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First Capital Treasuries PLC lists on the Colombo Stock Exchange

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The shares of First Capital Treasuries PLC (CODE: FCT-N-0000) commenced trading on the Colombo Stock Exchange (CSE) today. The shares have been listed on the Diri Savi Board of the CSE under the “Investment Banking & Brokerage” sector. The occasion was marked with a special Bell Ringing Ceremony.

Representing First Capital Treasuries PLC, Chairman Nishan Fernando, Managing Director Dinesh Schaffter, Director/CEO Dilshan Wirasekara, Directors Ms. Minette Perera, Chandan de Silva joined the event.

The CSE was represented by Chief Executive Officer Rajeeva Bandaranaike, Chief Regulatory Officer Renuke Wijayawardhane and Head of Listings Ms. Vinduni Dullewe at the event.

CEO of the CSE, Rajeeva Bandaranaike, speaking at the ceremony, congratulated First Capital Treasuries PLC on its initiative to go public. “With the history of nearly 40 years First Capital Treasuries has functioned as a pioneer licensed primary dealer appointed by the central bank to deal in government securities and we are happy to see that First Capital Treasuries is now opening its doors to the public, to join their journey of wealth creation.

Commenting of the Performance at the CSE, Bandaranaike added “As we conclude 2021. We are delighted to note, that the CSE has showcased a strong growth trajectory, both in terms of capital raising, as well as price growth and being of immense value to Sri Lankan corporates. As you know Sri Lankan companies are increasingly recognizing the stock exchange as a platform to achieve greater financial freedom, improved access to capital, enhanced global profile, access to liquidity, and also an attractive proposition to tap into the global capital pool.”

Speaking at the event, Chairman of First Capital Treasuries PLC, Nishan Fernando, thanked the CSE, the investor community, staff members of First Capital Treasuries PLC and the media for the support extended during the IPO. Speaking on the listing experience he added, “Taking the company public has been part of our strategic plan for some time now. Listing and trading shares publicly gives a boost to both the brand equity and the trustworthiness of any company. It also gives the company the opportunity to truly understand its perceived value in the market. Then, there are the tax exemptions being offered by the government. Taking all these benefits into consideration, we felt that the time was right for us to invite the general public to be a part of First Capital Treasuries’ growth story.”

First Capital Treasuries PLC is a subsidiary of the Janashakthi Group’s First Capital Holdings PLC.



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Seven factors of concern at upcoming Monetary Policy Review

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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.

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Sri Lanka’s dash brand enters international markets

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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”,

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Janaka Abeysinghe appointed SLT CEO

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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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