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LAUGFS Supermarkets partner Visa to offer discounts on cashless payments during the Avurudu season

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Striving to encourage safe and secure payment methods to retail customers, LAUGFS Supermarkets has tied up with Visa to offer 10% discount on the total bill value for Visa contactless transactions on weekends during the Avurudu season. Accordingly, customers can shop up to LKR 5000 to enjoy this offer on Saturday and Sunday during the month of April at any LAUGFS Supermarket outlet. The offer is applicable for both Visa Credit and Debit cards on contactless transactions.

“Contactless payments provide speed, convenience and above all safety during the COVID – 19 era to customers. In August 2020, we carried out a similar initiative with Visa to encourage customers to shift to digital payment methods in a bid to facilitate a safer and hassle-free alternative to cash payments. Following its success, we wish to offer the same incentives to customers during the upcoming festive season,” commented, LAUGFS Supermarkets Senior Marketing Manager, Peshala Wijewardena.

Designed to replace the use of cash in busy retail environments, contactless payments proved to be particularly appealing during the COVID – 19 pandemic, which called for extra precautions and minimal contact to keep the spread of the virus at bay. Contactless payment method helps retail companies such as LAUGFS Supermarkets to improve hygiene protocols and standards.

“World over and in Sri Lanka we have witnessed significant consumer shift towards digital payments, particularly in non-discretionary categories such as groceries. This is even more pronounced in contactless payments with many Sri Lankans now keen to take advantage of the new limits for contactless payments up to LKR 7500. The convenience and security of contactless payments clubbed with the exciting discount on offer for LAUGFS supermarket consumers will prompt more Sri Lankans to use their contactless cards and embrace digital payments this festive season,” commented Anthony Watson, Country Manager, Sri Lanka & Maldives, Visa.

A pioneer brand in the supermarket concept in Sri Lanka, LAUGFS Supermarkets introduced the chain of 24-hour supermarket retailing concept in Sri Lanka. The company currently manages 37 supermarket outlets in Colombo and its suburbs, including Kurunegala and Chilaw. The company’s flagship brands, LAUGFS Super and LAUGFS SuperMart, cater to over 1,000,000 shoppers monthly. The supermarket chain also features its very own Crimson Bakeries and Medz Pharmacies, while catering to a broad spectrum of everyday customer needs such as utility bill payment facilities, providing continued convenience to its customers.



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Cabinet approves rationalization of VAT exemptions and abolition of SVAT System

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The Cabinet of Ministers granted concurrence to the resolution forwarded by the Minister of Finance, Economic Stabilization and National Policies to remove most of the releases from Value Added Tax (VAT), further retaining releases that ease the pressure on low – income families to secure the fundamental sectors of the economy as well as the releases for sectors such as education, health and agriculture, as well as to revise the provisions applicable for the Value Added Tax (VAT) act so that the Simplified Value Added Tax (SVAT) methodology can be canceled with effect from 01.01.2024 by introducing a more formal methodology for repaying the Value Added Tax (VAT) and to instruct the Legal Draftsman to prepare a draft bill for the purpose.

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Venora Lanka Power Panels to set up assembly plant in Australia

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Sagara Gunawardene

By Hiran H.Senewiratne

Sri Lanka- based, export- oriented manufacturer, Venora Lanka Power Panels (Pvt) Ltd, with a state of the art electric panel factory at the Export Processing Zone, Biyagama, will set up an assembly plant in Australia.

“Once we set up the electric panel assembly plant in Australia, we will export all our panels from Sri Lanka and that plant will do 30 percent value addition to the product to supply that market, the company’s chairman/ Managing Director, engineer Sagara Gunawardena told The Island Financial Review.

Gunawardena said that the company is a value- addition assembly plant and he would be investing AUS $ 2 million for the project to be set up in Melbourne and hire 100 engineers and other professionals. He explained that the venture has enormous potential.

Venora Lanka provides power panels to mega projects in Sri Lanka and exports to Bangladesh, Maldives, Kenya, Ethiopia, Seychelles and Myanmar. Panel assembling is strictly in compliance with IEC 61439 standards, it was explained.

Gunawardena added: ‘I firmly believe that, being a truly customer focused organization, every employee and every process in the organization has to be aligned behind delighting customers. Therefore, at a time when the country is facing a major dollar crisis, my company would be aiming at bringing dollars into the country, while providing employment for local professionals, especially engineers.

‘At Venora Lanka we do not try to change customers’ mindsets. Instead, we take time to understand what they really want and focus our brand on delivering that. Venora is values- driven first and cost- driven second – creating a unique brand proposition.

‘Since the US dollar rate has come down, it is our concern that importers and suppliers do not change their prices, which is really affecting the manufacturing sector.

Company sources added: ‘The company has several wings of operation, such as local and overseas projects, switch board assembling, telecommunication infrastructure installations, earthing, lighting and surge protection, incorporating world renowned brands.

‘Venora Lanka Power Panels is the first Sri Lankan company to receive the licence, in accordance with the UK Trade Mark Act 1994, to use the trade mark “Best Enterprise”. It won a global award at the event, ‘Golden Awards for Quality and Business Prestige’, held in Geneva, Switzerland, in 2015.

‘Within a short span of time, with the perfect blend of progressive thinking and expertise, Venora Group has expanded to consist of, Venora International Projects, Venora Telecom, Venora Industrial Solutions and Venora Lanka Power Panels (BOI approved). Further, Venora has established its overseas presence through Venora Engineering Kenya and Venora Engineering Myanmar.’

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Share market moves into positive territory; indices up

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By Hiran H. Senewiratne

CSE trading got off to a positive note yesterday but during the last session of the day the momentum slowed. However, the market is now moving towards positive territory following the Central Bank announcement of a downward trend in interest rates, market analysts said.

Amid those developments the market witnesses improvements in both indices and in the turnover.

The All- Share Price Index up by 12.8 points and S and P SL 20 rose by 6.97 points. Turnover stood at Rs 710 million with one crossing. The crossing was reported in JKH which crossed 430,000 shares to the tune of Rs 60.2 million; its shares traded at Rs 140.

In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 212 million (1.5 million shares traded), Access Engineering Rs 44.7 million ( three million shares traded), Lanka IOC Rs 34.5 million (264,000 shares traded), Browns Investments Rs 28.6 million (5.3 million shares traded), LOLC Finance Rs 23.8 million (4.7 million shares traded), Capital Alliance Rs 22.9 million (615,000 shares traded) and First Capital Holdings Rs 19.2 million (574,000 shares traded). During the day the 31.4 million shares volumes changed hands in 9000 transactions.

Yesterday, the Central Bank’s US dollar buying rate was Rs 285.16 and the selling rate Rs 298.85.

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