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LOLC General Insurance debuts trading on CSE

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The shares of LOLC General Insurance (CODE: LGIL-N-0000) commenced trading on the Colombo Stock Exchange (CSE). The shares have been listed on the Diri Savi Board of the CSE under the “Property & Casualty Insurance” sector. The occasion was marked with a special Bell Ringing Ceremony.

Representing LOLC General Insurance Limited (LGIL), Chief Executive Office Mr. Kithsiri Gunawardena, Deputy General Manager Mr. Imaz Iqbal, Head of Underwriting Mr. Karthigun Silva and Head of Corporate Sales Mr. Sanjaya Attanayake attended the event. Financial advisors and joint managers to the issue, PW Corporate Secretarial (Pvt) Ltd Director Ms. Lasanthi Abeykoon, Capital Trust Securities (Pvt) Ltd Head of Research Mr. Hasitha Leanage and Head of Corporate Finance Ms. Divya Casie Chetty Alles represented the event.

The CSE was represented at the event by Chief Executive Officer, Mr. Rajeeva Bandaranaike and Chief Regulatory Officer, Mr. Renuke Wijayawardhane.

Speaking at the ceremony, the CEO of the CSE, Mr. Rajeeva Bandaranaike, congratulated LGIL on its initiative to go public. “2021 is a record year for the CSE’s primary market, and over Rs. 118 billion in terms of capital has been raised from debt equity, rights issues, and private placements. We have had 13 equity issues this year, raising nearly Rs. 12 billion. The CSE is seeing a healthy appetite among local investors for equity IPOs, and the demand for LGIL was no different. LGIF had a very successful IPO and was oversubscribed on the opening day itself. The CSE believes that it is important to have companies in the insurance industry with a strong track record, with a commitment to excellence in our listed portfolios so that they can offer more diversified opportunities for the growing base of investors.

Commenting on the listing history of 2021, Mr. Bandaranaike added, “As we close the year, December has been a record month where we are seeing seven equity IPOs. This not only shows the confidence that investors have in our listed companies, but also, increasingly, we are seeing listed companies coming into and making use of the capital market for their funding requirements. We are happy to welcome LGIF as our 296th listed company.”

Speaking at the event, the Chief Executive Officer of LOLC General Insurance Limited, Mr. Kithsiri Gunawardena, commented, “LGIL, in the recent past, has seen tremendous growth despite the severe challenges faced by the company and the industry at large due to the pandemic. The remarkable results over the past couple of years stand witness to the company’s grit towards challenges faced then, now and in the future.  The insurance industry in Sri Lanka in 2020 had a negative growth of 2.24% whereas LGIL witnessed a growth of 13%. This statement says it all in terms of the kind of team that we have, the kind of culture that we have instilled as being part of LOLC Group, and the kind of growth strategy that we are looking at. This is not only in Sri Lanka, but outside as well, as LOLC group already has business presence in 17 countries and plans to expand into three more countries in the near future including Rwanda. From an insurance perspective, we believe there is great opportunity for global expansion. As a company, we already own 45% of Serendib insurance company in Cambodia and we aspire to expand further. The motto in general insurance has always been “It’s not the price that we compete with, but it’s the service.” There is absolutely no compromise when it comes to serving our customers. “

Commenting on the event, Mr. Gunawardena thanked the CSE, PW Corporate Secretarial (Pvt) Ltd, Capital Trust Securities (Pvt) Ltd and the colleagues at LGIL for the support extended during the IPO.

LOLC General Insurance is a subsidiary of one of Sri Lanka’s largest diversified conglomerates namely LOLC Holdings PLC.



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Teejay achieves milestone US$ 250 million in sales in 2021-22

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Teejay Lanka PLC has reported a revenue milestone of Rs 50 billion at Group level for FY 2021-22, achieving its first annual sales of a quarter of a billion in US Dollar terms at the rates of exchange that prevailed during the year.A strong fourth quarter during which revenue grew 38% to Rs 13.5 billion, the highest quarter revenue since the Company’s inception, enabled Sri Lanka’s largest textile manufacturer to achieve 12-month sales growth of Rs 17.8 billion or 56% to end what was a challenging year for businesses in general, on a high note.

The Group posted profit before tax of Rs 2.887 billion and net profit of Rs 2.517 billion for the year ending 31st March 2022, recording healthy growth of 11% and 18% respectively. Net profit for the fourth quarter was Rs 826.2 million, reflecting an improvement of 9%.At company level, Teejay Lanka increased revenue by 40% to Rs 29.4 billion for the year, and reported pre-tax profit of Rs 2.6 billion and net profit of Rs 2.4 billion, achieving growth of 23% and 24% respectively.

