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hSenid to be first Enterprise Software Company to IPO on CSE

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Seated (L to R): Darshan Perera - CEO, NDB Investment Bank Zakir Mohamedally - Group COO and Head of Investment Banking, CT CLSA Holdings Dinesh Saparamadu - Chairman, hSenid Business Solutions Ltd. Sampath Jayasundara - CEO and Executive Director, hSenid Business Solutions Ltd. Nilendra Weerasinghe - Chief Corporate Advisory Officer, NDB Investment Bank.

Sri Lankan global HR software solutions provider, hSenid Business Solutions, successfully concluded its investor forum, ahead of its IPO, which is due to open on the 3rd of December 2021. The event showcased the great strides made by hSenidBiz having penetrated the global market for Human Capital Management (HCM) software while presenting the investment case to potential investors. The event attracted participation from a wide array of local and foreign investors representing both individual and institutional segments. The Q&A session that followed witnessed active engagement where participants clarified their questions directly with key decision makers and stakeholders at hSenidBiz.

Discussing the outcome of the investor forum, Dinesh Saparamadu – Director/Chairman at hSenid Business Solutions said, “The outcome of our investor forum is overwhelmingly positive. It was a pleasure to be able to directly interact with prospective investors and industry specialists. We were able to answer all their questions and address their concerns. Coming away from the event, we are confident of receiving broad-based interest in our IPO and look forward to the opening day. We thank all those who attended the event, and pledge to continue delivering exceptional value to all stakeholders as we seek to play an even bigger role in Sri Lanka’s growth story.”

Under the guidance of NDB Investment Bank, Lead Managers to the Issue, and CT CLSA Capital, Co-Managers to the Issue, hSenid Business Solutions Limited will offer 55,339,076 ordinary non-voting shares to the public at a price of LKR 12.50 per share, seeking to raise a total of approximately LKR 692 Million in equity capital. These funds are to be channelled toward product development and market development, along with strategic acquisitions in the APAC and East Africa regions. Over the past 5 years, hSenidBiz has demonstrated robust growth in PAT, combined with healthy margins and exceptional performance across all fundamental indicators.

Commenting on the company’s journey thus far, Saparamadu added, “We started hSenidBiz with just three people out of a small room at Ward Place. From day one, I was determined to build HR solutions for global markets. Today, as an indigenous multinational, we are committed to doing our part in developing the local tech industry. I wish to ensure that while our company grows, we also divert resources to upskill local tech professionals and help start-ups get off the ground. As a key player in Sri Lanka’s IT/BPM sector, we are proud to be able to support the nation’s growth trajectory through our net positive forex flows, while also helping to increase awareness about and access to foreign markets for Sri Lankan IT/BPM companies.”

Adding to this, Sampath Jayasundara, CEO/Director of hSenid Business Solutions, mentioned, “Heading in for the IPO is an exciting milestone for all stakeholders of hSenidBiz. This has not been a journey of just a few individuals but an entire network of dedicated employees, partners, customers, advisors and our shareholders. We were fortunate to have worked with big local and global corporations as it gave us unique insights into HR practices and helped us develop innovative solutions that can be scaled globally. From the team point of view, it has been a great strength to have the right people from consulting to engineering, to build a global solution. This has definitely been a stepping-stone to benchmark our products with leading international brands and added new features based on unique customer requirements and considering different industries and geographical contexts.”

Our global expansion across 40+ countries would have been mere to impossible without our global partner network. While, we thank all who have stood with us in this journey, we eagerly look forward to the new opportunities this IPO holds for the future of hSenidBiz. We strongly believe that we have a tremendous opportunity to build a global HR solutions brand that can tweak world-class solutions for different contexts and needs, and we believe we can take the lead in APAC and African regions.”

Founded in 1997, hSenidBiz is today a global Sri Lankan software solutions company, specializing in state-of-the-art HR solutions. hSenidBiz software is used by 1,000,000 users across 1,300 local and global giants among 20 diversified industries in over 40 countries and multiple business sectors, with a strong presence in Asia Pacific and Africa. hSenidBiz presently employs over 250 people and has contributed towards over 4,000 individual tech journeys during its 25-year history. hSenidBiz alumni have gone on to achieve great things and build successful careers in tech across Sri Lanka, Australia and the UK. Founded in 1997, hSenidBiz



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Sri Lanka Insurance posts a record high GWP achievement of Rs. 43 billion during 2021

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Sri Lanka Insurance, closed the year 2021 with a positive note recording a staggering combined GWP of Rs. 43 billion amidst the turbulent time.

