The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and the Colombo Stock Exchange (CSE) recently conducted a webinar titled “REITs: The way Forward and Opportunities”, focusing on the newly introduced Real Estate Investment Trusts (REITs) Framework. The discussion also highlighted key features of this opportunity that can be a catalyst for multiple benefits for property owners, investors and the economy at large.
The webinar featured capital market and financial services experts including the chairman of CA Sri Lanka Manil Jayesinghe, CSE CEO Rajeeva Bandaranaike, Director Corporate Affairs at the Securities and Exchange Commission of Sri Lanka (SEC) Dr. Harshana Suriyapperuma, CSE Chief Regulatory Officer Renuke Wijayawardhane, Principal for Tax and Regulation at KPMG Sri Lanka Suresh R. I. Perera and Group Director Candor Holdings Ravi Abeysuriya.
Director Corporate Affairs at the SEC Dr. Harshana Suriyapperuma during his remarks noted the importance and significance of the introduction and provided the audience with a comprehensive understanding of the framework to issue and manage REITs in Sri Lanka. “Upon the SEC issuing the gazette notification, the Sri Lankan capital market can now formally accept applications for creating REITs not only for commercial & residential properties meeting the criteria but also for infrastructure projects. It’s important to note that Sri Lankan REITs are allowed only as a listed security, mainly to promote transparency and to facilitate retail investor participation. In Sri Lanka the attractiveness of REITs is expected to be further enhanced owing to the tax incentives included in the national budget. Checks and balances are included within the regulation framework to safeguard the interests of our investors whilst facilitating flexibility for the business case of REITs as an investment vehicle.”
It has been made mandatory within the framework that a REIT be managed by a managing company licensed by the SEC and meet the basic criteria stipulated within the listing rules to qualify for a listing on the CSE. The real estate assets owned by the REIT would be required to meet the minimum threshold of Rs. 500 million at the point of listing, it is mandatory that all units issued pursuant to a REIT be listed, a 30% stake to be held by the sponsor or strategic investor which will be locked-in for a period of 06 months and 20% of the units issued be held by a minimum of 100 shareholders are some of the basic requirement that need to be met at the point of listing a REIT.
Sharing remarks at the webinar, the CSE Chief Regulatory Officer Renuke Wijayawardhane highlighted the steps involved with Listing a REIT on the CSE and the overview of the process. To provide a perspective on the regulatory environment upon issuing and listing a REIT, Renuke also elaborated on the numerous compliance requirements that a REIT would be subject to at the point of listing as well as on a continuous basis. “Similar to a listed company, REITs would be subject to compliance requirements in the best interest of all stakeholders involved and with focus on investor protection and maintaining a fair and orderly market.” Commenting on the timeline for issuing a REIT and the approval process, Renuke noted that initial approval for the REIT would have to be obtained through the SEC and the listing application should be forwarded to the CSE within a month of obtaining approval. Renuke also highlighted the process with listing a REIT on the CSE and noted that it would only take around 50 days from the point CSE grants approval for the listing application up to the point of listing the units and be made available for trading on the CSE.
HNB Finance inks partnership with HNB Assurance
Sri Lanka’s leading integrated financial services provider, HNB Finance PLC, has entered into an exclusive partnership with HNB Assurance PLC, making it significantly easier and faster for HNB Finance customers to obtain insurances required for most of the offerings from the company.A memorandum of understanding (MoU) signed recently by the two companies enables HNB Finance customers to obtain the insurances they require for personal and other offerings from the company, without even having to leave the premises of HNB Finance. Since representatives of HNB Assurance will now be stationed at the offices of HNB Finance, the process of obtaining the necessary insurance policies will be both more convenient and faster, further enhancing the overall customer experience.
“HNB Finance constantly strives to elevate our customer experience, particularly via partnerships with reputed organisations of the calibre of HNB Assurance,” HNB Finance PLC Managing Director/CEO Chaminda Prabhath said. “This also serves as an example of the synergies and strengths that HNB Finance benefit from, by being part of one of Sri Lanka’s largest financial services conglomerates, the HNB Group.”
“We take pleasure in this partnership with another member of the HNB Group and in offering the customers of HNB Finance the highly customer-centric offering of HNB Assurance,” HNB Assurance PLC CEO Lasitha Wimalaratne said. “Superlative customer experience has always been a core pillar of our strategy and HNB Finance customers can now benefit from these capabilities.”
Mega training programme in SL in ICT related skills by Trainocate
By Hiran H.Senewiratne
Trainocate, being Asia’s largest IT and human capability development training provider, in a bid to create demand for future ICT related employees will be commencing a mega training program in Sri Lanka targeting youth and corporates.
