Sri Lanka’s premier environmental enhancement solutions provider announces that the company is planning to list on the Colombo Stock Exchange, subject to obtaining relevant regulatory approvals in the near future.
Exterminators is Asia’s 1st carbon neutral pest control service provider and believed to be the world’s 1st carbon neutral disinfection service provider, winner of 57 national and nternational awards and the eight-time champion SME brand in Sri Lanka. Since 1998 Exterminators as a brand has helped prevent diseases, control nuisances and protect homes and businesses. Exterminators provides integrated pest management, termite management, mosquito management, disinfection and sanitation services.The company is the local distributor for one of the world’s leading environmental brands manufacturer Pelsis-UK for over a decade and distributes a wide range of premier environment enhancement brands such as electric fly killers, non-chemical bird control, rodent control and mosquito control.
The company plans to offer a 20% equity stake to the general public via the IPO. The funds will be mainly utilized to expand its branch network, invest in novel application equipment, technology and in non-chemical energy saving environmentally sustainable brands. Manager to the Issue of the IPO will be Atarah Capital Partners. The company’s revenue grew by 17% FY 20-21 and PAT by 133% even during the current COVID-19 pandemic. The revenue is expected to grow by 12% and PAT by 85% in the FY 21-22. In 2014, the company launched the Pest Mac mobile app. In early 2020, the company launched Exterminators E-Connect Customer Web Portal in collaboration with a US based software company to optimize productivity and to create a paperless environment.
Exterminators is Sri Lanka’s 1st ISO 9001, ISO 14001, ISO 45001 & COVID-19 SLS certified pest control company and Sri Lanka’s 1st licensed disinfection and sanitation services provider and probably the world’s 1st ISO 9001, ISO 14001, ISO 45001, ISO 22000 certified COVID-19 disinfection service provider. In July 2020, the company was certified as Sri Lanka’s 1st SME business to be receive the COVID-19 SLS certification from the Sri Lanka Standards Institute. The company is Asia’s 1st and among the few pest control companies in the world to be certified as a ‘Great Place to Work’.
Seven factors of concern at upcoming Monetary Policy Review
by Sanath Nanayakkare
The Central Bank of Sri Lanka (CBSL) is scheduled to announce its latest monetary policy review on 20th January 2022, with all eyes on dwindling foreign reserves and foreign currency exchange in the country.
In this context, First Capital Research has named 7 factors of concern that could be taken into account at the upcoming monetary policy review. They are as follows.
* Foreign Reserves USD 3.1 billion – Dec 2021
* Inflation CCPI 12.1% – Dec 2021
* GDP Growth -1.5% – 3Q2021
* Private Credit LKR 60.5 billion – Nov 2021
* 03M T-Bill rate 8.38% as at 12.01.22
Liquidity and CBSL Holdings LKR -364.0 billion and LKR 1.42 trillion
Balance of Trade (BOT) and Balance of Payment (BOP) USD -6.5 billion and USD -3.3 billion for Jan-Oct 21
First Capital Research’s Policy Rate Forecast – Jan 2022-Apr 2022 notes that they believe the CBSL may highly consider tightening the monetary policy rates in this policy review but given the concerns over economic growth, there is a probability of 40% for CBSL to maintain its policy stance at current levels.
“With high frequent indicators improving in line with expectations, we have eliminated any probability of a rate cut. We expect a continued increase in probability for a rate hike in order to prevent overheating of the economy amidst the given fiscal and monetary stimulus,” they said.
As per First Capital’s view, CBSL either can choose to hike policy rates by 50bps or 100bps or hold policy rates steady, while a rate cut is off the table due to the high debt repayment and the high domestic borrowing requirement.
First Capital believes that there is a 60% probability for a rate hike due to the remedial actions required in achieving external stability.
However, there is also a 40% probability to maintain the policy rates at its current level in order to further improve the high frequency indicators.30%, they noted.
Sri Lanka’s dash brand enters international markets
Multichemi International Ltd, which manufactures and distributes a wide range of products under dash, one of Sri Lanka’s leading detergent and household care brands, has begun exporting its products to several international markets in Asia and Oceania, with plans also to enter Africa. The dash brand includes a wide range of products in car care, household care, home fragrances and laundry care sectors. Multichemi International Ltd, which has been awarded ISO 9001:2015 certification, is a Sri Lankan pioneer in environment-friendly cleaning products, having launched the country’s first biodegradable, safe cleaning products over 28 years ago.
Amila Wijesinghe, General Manager of the Company said,”Having conquered the domestic market, we are now ready to capture the international market. We are confident that our products which are of high quality will receive a good demand overseas as well. The feedback we have received so far from our overseas customers is extremely encouraging. We are dedicated to taking our products to the international market, to bring in foreign currency to the country and help uplift the economy”,
Janaka Abeysinghe appointed SLT CEO
Sri Lanka Telecom PLC has announced the appointment of Janaka Abeysinghe as its Chief Executive Officer (CEO) with effect from February 1, 2022.
The incumbent CEO Kiththi Perera will be overseas on leave for a period of two years to pursue higher studies, according to a stock market filing by the company.
Abeysinghe joined SLT in 1991. In his present role, he leads the enterprise and wholesale business of SLT that provides integrated voice and data solutions to enterprises, government institutions, domestic telco operators and global wholesale carriers.
In his career at SLT spanning 29 years, he has held a number of senior positions, including general manager Enterprise and International Sales and has extensive experience in the areas of Enterprise Digital Services, Enterprise Communications Solutions, Data Communications, Business Development, Domestic and International Switching Operations and Global Wholesale Voice & Data Business.
He holds a Master’s Degree in Electrical and Computer Engineering from the University of Kansas, USA and a BSc degree in Electronics and Telecommunications Engineering with a First Class Honours from the University of Moratuwa.
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