In the year 2021 Sri Lanka Insurance reported 14 % growth in life insurance premium increases to Rs.21.9 billion whilst general insurance reported 5.4% growth in premium, for a total value of Rs. 21.2 billion amidst the stagnant market conditions. The company achieved a combined Gross Written Premium (GWP) growth rate of 9.7 % during the year. Life insurance contributed 51% towards the total GWP whilst General Insurance contributed 49%.

Marking 60 years of excellence as the protector of the nation, Sri Lanka Insurance recorded many remarkable achievements during the year 2021.

Sri Lanka Insurance yet again declared the highest Life Insurance bonus in the industry of Rs. 8.6 billion. The insurer was able to produce 189 MDRT members with 5 COT and 1 TOT member for the MDRT conference 2021 marking a historic milestone as the highest ever representation from Sri Lanka Insurance.

In the year 2021 Sri Lanka Insurance managed to uphold the leadership position of the General Insurance sector and Motor Insurance sector while introducing multiple innovative motor insurance products that cater to the unique needs of customer segments in the motor insurance market.

Further, Sri Lanka Insurance was recognized with many awards and accolades in the year 2021. The insurer tops the ranking in many aspects in the Brand Finance report on Sri Lanka’s Most Valuable Brands 2021 edition. Sri Lanka Insurance was awarded The Most Loved Insurance Brand of the year and the Most Valuable General Insurance Brand of the year proving its prowess to be awarded these prestigious titles for the 4th consecutive year. Also, SLIC Life recorded the highest brand value growth among the Life Insurance brands in Sri Lanka. SLIC was also recognized as a ‘Great Place to Work” in Sri Lanka in the year 2021, reiterating the insurer’s commitment towards developing and empowering employee relationships at the workplace.

Exploring the avenues to broaden the protection to communities SLIC served different segments, age groups and different affinity groups through product and market development initiatives. SLIC Speed Investment and SLIC Early cash and SLIC Minimuthu life insurance products were relaunched understanding and catering to a new generation of SLIC clientele. “Nagaraja” an exclusive medical insurance cover was also launched as the first product designed in Sri Lanka to provide protection for Buddhist clergy and their family members and “Motor Plus Commercial” was launched with unique features to complement the needs of the commercial vehicle users.

SLIC has been making steady progress in transforming its operational architecture and front end customer interfaces to ensure digital integration. SLIC Mobile App introduced many enhanced features to constantly evolve with the consumer needs and proved to be a significant tool during the pandemic period. The motor claim settlement process has undergone a major reengineering process to facilitate fast-track and contactless claim settlements to customers. SLIC also increased the digital integration with other service providers to expand the number of payment platforms available to customers enhancing the accessibility and switching to contactless mode to ensure health and safety guidelines. The “Work Flow Management System” is transforming all internal manual and paper-based operations to digital-driven systemized operations.

Commenting on the excellence achieved during the year SLIC Chairman Eng. Vijitha Herath noted “The past year has been a testing time which compelled us to embrace changes and respond to challenges. As a State-owned insurer and the pioneer of the insurance industry, we have been contributing to the country’s development since inception and we have aligned our corporate goals with the country’s development goals. We have pledged to safeguard the nation by delivering exceptional insurance service and today we have become an icon of excellence In the industry exploring avenues to expand protection across every corner of the island.

“We continue to bring a sense of protection to millions of Sri Lankans with our stable financial performance and service enhancement. We reiterate the trust garnered through generations as the largest and strongest insurer and we continue adding value to all our stakeholders evolving our self to conquer greater heights.”

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No fee required for Selfies at Port City

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Port City Colombo wishes to inform the public that there is no truth in social media posts alleging that the public needs to pay a fee for personal selfies or videos taken at Port City.

However, a payment structure was introduced for personal events, professional and/or commercial filming and photography due to the unprecedented number of such requests received from the public and private sector to use the newly opened Port City Marina Promenade. It has also been brought to our attention that such filming/photography was a hindrance, and violates the privacy of other visitors to the promenade.