Elaborating on the Group’s performance, Teejay Lanka Chairman Mr Ajit Gunewardene said the revenue increase was the result of increased demand from the region. The enhanced volumes were delivered with the increased capacity within the Group and the support of outsourced partners, he said.Gunewardene said, however, that margins had been impacted during the year because of the upsurges in the prices of cotton, oil, freight, dyes, chemicals, and auxiliaries. “The increase in the costs of inputs has been the biggest challenge during the year,” he said, disclosing that enhancing efficiency within the Group and increasing prices to customers were the key strategies to counter the challenge.

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Nippon Paint Lanka accredited by Great Place to Work®

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Nemantha Abeysinghe, General Manager – Nippon Paints Lanka (Pvt) Ltd receiving the accreditation from Ms. Hasini Abeywardena, Project Manager – Great Place to Work Sri Lanka

Nippon Paint Lanka (Pvt) Limited has been certified as one of the best workplaces in the country. The Japanese coatings company in Sri Lanka has received this recognition in the manufacturing and production industry category by the globally famed Great Place to Work®.

“We embarked on this to understand employee perceptions of the company. We are proud to have received this honor in our journey towards building and sustaining a high-work ethic, and performance culture,” said General Manager of Nippon Paint Lanka, Nemantha Abeysinghe. “Being recognized as a ‘Great Place to Work-Certified’ organization is an honor and a tribute to the hard work, pride, and dedication put in by every member of Nippon Paint Lanka. We went the extra mile during the COVID period to extend to our employees, special working hours, perks and annual bonuses despite a countrywide lockdown. As a result, the company saw everyone dedicating their efforts more than two hundred percent to uplifting the business.”

“Being certified as a Great workplace indicates that we have differentiated ourselves by creating a great place to work for employees and established Nippon Paint Lanka as an employer of choice. It has passed the rigorous measurement through analysis of results of the Great Place to Work® Trust Index© survey,” Abeysinghe added. Great Place to Work® research is backed by data compiled by assessing over 100 million employees around the globe. Every year, they conduct the world’s largest study of workplace culture and hold the gold standard benchmarks for each country, industry, location and more. Companies that want to be on a Best Workplace list start by getting Great Place to Work-Certified™. Through the Certification process, they capture employee feedback and details about the programs and practices that make a workplace unique.

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Clarification on default status helps boost share market

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By Hiran H.Senewiratne

Business confidence will likely build up in the wake of Central Bank Governor Dr Nandalal Weerasinghe telling the media yesterday that Sri Lanka was not facing a hard default but a pre-emptive default, which entailed informing about the payment of funds beforehand until the IMF debt restructure plan comes into play.Further, JP Morgan, a leading investment bank in the United States is on record that with the recent political changes, the current political crisis in Sri Lanka will stand defused and the value of bonds will rise. This would also create some impetus for the stock market, analysts said.

They point out that political stability will lead to a rise in the value of bonds above current lows. The Bank predicts that this will facilitate discussions with the International Monetary Fund as well as the process of appointing legal and financial advisors.

“We think this stability should result in both IMF discussions and the process of appointing legal and financial advisors moving forward,” Reuters said quoting JPMorgan analysts.

“Political stability should pave the way for bonds to move higher from near all-time lows,” JPMorgan analysts added.

Amid those developments stock market trading activities started on a positive note and later moved downwards. The All- Share Price Index went down by 243 points down and S and P SL20 declined by 94.9 points. Turnover stood at Rs 1.5 billion minus a crossing.In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 777 million (3.7 million shares traded), Browns Investments Rs 204 million (24.8 million shares traded), LOLC Finance Rs 130 million (13.9 million shares traded), LOLC Holdings Rs 70.7 million (127,000 shares traded), Softlogic Life Insurance Rs 56.8 million (914,000 shares traded), Royal Ceramic Rs 33 million (one million shares traded) and Lanka IOC Rs 30.3 million (752,000 shares traded). During the day 69 million share volumes changed hands in 17000 transactions.

It is said that following four sessions of sharp gains recorded in the CSE soon after the appointing of Ranil Wickramasinghe Prime Minister, indices edged down due to profit-taking in heavyweight stocks across sectors due to faulty speculation on the market. However, activity picked up to stronger levels with turnover surpassing Rs. 3 billion for the first time in nine weeks, largely boosting blue- chips, market analysts said.Yesterday, the Central Bank announced the US dollar buying rate as Rs 354.56 and the selling rate as Rs 364.53. The rupee rate has appreciated as against the dollar as certain policy measures have been adopted to bridge the gap between the Central Bank rate and the kerb market rate.

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