Business
Industrial Asphalts embarks on ambitious expansion plan
A pioneer in the bitumen business in Sri Lanka and established in 1964, Industrial Asphalts (Ceylon) PLC, a listed company, is going through a capital-raising exercise with the announcement of a rights issue. The company foresees rapid investment in infrastructure on the back of the government’s development initiatives. The infrastructure sector in general and roads sector in particular will be experiencing significantly higher growth rates from 2021 to 2025, an IAC press release said.
The release adds –
‘The company from the inception also embarked on introducing highly successful bituminous products for the paints and coatings industry. IAC is the proud owner of some of the most iconic brands including NOLEAK and Britex amongst others. The portoflio brands and products have been serving the IAC’s customers for now close to 60 years. These brands popularity and brand strength can be measured by the fact that it has achieved a status of generic reference to the functionality of the brands denoted.
‘ The extensive development of the roads is the primary thrust through which the country’s infrastructure is being developed. The roads themselves are developed through multiple levels, providing more consistent growth in IAC’s products relating to the road construction and insulating from uncertainties stemming from funding issues and lockdowns introduced due to counter measures to combat COVID19.
‘From 2015, the company embarked on a process of registering its iconic brands with the National Intellectual Property Office. Today, the company has successfully registered all its brands under multiple classes to get complete legal protection from various infringements of the brands. IAC is currently expanding its product offering under its brands to include Nano-technology in addition to polymer and acrylic products.
‘The complete range of product offering under its existing brands along with a new product promotion campaign is expected to recapture its market share in the protective coatings space in the paints and coatings industry. IAC is leveraging on the existing strength of its portfolio of brands to expand the market through new and innovitve uses for its productions.
‘IAC is currently going through an expansionary process to increase its operating capability by strengthening its balance sheet. The decline in the economy experienced during 2015 to 2019 is now being met with progressive policies which are reflected in the infrastructure development projects planned and executed currently.
‘The significant increase in such projects has motivated the Board of Industrial Asphalts (Ceylon) PLC to announce the rights issue with an objective of strengthening its balance sheet. A stronger balance sheet would enable IAC to capture the emerging opportunities in both road construction space and the protective coatings segment. The rights issue is well priced at 20 cents per share enabling wide range of investors to take the opportunity to invest in the growth of the Company. For any further clarifications on the rights issue, please contact 0115 289 845 / 0779 267 601.’
Business
First multi-stakeholder initiative on Child Rights in Tourism launched in Sri Lanka
On World Tourism Day, representatives from leading hotel businesses, tourism associations, NGOs, and government departments convened in Colombo to officially launch the Mother and Child-Friendly Seal for Responsible Business in Tourism. This pioneering initiative, the first of its kind in Sri Lanka, brings together key actors from the tourism supply chain to enhance the well-being of children and families connected to the sector through long-term, continuous actions.
The launch comes on the heels of a new study by The Centre for Child Rights and Business in partnership with Save the Children, highlighting serious child rights risks in Sri Lanka’s tourism industry. The study identifies key challenges such as sexual exploitation, child labour, and educational disruptions, driven by factors like inadequate regulation of guesthouses and homestays, the absence of child safeguarding measures among tourism providers, and a lack of formalised pathways to decent work for youth.
This event marks a significant milestone in the expansion of the Mother and Child-Friendly Seal, which has already seen success in Sri Lanka’s tea sector, with seven major plantation companies and exporters committing to initiatives that improve the welfare of tea communities. The extension of this Seal to the tourism sector is timely, as Sri Lanka prepares to welcome over 3 million tourists by 2025, positioning the industry to align with global human rights due diligence regulations and the growing demand for ethical tourism.
At the launch, stakeholders engaged in practical discussions about the child rights risks facing the tourism sector and explored collective solutions. Issues such as the outmigration of mothers and its impact on children were brought up, with participants offering valuable insights into areas for Seal members to address.
The panel discussed the critical issues that women and children face in the travel and tourism industries and some of the priorities and opportunities that the industry could address.
