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Laxapana Batteries to raise Rs. 540 million through right issue

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By Hiran H.Senewiratne 

Laxapana Batteries PLC will go for a right issue to raise Rs. 540 million with the issuing 36 million new shares at a price of Rs. 15 per share to the public. Under this right issue 12 new shares will be given for every 13 existing shares, stock market analysts said.

With the  funds raised for the issue  the company will use them to penetrate the renewable energy sector. The government has proposed several incentives and support in the 2021 budget for such ventures, market sources said. 

‘In our  view, the COVID-19 impact on our steel wire segment will not be long-term. However, we do not expect a significant impact on our future revenue from hardware products when normalcy returns. Nevertheless, we recommend that investors, who wish to trade, take into account the present global economic situation and market uncertainties, company sources said.

Amid those developments, the CSE was sluggish throughout the day because the 2021 budget has not given a big boost to the stock market, analysts said.

Turnover stood at Rs. 1.4 billion sans a single crossing. Both indices moved downwards, i.e., the All Share Price Index went down by  42.43 points and S and P SL20 declined by 9.34 points. In the retail market, top five companies that contributed to the turnover were, Expolanka Rs. 311 million (11.8 million shares traded), Dipped Products Rs. 109 million (335,000 shares traded), Hemas Rs. 92.2 million (1.1 million shares traded), Melstacorp Rs. 83.6 million (2.2 million shares traded) and Tokyo Cement Rs. 66.1 million (1.05 million shares traded), During the day 92.5 million share volumes changed hands in 16523 transactions.

Sri Lanka rupee quoted steady at 184.60/80 to the US dollar in the spot market on Thursday, while gilt yields remained unchanged in dull market trade, dealers said. The rupee closed at 184.60/70 to the US dollar on Wednesday.



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Dialog Enterprise introduces Dialog SmartLife App for Three Sinha roller doors

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Manjula Ariyakumara, Managing Director of Three Sinha Group of Companies and Navin Pieris, Group Chief Officer - Dialog Enterprise of Dialog Axiata PLC

The Three Sinha Group, a leading roller door company in Sri Lanka, has teamed up with Dialog Enterprise, the corporate ICT solutions arm of Dialog Axiata PLC, to launch a smart roller door controlled via the Dialog SmartLife App. This app enables users to control and access roller door services conveniently from their smartphones. Customers who use Three Sinha roller doors simply need to download the Dialog SmartLife App on Apple App Store and Google Play Store on their smartphone to operate the roller doors from anywhere.

“This is another important step in that process, and we are pleased to partner Dialog Enterprise to provide customers with a future-fit solution. I invite our customers to become a part of this experience”, said Manjula Ariyakumara, the Managing Director of Three Sinha Group of Companies. “As expounded by our brand ethos ‘The Future.Today’, Dialog is continuously seeking avenues of incorporating communication technology into many service areas and product offerings. In line with this vision, we are delighted to partner Three Sinha, a leading Roller Door company in Sri Lanka”, stated Navin Pieris, Group Chief Officer – Dialog Enterprise of Dialog Axiata PLC

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BOI launches long term residence visa programme for investors

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Investment Promotion Minister Dhammika Perera and BOI Director General Renuka M Weerakone with Hajar Alafifi Laadel, Chairperson and Managing Director, Unilever, Sri Lanka ltd

The Board of Investment (BOI) recently launched the five-year residence visa program dedicated to investors, stakeholders and BOI enterprises.Issuing long-term visas for investors has been the practice as per the international standards. On par with matching the international benchmark in respect of ease of doing business, the BOI has decided to launch this program to attract more investors to the country.

The long-term visa program, a long-felt need, primarily aims to facilitate the investors who wish to embark on a journey with the BOI.The BOI annually issues 7500-8000 visa recommendations for investors, employees and dependents.The BOI has granted visas for foreign nationals from 109 countries such as India, the United Kingdom, Japan, Korea, Malaysia and Pakistan which represent the most applicants based on last year’s statistics.

Addressing the gathering, Investment Promotion Minister Dhammika Perera said “The happiness on the faces of those investors present at the occasion, implies that the newly launched visa residence scheme is a success,”

“Before the implementation of this program, they had to go through a long documentation process every year to get these visas,” he pointed out.

“Having understood the prime need to provide a seamless and convenient service for investors, we have launched the new program albeit I have not officially assumed duties as the Investment Promotion Minister,” Perera highlighted.

BOI Director General Renuka M Weerakone stated “It is certainly a pleasure to see all our long-standing investors on this special day of launching the long-term residence visa program for investors.

“You all have been the contributors towards 65% of export earnings to Sri Lanka and have stood by us even in times of difficult periods that our country faced, which we wish to acknowledge with great gratitude,” she underscored.

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People’s Bank commemorates its 61st anniversary

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People’s Bank, held a modest ceremony to on 1st July to commemorate their 61st anniversary at the bank’s Head Office in Colombo 02. Chairman of the People’s Bank Sujeewa Rajapakse and CEO/General Manager Ranjith Kodituwakku addressed the staff at this event.

In addition, Religious programs were organized by the Buddhist Association, Hindu Association, Muslim Majlis and the Christians Guild of the People’s Bank to invoke blessings on the country, the people, the customers and the pioneering leaders who have contributed to establish the People’s Bank.

Accordingly, a Pirith chanting was held at the Head Office which was followed by an alms giving at Sambodhi Viharaya in Fort with the patronage of Chief Incumbent Most Ven. Professor Iththademaliye Indhasara Thero. Hindu pooja was conducted by Sri Nivasa Kurukkal, Bambalapitiya, Islamic Service conducted by Deshabandu Al Haj Faisal Hassan mowlavi at Dawatagaha Jumma mosque in Colombo and the holy mass was conducted by Rev. Father Anton Rohitha at St. Philip Mary’s church in Pettah.People’s Bank Corporate and Executive Management, bank staffs and retired employees were also present at the occasion.

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