME company engaged in the provision of third-party logistics (3PL) services, is gearing to raise up to Rs. 56.25 million via an initial public offering (IPO) on the Colombo Stock Exchange, sources said.
The company plans to offer 7,500,000 Ordinary Voting Shares for subscription at Rs. 7.50 per share. The subscription will open on April 27, with Atara Capital Partners representing the company as managers to the issue.
Meanwhile, the CSE noted in a statement that it has approved an application submitted by Chrissworld Ltd. for the listing of its Ordinary Voting Shares by way of an offer for subscription on the Empower Board of the CSE.
The company, starting off with Rs. 6 million capital in 2019, expanded its capital to Rs. 22.5 million and projects to obtain Rs. 79 million after the IPO.
Chrissworld will be earmarking milestones with the IPO as the first to be listed on the Empower Board, CSE’s newest listing platform, dedicated to SMEs. Further, Central Depository Systems (Pvt.) Ltd., a subsidiary company of CSE, will step in for the first time as the registrar to the issue.
Amid those developments the CSE started on a bullish note yesterday and during the latter part of the day with heavy retail investor participation the CSE witnessed a bullish trend. It is said that manufacturing sector counters became the most popular stocks during the day. Notable price appreciation was reported in Hayleys Group, Royal Ceramic Group and Distilleries.
Both indices moved upwards. The All Share Price Index went up by 100.10 points and S and P SL20 rose by 49.18 points. Turnover stood at Rs. 3.51 billion with a crossing. The crossing was reported in JKH, which crossed 1.32 million shares to the tune of Rs. 199.3 million and its share price was Rs. 151.
In the retail market, companies that mainly contributed to the turnover were; Royal Ceramic Rs. 511.2 million (1.46 million shares traded), Expolanka Holdings Rs. 359.9 million (4.5 million shares traded), Hayleys Group Rs. 359.9 million (4.5 million shares traded), Dipped Products Rs. 321 million (5.5 million shares traded), JKH Rs. 290 million (1.9 million shares traded), and Haycarb Rs. 177 million (1.5 million shares traded). During the day 87.8 million share volumes changed hands in 23900 transactions.
Hayleys shares appreciated by Rs. 6 or eight percent. Its shares started trading at Rs. 75.90 and at the end of the day they moved to Rs. 82. Royal Ceramic shares appreciated by Rs. 13.5 or nine percent. Its shares started trading at Rs. 328.25 and at the end of the day they moved to Rs. 358.75. Expolanka shares appreciated by Rs. 2.70 or five percent. Its shares started trading at Rs. 49.70 and at the end of the day they shot up to Rs. 52.40 and Distilleries shares appreciated by 70 cent or 3 percent from Rs. 20.20 to Rs. 20.90
Sri Lanka’s rupee quoted steady at 202.00/203 to the one month US dollar Monday, while gilt yields remained unchanged, dealers said.
The rupee last closed in the one-week forward market at 202/203 to the US dollar on Friday. Sri Lanka markets were dull as seasonal bliss kicks in.
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