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LOLC Group restructuring viewed as a global strategy to attract investors

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Meanwhile ASPI ended sharply higher amid healthy turnover levels

By Hiran H.Senewiratne 

Stock market analysts said yesterday that LOLC would set up a new company to dilute its share percentage  90 percent or below in order to comply with the Colombo Stock Exchange (CSE) listing rules.

According to them, the new company would be named as LOLC Ceylon Holdings Limited and would go for an Initial Public Offering (IPO) once it is formed,

The stakes in three companies under LOLC Holdings would be transferred to the new entity. The move is expected to attract  large- scale foreign investors to support LOLC companies to grow even further.

Namely these companies would be, LOLC Finance  Commercial Leasing and Lanka LOLC Development Finance would be under the new entity. It is said that  44.8 percent stakes belonging to  LOLC Finance, 98.9 percent belonging to Commercial Leasings and 55.6 percent of Lanka LOLC Development Finance would be transferred to the new company.

The purpose of this move is to comply with the CSE listing rule where the company could hold only 90 percent or below of any listing company and also minority shareholders to invest in the company. stock market analysts said.

Amid those developments the Colombo Stock Exchange ( CSE) remained buoyant recording above average high turnover and indices on the up thanks to sustained investor interest.

The All Share Price Index (ASPI) gained by 78.61 points and the S&P SL20 Index moved up by 24.80 points. Turnover was an impressive Rs. 8.5 billion seven crossings. Those crossings were reported in Cargills, which crossed in one million shares to the tune of Rs 225 million and its sahre price traded at Rs 225, Dipped Products 325,00 shares crossed for Rs 118 million and its share price traded at Rs 365, NDB 1.5 million shares crossed for Rs 118.5 million and its share price traded at Rs 79, JKH 426,000 shares crossed for Rs 65 million and its sahre price traded at Rs 153, Hayleys 125,000 shares crossed for Rs 55 million and its share price traded at Rs 440, Renuka Holdings three million shares crossed for Rs 51 million and its share price traded at Rs 17 and Royal Ceramic 105,000 shares 21 million aand its share price traded at Rs 17.

In the retail trade top five companies that mainly contributed to the turnover were Browns Investments Rs 2.7 billion (387,000 shares traded), Expolanka Rs 1.06 billion (26.4 million shares traded), Hayleys Rs 417 million (940,000 shares traded), Dipped Products Rs 280 million (776,000 shares traded) and LOLC Rs 230 (1.4 million shares traded). During the day  545 million share volume changed hands in 46391 transactions.

Controlling shareholder, the Malaysia based investor Vijayeswaran S. Vijayaratnam bought out the Japanese investors in Asia Capital PLC for Rs. 160 million on Monday.



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HNB partners Hayleys Agri for offers on Kubota, Agrotech, Farmtrac agriculture machinery

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(from left) Hayleys Agriculture Sales Manager Sunil Gamini, Hayleys Agriculture General Manager Sumith Herath, Hayleys Agriculture Director Lushan Abesekara, Hayleys Agriculture Director Amjad Rajap and Hayleys Agriculture Managing Director Jayanthi Dharmasena with HNB Deputy General Manager- Retail and SME Banking Sanjay Wijemanne, HNB Head of Micro Finance Vinodh Fernando, HNB Head of Personal Financial Services Kanchana Karunagama, HNB Head of Leasing Niluka Amarasinghe, HNB Assistant Manager- Leasing Roshan de Silva and HNB Business Development Executive- HNB Leasing Mahesh Ratnayake.
 
HNB PLC, renewed its partnership with leading agricultural machinery and equipment supplier Hayleys Agriculture, to offer customers convenient leasing solutions and attractive benefits for Kubota, Agrotech and Farmtrac range of machinery.
 
 The partnership which offers HNB customers special rates on tractors, transplanters and harvesters was inked at a ceremony held at Hayleys Head Office. HNB Deputy General Manager- Retail and SME Banking Sanjay Wijemanne and Hayleys Agriculture Managing Director Jayanthi Dharmasena graced the ceremony as guests of honor.
 
 “Last year was especially challenging for us all. However, we have continued to work tirelessly to provide our customers with the best possible deals available in the market. As such, we hope that entrepreneurs in the agricultural industry will make use of this offer to strengthen and expand their businesses,” HNB Head of Personal Financial Services Kanchana Karunagama said.

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Virtusa sponsors first virtual IEEE Sri Lanka robotics workshop

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The Arduino compatible ZUMO 32U4 robot interfaced using ROS during the workshop

Virtusa Corporation (NASDAQ GS: VRTU), a global provider of digital strategy, digital engineering, and IT services and solutions that help clients change and disrupt markets through innovation engineering, sponsored the first in a series of ‘Workshop’ branded events organized by IEEE Robotics and Automation Society (RAS) Sri Lanka Section Chapter in partnership with IEEE Sri Lanka Section.
 
