Nestomalt SALARY for LIFE announces its second winner
Nestomalt announced the second winner of its one-of-a-kind consumer promotion ‘SALARY for LIFE’ 2021. A 29-year-old mother of one, Ms. D.D.M. Thalagala from Dambulla was selected the winner this year and will receive Rs. 50,000 every month from Nestomalt until she turns 55, subject to the competition’s terms and conditions. Conducted for the second consecutive year, Nestomalt ‘SALARY for LIFE’ aims to reward one of its loyal consumers, by helping them kick-start their journey to achieve their ambitions and progress in life.
“I have always wanted to be an entrepreneur and make a name for myself in the construction industry. So winning Nestomalt ‘SALARY for LIFE’ is a dream come true for me and my family. I am grateful for Nestomalt for taking me a step closer to my life-long ambition of having my own business” said Ms. D.D.M. Thalagala.
The Nestomalt ‘SALARY for LIFE’ competition required consumers between 18 and 50 years to send the flap of a 400g Nestomalt pack to be eligible for the raffle draw. Picked at random, one winner receives Rs. 50,000 a month from Nestomalt until they turn 55, as per the terms and conditions of the competition.
“As Nestlé Lanka’s flagship brand Nestomalt has positively charged the progress of Sri Lankan families for over 50 years.
‘It gives us immense pleasure to be able to power the ambition of yet another one of our consumers and help them kick-start their journey. We were overwhelmed by the number of entries we received and hope to continue this life-changing competition in the years to come” said Ruwan Welikala, Nestlé’s Vice President – Dairy.
“For many years, Nestomalt has contributed immensely to the lives of Sri Lankans across generations. I am proud that the brand has been a catalyst for positive change, helping consumers progress in life through initiatives such as the Nestomalt Marathon, Buddhi Prabhodaya and of course, SALARY for LIFE” said Jason Avanceña, Managing Director of Nestlé Lanka.
Nestlé has been in Sri Lanka over 115 years, and Nestomalt has been trusted and enjoyed by Sri Lankan families for over 50 years. Exclusively manufactured in Sri Lanka, Nestomalt is the country’s most loved iconic malted beverage, offering the goodness of malted barley and milk, and enriched with essential nutrients to energize body and mind.
Cabinet approves rationalization of VAT exemptions and abolition of SVAT System
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.
Venora Lanka Power Panels to set up assembly plant in Australia
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.’
Share market moves into positive territory; indices up
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.
Sagala Ratnayaka leads Sri Lanka delegation to 20th IISS Shangri-La Dialogue
Prices of sixty essential drugs to be reduced from 15th June
Cabinet approval to publish draft bill on contempt of a court, a tribunal or an institution
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