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Rainco donates hand wash stations

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Representatives from Rainco Pvt Ltd and Rotary Club Colombo Midtown

to facilitate people to regularly wash and sanitise their hands

As part of their ‘Be the Change’ CSR initiative, Rainco donated hand washing stations that will be distributed by Rotary Club – Colombo Midtown to the locations in need of washing stations/units. The donation took place with the patronage from the members of Rotary Club and Ahamed Aroos, Chief Operating Officer of Rainco.

Rainco as an organization has always been conscious of their social responsibility and as such emphasizes the importance of taking precautions, the importance of well-being and the importance of taking things seriously – all values relevant to society especially during this time. Partnering with the Rotary Club of Colombo Midtown, which is also known for its contributions to social wellbeing, seemed a natural step to support the nation in facilitating healthy habits.

Rainco hopes that the distribution and location of washing stations in prime locations around Colombo might encourage people to regularly wash and sanitize their hands. It is necessary to remain vigilant and adapt to the new norms that have been thrust upon the country.

Ahamed Aroos, COO of Rainco Pvt Ltd emphasized, “Keeping with the tone of our CSR initiative to ‘Be the Change’, we felt the need to ensure that we lead by example. We hope that by creating opportunities for people to practice good hygiene, it might encourage them to actively partake in these practices.”

 

 



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European Union has a favorable perspective on the current GSP+ review process.- Charles Whiteley

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The Head of South Asia Division, European External Action Service of the European Union Charles Whiteley stated that the European Union has a favorable perspective on the current GSP+ review process.

He made these remarks during a meeting held today (30) at the Presidential Secretariat with President Anura Kumara Disanayake, as part of an official visit by a European Union delegation to Sri Lanka.

Mr. Whiteley highlighted the longstanding partnership between Sri Lanka and the EU, which has led to significant trade gains. He affirmed the EU’s willingness to continue supporting Sri Lanka in achieving further commercial progress.

He stated that the GSP+ concessions from the European Union are anticipated to encourage Sri Lanka to provide products that meet standardized quality requirements. He further said that the continuation of GSP+ trade concession is assessed on alignment with the current government’s policy commitments and progress.

The meeting assessed Sri Lanka’s advancements in executing 27 international conventions related to the European Union’s GSP+ tax concession, known as the Generalized System of Preferences.

President Disanayake expressed his gratitude for the EU’s assistance during Sri Lanka’s economic crisis. He acknowledged that the GSP+ facility has played an important role in supporting the country’s export sector and economic recovery.

The President further noted that the collapse of Sri Lanka’s economy was the result of a deeply flawed political system, marked by corruption and mismanagement. The President stated that the current administration is working to rebuild the country through stable and transparent governance, though this transformation will require time.

Highlighting a key shift in political support, the President pointed out that unlike previous governments, which relied heavily on support from the South, the current administration was elected with the collective support of Sinhala, Tamil and Muslim communities from across the country. The President reaffirmed his government’s commitment to delivering on the promises made to all citizens.

Also present at the meeting were Minister of Labour, Deputy Minister of Economic Development Dr. Anil Jayantha Fernando, Minister of Justice and National Integration Harshana Nanayakkara, Attorney-at-law, Deputy Minister of Finance and Planning Dr. Harshana Suriyapperuma , Senior Additional Secretary to the President Roshan Gamage, the Ambassador designate of the European Union to Sri Lanka and the Maldives . Carmen Moreno, General for Trade and Economic Security – Policy Officer of the European Commission’s Directorate Guido Dolara, Desk Officer for Sri Lanka at European External Action Service Ms. Galija Agisheva along with other EU and Sri Lankan officials.

[PMD]

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CBSL presents Financial Statements and Operations Report 2024 to President

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The Governor of the Central Bank of Sri Lanka (CBSL), Dr. Nandalal Weerasinghe, officially handed over the Financial Statements and Operations Report 2024 of the Central Bank of Sri Lanka to President Anura Kumara Disanayake at the Presidential Secretariat on Tuesday (29).

A copy of the report was also presented to Secretary to the President Dr. Nandika Sanath Kumanayake.

Several senior officials from the Central Bank were present at the occasion.

 

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HNB Investment Bank promotes Hayleys’ Rs. 7 billion debenture issue as Joint Placement Agent

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Hayleys PLC, one of Sri Lanka’s foremost diversified conglomerates, has announced its plans to raise up to Rs. 7 billion through a debenture issue, marking one of the largest corporate debt offerings scheduled for Q2 2025. This strategic initiative has received in-principle approval from the Colombo Stock Exchange.

At the core of this transaction, HNB Investment Bank (HNBIB) plays a leading role as Joint Placement Agent to the issue, alongside Commercial Bank of Ceylon PLC. Renowned for its bespoke financial solutions and strong track record in capital market transactions, HNBIB’s involvement is pivotal to the success of this offering, reaffirming its expertise in structuring and placing sophisticated debt instruments, most recently demonstrated by way of being the exclusive manager for the country’s first-ever high-yield bond issuance earlier this year.

Hayleys’ initial tranche will offer 50 million listed, rated, unsecured, senior, redeemable five-year debentures priced at Rs. 100 each, aiming to raise Rs. 5 billion. In the event of oversubscription, the company retains the flexibility to issue an additional 20 million debentures, increasing the total potential value to Rs. 7 billion. The funds raised are intended to further optimize Hayleys’ capital structure, underlining the company’s forward-looking financial strategy.

The subscription list for the debentures will officially open on 5th May 2025.

Backed by a strong AAA (Lka) rating from Fitch Ratings Lanka Limited and senior status, the securities offer a compelling investment opportunity, combining stability with the potential for attractive returns.

As Hayleys PLC gears up for this significant fundraising exercise, the selection of HNB Investment Bank as a trusted partner, reinforces confidence in the success of the offering, once again highlighting its role in delivering value for issuers and investors alike.

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