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Havelock City welcomes HSBC EDPL to Mireka Tower, Colombo’s much awaited office space

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(L-R): Overseas Realty (Ceylon) PLC Head of Leasing Kumi Miranda, Director Ralph De Lanerolle, and Group CEO/Director Pravir Samarasinghe with HSBC Electronic Data Processing Lanka (Pvt) Ltd. Managing Director Niluka Fernando, Chief Administrative Officer Thariq Dole, Vice President & Site Lead for Banking and Communication Operations Anushka Biyanwila and HSBC Sri Lanka and Maldives Country Head of Corporate Services Dyan Dunuwille

HSBC Electronic Data Processing Lanka (Pvt) Ltd (HSBC EDPL) is poised to relocate from Rajagiriya to Havelock City’s Grade-A office space, Mireka Tower. The highly anticipated office tower is set to open in mid-2022 and its opening has been further bolstered by the announcement of HSBC EDPL as its latest tenant.

HSBC EDPL consolidated the move by signing a lease agreement with Havelock City (Pvt) Ltd on 13 December 2021. HSBC EDPL will occupy eight floors within the coveted office space in Havelock City, which is lauded as one of Colombo’s most sought-after locations for work.

HSBC EDPL is one of HSBC’s key Global Service Centers (GSC) which operates from only eight countries, including Sri Lanka. It forms an integral part of HSBC Global Operations underscoring the importance of Sri Lanka to the world – from its office in Sri Lanka, HSBC EDPL’s employees deliver high quality financial and professional services for international clients around the world.

Commenting on Mireka Tower’s newest high-profile occupant, Pravir Samarasinghe, Chief Executive Officer at Overseas Realty said, “HSBC EDPL’s relocation from its existing office in Rajagiriya to Mireka Tower is a validation of the building’s high-end specifications and compliance with stringent international health and safety standards required by premium multinationals. It is an endorsement of Overseas Realty as a landlord reputed for its expertise in catering to the requirements of corporates with wide and complex local and international specifications for their office space and to the needs of their employees. Further, the move is also a marker of the centrality and ease of access of Mireka Tower’s location within the city. Mireka Tower’s design reconceptualises the contemporary office space. It prioritizes quality infrastructure and amenities and comes primed with unique features. We’re very pleased to welcome the HSBC EDPL Centre to Mireka Tower.”

With an exclusive corporate address, the distinctive 50-storey Mireka Tower features Grade-A premium and energy efficient office spaces built to the highest construction standards. The tower is a key focal point in the highly anticipated 18-acre Havelock City mixed-use development project. Occupants of the tower will be able to innovate, strategize and sculpt the businesses of Sri Lanka’s commercial future in expansive, column-free, and light-filled offices that offer spectacular cityscape views.

The office tower is adjacent to the Havelock City Shopping Mall providing easy access to medical, banking, and telecommunication services, as well as a variety of retail and food and beverage options. Commuters can access the building via bus and the proposed LRT stations, with the additional advantage of two basement levels of parking with over 800 vehicle spaces.

Mireka Tower is developed by Mireka Capital Land (Pvt) Ltd, a fully owned subsidiary of Overseas Realty (Ceylon) PLC, the owner, manager, and developer of the iconic World Trade Center Colombo. With over 20 years of successfully managing the World Trade Center in Colombo, Overseas Realty brings extensive expertise, domain knowledge and experience to its real estate developments, providing the highest standards of design, build quality, facilities and services.



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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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