Colombo, Sri Lanka – Orient Finance PLC, a member of the Janashakthi Group, announced the appointment of Nalin Karunaratne as an Independent, Non-Executive Director to the Company’s Board of Directors, with effect from 21st December 2021.
A Chartered Global Management Accountant of the Chartered Institute of Management Accountants (CIMA), UK, Nalin is a Fellow of both the Chartered Institute of Marketing (CIM), UK and CIMA, UK. He has also completed several executive education programs at the prestigious IMD Business School, Switzerland; Harvard Business School, USA; and Asian Institute of Management, Philippines.
Nalin has had a long and illustrious career with several leadership roles at some of Sri Lanka’s preeminent local and multinational enterprises including Akzo Nobel Paints Lanka (Private) Limited; Darley Butler; ICL; Lafarge Holcim (Lanka) Limited; and Reckitt Benckiser (Lanka) Limited as well as Saudi Arabia’s Almarai Company Limited – the world’s largest vertically integrated dairy company.
He currently serves as the Director / Chief Executive Officer of Ceylon Biscuits Limited and CBL Exports (Pvt) Ltd – members of the CBL Group. The Group is one of Sri Lanka’s largest FMCG conglomerates, engaged in both local sales and exports, and home to leading Sri Lankan food brands like Munchee, Ritzbury, Samaposha, Lankasoy and more. He is actively involved in the management of the Company’s overseas ventures, overlooking the operations of CBL West Africa (Ghana) Limited and Plenty Foods India LLP. Nalin also serves as a Director on the Boards of Ceylon Biscuits Limited, CBL Exports (Pvt) Limited, CBL Foods International (Pvt) Limited, and Ceylon Biscuits Bangladesh (Pvt) Limited.
Welcoming Nalin Karunaratne aboard the company, Anil Tittawella, Chairman, Orient Finance PLC, said, “I am delighted to welcome Nalin to the board of Orient Finance. He joins us at a time when we have managed to register strong growth despite challenging market conditions. Given his extensive experience across diverse sectors, with a particular strength in marketing, I am confident that he will be an invaluable addition to our team and help propel us to greater heights.”
“Staying true to the core values of its parent company, the Janashakthi Group, Orient Finance has been delivering great value to its customers and all other stakeholders with great integrity and innovative solutions,” said Nalin Karunaratne, Independent, Non-Executive Director, Orient Finance PLC. He further added, “Joining this enterprising team as they mark 40 years of sustained growth, I look forward to working with them on driving the company forward as it continues its steady rise as a leading provider of unique financial solutions in the market.”
A company with an illustrious 40-year history, Orient Finance PLC has continued to cement its position as one of Sri Lanka’s most trusted financial service providers offering a broad array of innovative solutions to a diverse and growing clientele through a network of 31 branches across the country. Building on the strengths of the Janashakthi Group, the Company has continued to register steady growth despite challenging market conditions. Having registered exponential year-on-year growth in both pre-tax profits and operating income, which grew by 386% and 92%, respectively, in the quarter ending 30th September 2021, Orient Finance is poised to deliver sustained growth and outstanding value in the years ahead.
With this appointment, the Orient Finance PLC Board comprises of Anil Tittawella PC (Chairman), K.M.M Jabir (Chief Executive Officer), Prakash Schaffter, Minette Perera, Indrani Goonesekera, Sriyan Cooray, Darshana Ratnayake and Nalin Karunaratne.
Opposition law makers’ critical comments check CSE’s morning momentum
By Hiran H. Senewiratne
The stock market yesterday kicked- off on a positive note during the first session but the momentum did not sustain due to opposition law makers’ negative remarks on the current negotiation process with external creditors, market analysts said.
President Ranil Wickremesinghe had discussed debt restructuring and economic reforms with International Monetary Fund Managing Director Kristalina Georgieva, a President’s media division statement said.
“In their discussion, they focused on the ongoing reforms in the financial sector and the significant advancements in debt restructuring efforts, the statement said.
Amid those developments, both indices moved downwards. The All- Share Price Index went down by 71.76 points while the S and P SL20 declined by 14 points. Turnover stood at Rs 1.19 billion with four crossings.
Those crossings were reported in Windforce, which crossed 11 million shares to the tune of Rs 209 million; its shares traded at Rs 90, RIL Properties 20 million shares crossed for Rs 130 million and its shares traded at Rs 6.50, Hayleys Fabrics 500,000 shares crossed to the tune of Rs 23.1 million and its shares fetched Rs 46.20 and Laugfs 630,000 shares crossed for Rs 22 million; its shares traded at Rs 35.
