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Rizing, LLC acquires attune Lanka from MAS Holdings

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MAS Holdings announced today, that in line with its long-term strategic objectives, it has concluded the acquisition of its subsidiary attune Lanka (Private) Limited by Rizing, LLC. Rizing is a privately held, US-based boutique firm specializing in providing SAP solutions for Consumer Industries, Enterprise Asset Management and Human Capital Management worldwide.

In 2018, MAS Holdings completed an assignment with a leading global consultant to develop a long-term strategic plan, which identified areas of growth based on its core competencies and in the adjacent areas of Femtech and Wearable technology. The divestment of attune was an outcome of this plan, with the intent of finding the right partner for the Company to enable it to scale and grow.

This is a significant investment in a Sri Lankan-owned global technology firm by a company that is backed by a large private equity fund from the US, which will undoubtably help attune to scale and strengthen its business in the years to come.

“The acquisition by Rizing ensured that attune would benefit from Rizing’s global scale and expertise, and that their customers and employees continue to thrive as part of a leading solutions provider in the fashion and consumer industries” stated Mahesh Amalean, Chairman MAS Holdings. He also added that MAS would continue its close partnership with Rizing and attune in terms of the ongoing implementation and support for SAP products and services across MAS SBU’s in Sri Lanka and overseas.

Mike Maiolo, CEO of Rizing stated that “Customers from both organizations benefit from this partnership. Now two of the top SAP partners in Consumer Industries and Fashion are a united force to deliver unmatched value through combined experience, expertise and scale”. A leading provider of systems solutions and implementation services for SAP and with offices in North America, Europe, Asia and Australia, Rizing is headquartered in Stamford, Connecticut, and has been on an aggressive mergers and acquisitions plan since 2018, acquiring several US-based and global firms.

“This merging of Rizing’s and attune’s industry knowledge and experience will provide our long-term valuable clients with access to exciting new technologies and talented resources” said Vajira de Silva, the CEO of attune, adding that “The strength of the combined companies will allow us to grow into new markets and augment our products and services to better address the needs of existing and new clients”. attune Lanka has subsidiaries in India, Australia, China, HK, Italy, Germany, UK, US and Netherlands, with over 500 employees worldwide.

Standard Chartered Bank’s global M&A advisory team acted as the sole advisor to MAS Holdings on this transaction.



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SL youth eligible for employment in Korea, to get the opportunity shortly

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The Korean Ambassador to Sri Lanka Woonjin Jeong assured the Foreign Minister that the facilities required for the Sri Lankan youth who are eligible for employment in Korea to travel to Korea will be provided shortly. He was speaking at a discussion on the delays faced by young people who are eligible for jobs in Korea, chaired by the Foreign Minister Dinesh Gunawardena at the Foreign Ministry on 16 June, 2021. State Minister of Foreign Employment Promotion and Market Diversification Priyankara Jayaratne, Secretary to the State Minister of Foreign Employment Promotion and Market Diversification Suntharam Arumainayaham, Chairman Kamal Ratwatte, Director Nimal Thibbatumunuwa and Deputy General Manager Mangala Randeniya of the Foreign Employment Bureau were also participated in the discussion.

The Foreign Minister pointed out that those who have qualified for jobs in Korea have been expecting to leave for jobs in Korea for a long time; however it has been avoided day by day due to the COVID pandemic. The Minister also pointed out that they are under severe mental stress due to this.

The Korean Ambassador to Sri Lanka explained the position of the Korean Government and stated that it has been planned to provide employment opportunities in Korea to all those who are eligible for employment in Korea. He said there is a delay in providing those opportunities due to the COVID pandemic; however assured that he is focussed on sending them to Korea at the earliest available opportunity.

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Sterilizer device launched in Sri Lanka

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At a time when the Covid-19 epidemic is spreading around the world, you will no doubt be happy to hear that those invisible germs that collect in such a closed environment can now be destroyed by a small device called STERIONIZER introduced to Sri Lanka by ABC Trade & Investments.

This small device has made life easy for many as you can clean your home or any other place (specially closed environment) by plug-in the STERIONIZER.  

STERIONIZER system keeps air ducts, air heat exchangers and machinery clean and supplies sanitized air in enclosed areas and each ionizing device is completely maintenance free and connected to a data-bus for supervision and monitoring.

STERIONIZER is priced at Rs. 35,000. Phone 070 3 525 525 or 070 1 853 529 for more information.

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Indian assistance to implement solar power project

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It is expected to provide financial benefit to low-income households

 

Measures have been taken to increase the contribution by renewable energy sources to the national power grid by enhancing solar power generation as per the National Policy Framework.A key plan of the Government is to generate solar power by obtaining the contribution of state-owned buildings, places of worship and houses of the low-income families.

It is expected to provide financial benefit to low-income households and to curtail the expenses incurred by the state institutions for electricity, from the project. Steps will also be taken to provide facilities to store solar energy in batteries for the low-income families that are unable to access the national power grid.

The project also includes generating power by installing floating solar panels as a solution to land scarcity. Under the first phase of this, plans have been initiated to generate electricity required for the Parliament centering the Diyawanna Lake as a model project.The Government of India, one of the main stakeholders of Sri Lanka for this project, has entered into a bilateral loan agreement by agreeing to grant a Line of Credit amounting to US$ 100 million through the Export Import Bank of India.The agreement for the Line of Credit signed by the Sri Lankan Government and the Export Import Bank of India was exchanged between Finance Secretary S. R. Attygalle and Indian High Commissioner Gopal Baglay in the presence of President Gotabaya Rajapaksa and State Minister Duminda Dissanayake at the Presidential Secretariat recently.

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