 Anchored to an alliance that goes back a number of years, Virtusa and the IEEE RAS Sri Lanka Section Chapter moved away from the traditional ‘Meetup’ to host a full day virtual workshop, offering a unique opportunity for participants to engage with robotics and automation experts on a virtual platform. An introduction to Robot Operating System (ROS) – the workshop explored the fundamentals of ROS including robot theory, perception, navigation and manipulation, followed by hands-on sessions on ROS basics, as well as moving and manipulating robots online.
 
 “Moving away from the physical auditorium set-up to a virtual platform, we were extremely thrilled with the participation we saw during the full-day workshop,” commented Dr. Peshala Jayasekara, Senior Lecturer – Department of Electronic and Telecommunication Engineering, University of Moratuwa, lead presenter at the workshop. “Over 120 students, undergraduates, postgraduates, academia and industry stakeholders enthusiastically engaged and invested their day to successfully complete the workshop with an IEEE Technical Sponsorship, one of the highest recognitions in the world.”
 
The significance of robotics and automation largely depends on the broader collaboration between researchers and end-users of various domains – market potential that Virtusa continues to explore. Servicing multiple industries with intelligent engineering automation among a growing solutions portfolio, Virtusa promotes robotics research and application to generate greater impact by developing solutions to end-user driven challenges.
 
 “Robotics, particularly intelligent automation is rapidly changing the new norm of the IT industry,” Misnad Haque, Director – Technology at Virtusa elaborated. “From automated IT quality assurance to autonomous spaceflight, the opportunities to develop and nurture these bots are limitless. Events like this bring together like-minded humans – and perhaps robots too in the future –facilitating innovation through knowledge-sharing as well as experiential platforms that organizations like Virtusa can provide.”
 
 “Our aim is to host an IEEE Sri Lanka Robotics Workshop each year among other events, so that we can work together with expert resource personnel who are on par with global robotics trends and insights,” stated Prof. Chandima Pathirana, chairman of IEEE RAS Sri Lanka Chapter. “With Virtusa’s continued sponsorship and support, we are proud to say that this session delivered on the promised level of exposure and knowledge on robotics, and we look forward to inspiring the growing group of robotics enthusiasts in Sri Lanka.”
 

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Hyundai hands over ‘The Suites’ and ‘The Offices’ at Cinnamon Life to John Keells Properties

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Cinnamon Life Engineering Manager Yasindu Wijayawickrama, JKP COO Inoke Perera, HKN Senior Project Manager J.C. Wook, JKP Head of Sales Nadeem Shums, JKP CFO Ravi Wijewantha, JKP CMO Roshanie Jayasundera-Moraes, JKH Leisure Group President Suresh Rajendra, JKH chairman Krishan Balendra, HKN Project Director T.H Kim, JKH Property Group Sector Head Nayana Mawilmada, JKH Property Group Head of Asset Management Theekshana Jayarathna, HKN Senior Project Manager J.H Kim, HKN Resident Director Seo Seong-Soo
 
 
Cinnamon Life, John Keells Properties’ iconic mixed-development project, is ever closer to redefining Colombo’s skyline with the completion of its plush residential tower ‘The Suites’ at Cinnamon Life and the state-of-the-art office tower, ‘The Offices’ at Cinnamon Life.
 
 With its construction now complete, the 196-unit apartment building and the 30 storey office tower were ceremonially handed over to John Keells Holdings (JKH) chairman Krishan Balendra by T.H. Kim – Project Director of the contractor HKN (a joint venture between Hyundai, Keangnam and Nawaloka).
 
 Speaking at the event, Balendra said the completion of ‘The Suites’ and ‘The Offices’ at Cinnamon Life heralds a new beginning for the city of Colombo.
 
 Noting that the apartment buildings and the offices are a key feature in its mammoth integrated development project, the JKH chairman said, once completed, Cinnamon Life will rival anything that the South Asian region has to offer.
 
 “John Keells Holdings first conceptualized Cinnamon Life in 2010. Operating Cinnamon Grand and Cinnamon Lakeside, two large five star hotels, we knew that Colombo didn’t have the facilities to host large regional events. Cinnamon Life with its 800 roomed hotel, multiple banqueting and conferencing spaces and retail space is now positioned to host some of the biggest events in the region, particularly in South Asia,” he said.
 
 “It’s the largest private investment in Sri Lanka to date, and with its completion in the next year, we expect that Cinnamon Life will position Colombo as the leisure, entertainment and retail epicentre of the South Asian region,” he added.
 
 Balendra further added “These are challenging times, not just for us but for the world as a whole. With the right attitude, however, no challenge is insurmountable and as we, together with HKN, have ably demonstrated with the completion of these two towers.”

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