“With the rapid advancements in digitalization and digital services driven by AI, the Internet of Things (IoT), cyber security and 5G, old paradigms and business models are being challenged. More organizations across sectors are now required to have an online-offline presence and operations, Trainocate’s CEO, South East Asia New Markets and the UAE Zafarullah Hashim told The Island Financial Review.
Zafarullah added: ‘According to a recent World Economic Forum report, by 2022, close to 30 per cent of new job opportunities globally will be in data, artificial intelligence (AI), engineering and cloud computing for the future Digital Economy.
‘The pace of change over the past few years has been accelerated by the diffusion of technology, speed of innovation and rapidly evolving business needs. Jobs have changed and new ones have emerged and replaced existing ones. In tandem with this, the required skills and competencies have also rapidly evolved.
‘Many South Asian countries’ corporates as well as current employees and youth aspiring for employment are not reading this.
‘With a global presence in 15 countries, Trainocate SEANM, a pioneer in delivering cutting edge training and certifications which are industry recognized, will commence helping beginners and professionals to expedite their career advancement through our centers.
‘Trainocate also works with key government and private stakeholders to ensure that beginners and professionals have access to high quality and industry-specific training that meets the demands of different sectors of the economy for an innovative and productive workforce.
‘Knowing which skills are in demand has never been more important. With evolving consumer demands and disruptions brought about by the COVID-19 pandemic, we function as the bridge between vendors, such as Microsoft, AWS, Google Cloud, and the partner. We are also the bridge between the partner and customers. We do partner enablement programs for partners through the vendors and then from the partner to the customer. A partner has to commit to the vision and the goals of a vendor. You also need to have product knowledge and become certified, which is where we come in.
‘Microsoft has been our main force and we have been providing free fundamental training sessions, as we believe that primary knowledge is key in building the country’s digital transformation journey. Our business operation is carried out between business to business, business to government and business to customers as well.
‘Digital skills are increasingly transferable across different sectors, as more enterprises embark on digital transformation and technology adoption. The Digital Economy entails different types of skills, depending on their job role applications. Tech-Lite roles are job roles that involve the use of foundational digital solutions at work; while Tech-Heavy roles are specialized roles responsible for the development, implementation and maintenance of more complex technological solutions and applications.
‘Trainocate SEANM focuses on developing skills, competency, ability and improving employee performances and organizational productivity. Organizations spend millions in acquiring and upgrading systems or hardware and give truly little thought to the training process. As a result, a vast majority of companies do not make maximum use of the features and benefits of the software in which they have invested. Proper training will increase productivity and reduce downtime which will complete IT projects faster.
‘Traincoate SEANM is rapidly reaching new heights by helping organizations that are going through a tough time and are in the transitioning period towards technology. Trainocate SEANM delivers well-informed and stable individuals who can provide their expertise towards the rise of these businesses. We have trained many blue-chip companies, along with their partners. Our goal is to develop individuals in tools that are already available that they don’t know how to use.
“Trainocate SEANM offers a range of resources, tools, certification and training programs and initiatives to help individuals and organizations identify and acquire the necessary skills to facilitate employment, improve job performance and adapt to job content changes in the midst of technological advancements and business operating model shifts.
‘We are not just a training company, but rather, a guidance company. We have been doing this for 25 plus years and have assessment tools that help us analyze and identify any skill gaps within organizations. We can use this to help the organizations’ HR and L&D teams streamline their training methods, as we can help identify these gaps and guide them on what they need the most.
‘Overall the company is helping organizations to think differently, plan strategically, save money and get the best out of technology. That is our secret to success.’
Sunshine Healthcare appoints T. Sayandhan as CEO
Sunshine Healthcare has appointed T. Sayandhan as the Chief Executive Officer of Lina Manufacturing, the pharmaceutical manufacturing segment of the diversified company. Sayandhan, currently CEO of Sunshine Medical Devices, has more than 30 years of experience in the healthcare industry. He joined Sunshine Healthcare in 2017 to spearhead Sunshine Medical Devices and has been instrumental in growing the healthcare business to be the key driver of the Group’s financial performance, helping Sunshine Healthcare to sustain its growth over the few years amidst tough macroeconomic conditions.
Commenting on the new appointment, Sunshine Healthcare Managing Director Shyam Sathasivam said, “As a responsible Sri Lankan conglomerate, we believe the local production of pharmaceuticals plays a vital role in maintaining the resilience of national healthcare systems. When escalating macroeconomic conditions are putting immense pressure on the local healthcare sector, producing pharmaceuticals locally will facilitate access to needed medicines and decrease exposure to imports and international supply chains. At this critical juncture, I believe Sayandhan has demonstrated the right combination of talent and drive to step into this key leadership role at the company.”
Commenting on his appointment, Sayandhan said, “It is a challenging yet exciting time to join Lina Manufacturing when the company is advancing its efforts to develop Sri Lankan-made, innovative healthcare solutions.”
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