Taking public safety and ongoing construction in to consideration, this payment structure and dedicated time periods were introduced for anyone wishing to engage in such professional filming or photography at Port City to avoid hindrance to the public and provide a better service for those who require it. The Marina Promenade is open to the public from 9am to 6pm daily. Paid filming and photography can be carried out before 9am or other time period as requested.

We wish to emphasize that this is not applicable for those wishing to take personal pictures, videos, and selfies inside Port City using their personal phones or cameras. Also, reputed social or mainstream media stations can freely carry out filming/ photography for news or current affairs (non commercial purposes) inside Port City with prior approval from relevant departments.

Charges will only be applicable for filming/ photography of personal ceremonies, weddings, product or fashion promotions, music videos, advertisements or other types of commercial filming. Income received from these will be used for the maintenance of public spaces, lavatories and garbage clearing done by the Estate Management Company (EMC) which manages the public areas of Port City Colombo.

Areas of Port City such as the Marina, Golf Range, Beach Park and ATV Track are managed by private operators on a paid basis since they started operations.

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Eswaran Brothers – A Board poised for governance and growth

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From left; Executive Chairman, Ganesh Deivanayagam, Non-Executive Chairman Dr. Nalin Jayasuriya and Board Director Aruni Goonetilleke of Eswaran Brothers Tea Exporters

COLOMBO; Top regional financial services expert Aruni Goonetilleke has been appointed to the Board of Directors of Eswaran Brothers, further strengthening an eminent team at the helm of affairs at the company. Eswaran Brothers which has been a leader in the value added tea industry for over sixty years, is at the forefront of innovation in the industry.

The Board of Directors of Eswaran Brothers lead by Non-Executive Chairman and well known corporate strategy expert, Dr. Nalin Jayasuriya, boasts of a power packed team that includes Yudhistran Kanagasabai, Independent Non-Executive Director, Chairman of the Audit Committee of Ceylon Tobacco Company PLC and Chairman, Ambeon Capital PLC , Gabriel D’Arcy, Independent Non-Executive Director, Senior VP at Stratagem Partners – a leading European Corporate Strategy and Brexit Advisory Service Provider and Mr. Hanif Janoo a well-known global Tea industry stalwart from Pakistan and Kenya.

To this stellar team a recent addition was top regional financial services expert Aruni Goonetilleke who joined the board back in June 2021. Aruni Goonetilleke, subsequently appointed as Chairperson of Hatton National Bank PLC, is also a Director at Sunshine Holdings PLC. Further, she holds the position of Non-Executive Director at several other listed companies.

Speaking on her appointment, Ms. Goonetilleke said, “I’m happy to be part of the Board of Eswaran Brothers – one of the leading value-added tea exporting companies in Sri Lanka. At a time when the world navigates many challenges, Eswaran Brothers is embarking on an impressive programme of diversification and growth. I look forward to being a part of the leadership of the company as it steps forward in new directions.”

Ms. Goonetilleke who did her Bachelors in Law at the University of Colombo, completed her Masters in Law at Harvard Law School, USA. She was previously the Head of Corporate Banking at People’s Bank. In her 25-years as a financial services professional she has worked in banks in Sri Lanka and Singapore. She was the Chief Risk Officer of Standard Chartered Bank, Sri Lanka and played a key role at the time of the merger of ANZ Grindlays and Standard Chartered Bank in Sri Lanka. She was also the Head of Credit, SME and Commercial Banking and held Global Audit Roles in Wholesale and Retail Banking at Standard Chartered Bank, Singapore.

As one of the premier marketers of Ceylon Tea, Eswaran Brothers works with some of the world’s leading tea brands, helping them meet their customer needs with the supply of high-quality Ceylon Tea. With over six decades of experience, this combination of versatility and customer satisfaction has made Eswaran Brothers Tea the choice source for fine teas and wellness beverages.

“Corporate governance and growth oriented independent directors have been part of the Eswaran Brothers board for nearly a decade. Following the directions set by our Past Chairman, the late Mr. D Eassuwaren, Eswaran Brothers became the first Carbon Neutral Certified tea company in the world and we are now ready to make some big moves as a corporate entity,” said Executive Chairman, Ganesh Deivanayagam. “With Aruni joining the Board, we intend to strengthen our financial oversight to further drive the company’s diversification and consolidation.”

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