“Young children often do not realise they are being exploited. Providing a safe and respectful environment for them should be our primary goal. We must consider the risk factors in these scenarios, as there is currently no data to support issues in tourism, such as trafficking and exploitation. While problems like festival tourism have existed, they have increased since COVID-19 and have been exacerbated by the economic crisis,” said Buddhini Withana, Senior Technical Advisor Child Protection and Child Rights in Business, Save the Children.
Irstel Janssen, Director, Sustainable Sri Lanka added: “10% of women are working in this sector due to social stigma, safety concerns, and harassment. The economic crisis has forced women to step into this industry, but they are not employed in roles that match the nature of the work. The Seal initiative is an important step to address these issues and encourage more women’s participation.”
One of the highlights of the event was a keynote speech delivered by Cinnamon Hotels, where they underscored their commitment to protecting women and children. The company outlined key initiatives, including robust policies to support the female workforce, a zero-tolerance stance on misconduct, and a comprehensive sexual harassment policy. Cinnamon Hotels also conducts awareness sessions to educate staff about these policies, provides parental leave, and offers 100 days of paternity leave. Additionally, the company places a strong emphasis on mental health benefits for all employees. Their efforts served as an inspiration for other accommodation providers, offering practical steps to strengthen child safeguarding and empower women in the tourism sector.
For more information about the Mother and Child-Friendly Seal for Responsible Business, visit srilanka-motherandchildseal.org or contact info.SL@childrights-business.org.
Business
‘Brandix – A Great Place to Work for Women’
Sri Lanka’s premier apparel solutions provider, Brandix, was recognized as one of Sri Lanka’s Most Outstanding Women-Friendly Workplaces at the Satyn Magazine Women Friendly Workplace Awards (WFWA) 2024. Initiated by CIMA Asia, the American Institute of Certified Public Accountants (AICPA) and Satyn Magazine, the accolade recognizes and celebrates organizations committed to gender equality and women empowerment. Senior General Manager Human Resources at Brandix, Dinusha Jayamanne, said Brandix is ‘constantly exploring new avenues to create a more inclusive and enriching environment for its female workforce, and the company stands proud of the pioneering initiatives it launched in this sphere.’ The latest award is a testament to the impact of these measures implemented across Brandix facilities in Sri Lanka and the world.
Business
“Helmet – If you love” ~ UN/ FIA Road Safety Programme
Automobile Association of Ceylon conducts Road Safety programmes annually with the funding of FIA under UN Decade of Action 2021/2023 in Sri Lanka. This year’s campaign is ‘Helmet – If you love’; to educate public on the importance of children wearing helmets when travelling as pillion rider on motorcycles.
The aim of the programme is to educate children, parents, teachers, motorcyclists, etc. on the importance of children wearing helmets, not to simply abide by law, but to keep the safety factor in mind.
In line with World Children’s Day celebrations, Automobile Association of Ceylon (AA) together with Optimum Q Event Management Pvt Ltd. Is conducting awareness programmes at schools (drop off points), where parents drop their kids to school in Motorcycles.
It is being carried out together with teachers, police officers and school children, who deliver the message to parents and educate them on the importance of their children wearing helmets.
Parents who arrived with their children wearing helmets were rewarded with supermarket vouchers and encouraged their efforts towards safeguarding their kids.
Whereas parents who arrived without helmets for their children were educated by other children, who handed them balloons and explained to them that their child’s heads is as fragile as the balloon, in the face of a road accident. All parents understood the gravity of the situation, especially when pointed out the facts by other children in school.
Furthermore, some children were randomly picked and awarded with helmets at the school assembly/ interactive education session conducted by Devapriya Hettiarachchi, Secretary,AA Ceylon and S I Kariyawasam, Sri Lanka Police Headquarters. Teachers, children and parents were made aware of the acceptable safety characteristics of a helmet with the SLS standard and how to wear them properly.
All children, teachers and Principals seemed enthusiastic about the programme, as it is part of a subject that is taught to children at school. The children who took part in educating the parents at the drop off point were also awarded with gift vouchers for their efforts to spread the message to their fellow students’ parents.
The event was concluded with a Thank you speech by one of the school’s prefects.(AAC)
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