Christopher Perera, Managing Director Chrisslogix greets Rohan Senewiratne – MD Atarah Capital Partners, after announcing the Chrissworld SME IPO to be issued by CSE’s SME Board on April 27, 2021. Chrissworld Director Suraj Suraweera and Atarah Cpital partners’s Vice President Chandana Wijesundara are also in the picture.
by Sanath Nanayakkare
Clearing the collateral -driven capital raising barriers for Sri Lanka’s dynamic small and medium enterprises (SMEs) that are deeply woven into Sri Lanka’’s economic and social fabric, country’s maiden SME IPO is to be issued by warehousing/logistics solutions company Chrissworld Ltd, on April 27, 2021, to raise capital to enhance its operational capacity and profitability.
Chrissworld’s maiden listing on the SME-specific Empower Board of the Colombo Stock Exchange (CSE) has been endorsed by the Securities and Exchange Commission (SEC) after ‘strenuously’ engaging for seven months with Atarah Capital Partners (Pvt) Limited, – manager to the Issue of the maiden SME IPO.
The Empower SME Board of the Colombo Stock Exchange is a crucial platform designed to help smaller companies attract investment, and also for investors looking to invest in companies that are in their initial growth stages and are governed properly.
Christopher A.M. Perera, MD at Chrissworld said,” SMEs are the backbone of the Sri Lankan economy accounting for a majority of enterprises providing half of national employment and contributing to over 50% of the GDP of the country. The logistics business which we are in, requires a lot of capital for machinery, rental deposits and even for putting up our own fully fledged warehouses. We realized that we were supporting the banks to be on top of the business ratings when we borrow from them. Banks are making so much money from interest payments. And we are contributors to their big profits.. This opportunity that has been given by the SME Empower Board of the CSE for SMEs to go public has been very encouraging as we can raise capital at lower cost. Thus the initial thinking that we will never go public and we will always be a public company has changed. We are confident of the potential and the sustainabilty of the warehousing business. Warehousing segment is very sustainable because clients don’t easily change. The IPO will enable us to take Chrissworld to a different level. We can implement a lot of plans we have in our minds upon the successful conclusion of the IPO.There is a lot of potential in the warehousing side and professional storage solutions.
‘Our parent company Chrisslogix covers international trade, customs clearance, transportation and together with Chrissworld which offers warehousing services, we can offer total solutions to customers across the board. Then we want to look at sustainable business verticles like pharmaceuticals, medical equipment and food and beverage industry. Chrissworld will also invest in advanced technology, high tech solutions to deliver its services at an optimum level. We are a profit making company and we are a making a value proposition to the investors through this IPO,” he said.
Suraj Suraweera , Director- Chrissworld said,.”We not only want to raise capital without paying bank interest, we also want to consolidate our good governance practices in the process because that will help us atttract more customers and increase our business.”
Details of the offer
Offer for Subscription of Seven Million Five Hundred Thousand (7,500,000) Ordinary Voting Shares at LKR 7.50 per Share to raise a total sum of Sri Lankan Rupees Fifty Six Million Two Hundred and Fifty Thousand (LKR 56,250,000)
INSEE Ecocycle to provide waste management solutions for Galle Analytical Lab
Signatories to the agreement were Mrs. Dharshani Lahandapura, Chairperson and Dr. P.B. Terney Pradeep Kumara, General Manager, MEPA and Sanjeewa Chulakumara, Director of INSEE Ecocycle Lanka (Private) Limited together with senior officials from both organisations
INSEE Ecocycle, the nation’s pioneer in sustainable waste management has joined hands with the Marine Environment Protection Authority (MEPA), the apex body established to prevent, control and manage pollution in Sri Lanka’s marine environment, to provide Sustainable Integrated Waste Management Solution for the MEPA’s Galle analytical laboratory recently.
Prior to the agreement, no sustainable solution for analytical laboratory waste and chemical waste existed in the country. This hazardous waste was accumulated at laboratory premises or due to misconduct, was discharged into the open environment such as drains, soil or natural water streams etc. As a result, possible environmental impacts such as soil acidification or soil alkalization, eradication of aquatic plants and animals, possible ground water contamination, acid rains and ozone depletion could have taken place.
Similarly devastating human health impact such as skin cancers, liver damage, blindness, neurological disorders, adverse pregnancy outcomes and bioaccumulation were also a possibility.
Commenting on the agreement Sanjeewa Chulakumara noted, “INSEE Ecocycle is proud to partner with MEPA for analytical laboratory waste management and we highly appreciate the commitment and the passion of the senior management of MEPA for this collaborative sustainable initiative, which is a great example to other government institutions in the country as well.”
94% of consumers in APAC considering the use of emerging payment methods: study
As a result of the pandemic, enthusiasm for a broader range of payment technologies has accelerated in the Asia Pacific region as 94% of people say they will consider using at least one emerging payment method, such as QR codes, digital or mobile wallets, installment plans, cryptocurrencies, biometrics and others, in the coming year. This is according to the Mastercard New Payments Index conducted across 18 markets globally, including India, Australia and Thailand, which reveals that 84% of consumers in APAC already have access to more ways to pay compared to one year ago. Of note for entrepreneurs, 74% of respondents said that they would shop at small businesses with greater frequency if they offered additional payment options.
“Mastercard’s study finds that people in the Asia Pacific region haven’t just adopted new payment technologies—they’ve made deliberate shifts based partly on necessity, but also on considerations around personal safety, security and convenience, at a time when these concerns were paramount,” said Sandeep Malhotra, Executive Vice President, Products & Innovation, Asia Pacific, Mastercard. “Consumers in Asia Pacific have already gained recognition globally for their openness to new technologies and innovation, and these findings confirm that this trend is only set to continue as more digital payment options rapidly become mainstream in this part of the world.”
About Mastercard (NYSE: MA), www.mastercard.comMastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
ASPI skyrockets to reach 3 ½ weeks high
Turnover recorded at a healthy level at Rs. 2.7bn
Bourse premiered the week shooting the index remarkably high to reach a 3 ½ weeks top. ASPI displayed a stepped upward trend and surged in the first hour of trading followed by a sideways movement during mid-day and ended with a gradual uptrend to close at 7,350 gaining 122 points.
Turnover was recorded at a healthy level at LKR 2.7Bn powered by the active retail participation. Food, Beverage & Tobacco sector dominated the turnover closely followed by the Capital Goods sector to generate a joint contribution of 50%. Foreign investors remained net sellers while recording low participation.
-First Capital Research
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