In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 180 million (970,000 shares traded), CIC Holdings Rs 51.5 million (686,000 shares traded), Lanka IOC Rs 47.6 million (415,000 shares traded), Capital Alliance Rs 37.4 million (491,000 shares traded), HNB Rs 35.6 million (210,000 shares traded), Aitken Spence Hotels Rs 32.8 million (411,000 shares traded) and Softlogic Capital Rs 23.3 million (1.9 million shares traded). During the day 61.4 million share value changed hands in 9000 transactions.
Yesterday, the rupee opened at Rs 325/15 to the US dollar after closing the previous day at Rs 324.75/325.00 to the US dollar, dealers said.
Bond yields were up. A bond maturing on 01.08.2026 was quoted up at 14.80/15.20 percent from 14.50/70.A bond maturing on 15.09.2027 was quoted up at 14.60/15.20 percent from 14.35/50 percent. A bond maturing on 01.05.2028 was quoted up at 14.10/50 from 13.70/14.00 percent.
Robocash Sri Lanka’s ESG commitment shines on International Coastal Cleanup Day at Dehiwala Beach
Robocash Sri Lanka marked International Coastal Cleanup Day by furthering its “Robocash EcoSplash: Beach Cleanup and Beyond” initiative, which took place on September 17th, at Dehiwala Beach, Sri Lanka.
This environmentally-conscious initiative was a testament to the company’s unwavering commitment to environmental sustainability, community engagement, and responsible corporate citizenship, all of which are in alignment with the Environmental, Social, and Corporate Governance (ESG) principles.
ESG gained significant prominence in recent years as a guiding framework for responsible investment. It takes into account a company’s environmental impact, social responsibility, and governance practices, aligning them with the broader goals of sustainability and societal well-being. Robocash Sri Lanka recognizes the critical importance of ESG values in today’s world and is dedicated to integrating them into its operations and initiatives.
The “Robocash EcoSplash: Beach Cleanup and Beyond” program was a collaborative effort with the company’s internal team, showcasing the dedication of Robocash Sri Lanka’s employees to make a positive impact on their local environment and community.
Konstantin Bereutsyn, Country Manager of Robocash Sri Lanka, addressed the team at the event, saying, “Our commitment to environmental sustainability and community engagement goes beyond business as usual. We believe that being a responsible corporate citizen involves actively participating in initiatives that benefit society and the environment. This beach cleanup event is just one of the many ways we intend to contribute to a cleaner, greener, and more sustainable future for Sri Lanka.”
The program ensured that all necessary permits and permissions for the beach-cleaning activity were obtained, and strict adherence to government health guidelines was maintained throughout the event to prioritize the safety and well-being of all participants.
Ceylinco Life opens up the world once again for policyholders with ‘Family Savari 17’
The world is opening up once again for Ceylinco Life policyholders with the return of overseas holidays for the family as the main loyalty reward under the life insurance market leader’s ‘Family Savari’ mega promotion, the largest initiative of its kind in the local life insurance sector.
The 17th edition of Family Savari announced this week will provide overseas holidays for 15 policyholder families in 2024 – to Türkiye for five families and to Malaysia for another 10 families – reverting to the original theme of the promotion.
Another 250 policyholder families comprising of 1,000 people will get to spend a fun-filled day at the Pearl Bay Water Park at Bandaragama, a new location for the local segment of the Family Savari.
“The Family Savari promotion has always been about the importance of quality family time and creating memories of a lifetime for our policyholders and their loved ones,” Ceylinco Life’s Deputy Chief Operating Officer Mr Samitha Hemachandra said. “Unfortunately, the pandemic made overseas travel inadvisable, but we are now delighted to be able to reward our loyal policyholders and their families with holidays to some of the world’s most popular destinations.”
With the beginning of the Covid-19 pandemic in 2020, Ceylinco Life’s Family Savari opted to reward winners initially with gold instead of the overseas holidays and local excursions, and subsequently with cash rewards to the full value of the prize purse, and thereafter with family vacations in leading local hotels as health concerns began to ease.
At this year’s Family Savari promotion, a total of 265 policyholders will be selected at two draws that will take place in November 2023 and January 2024 to reward them and their family members, numbering 1,060 people in all, for their loyalty to Ceylinco Life. The mega promotion has to date rewarded more than 35,000 people in this manner.
To be eligible to win overseas holidays or the local excursion at the Family Savari draws, Ceylinco Life policyholders are simply required to continue their existing policies with the Company or maintain a minimum account balance in their retirement plans during the promotion period, 1st September to 31st December 2023.
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