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Sampath Bank concludes Rs.750 mn structuring and investing in LVL Energy Fund’s unlisted corporate bond

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Sampath Bank PLC announced that it had recently concluded the structuring and investment of an unquoted, secured, non-convertible, deep-discounted bond issuance for LVL Energy Fund PLC.

The Rs.750 million instrument was tailor-made by Sampath Bank’s Corporate Finance Unit to suit the unique characteristics and financing needs of LVL Energy Fund PLC. Sampath Bank was the sole investor in this private placement with special approvals from the Securities and Exchange Commission (SEC). This is believed to be the first bond of its kind in the country by a listed company in the Power and Energy sector.

The Bank has a strong legacy of supporting Sri Lanka’s Renewable Energy sector, playing an active role in funding, and delivering relevant financial services to the sector.

Commenting on the partnership, Sumith Arangala, Chief Executive Officer, LVL Energy Fund PLC, said, “We were highly impressed with the manner in which the officials of Sampath Bank PLC evaluated the proposal with interests of our shareholders foremost in their minds. Apart from the deep discount bond being an innovative financial instrument vis-a-vis the local banking sector, it resulted in a win-win outcome to both entities with absolute convergence of interests.”

“As a responsible financial services provider, we have always strived to support green initiatives, especially in the renewable energy sector, right from our inception. In line with this, it has been our privilege to partner with LVL Energy Fund PLC on their recent bond issuance,” said Nanda Fernando, Managing Director, Sampath Bank PLC. “We remain committed to supporting consumers and businesses around the island and delivering greater value to the nation, as we continue to present the future.”

Sampath Bank’s Corporate Finance Unit specializes in structuring and arranging a range of debt financing solutions, including project financing for corporates both in Sri Lanka and around the world.

 

 

 



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Business

Assetline Leasing recognised at SLIM People’s Awards

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Assetline Leasing Company Limited (ALCL) was nominated for “SLIM People’s Financial Services Provider of the Year” category at the recently held SLIM People’s Awards 2021 at BMICH, Colombo.

As a specialized leasing company with a network of 53 branches located Islandwide, ALCL has been able to carve a name for itself as a leading financial services providers by continuing to fulfill the financial needs people from all walks of life with an innovative and reliable portfolio of leasing and loan products that are geared to improve the livelihood of individuals and families whilst enriching their lifestyles. Access to financial services, particularly by SMEs and entrepreneurs, has always been a key area of ALCL’s focus.

Commenting on the achievement, Ajantha Premasiri, Chief Marketing Officer, ALCL, said; “We would like to extend our sincere gratitude to our valuable and loyal customers, business partners and team Assetline for their unwavering support in securing this nomination in the category of “SLIM People’s Financial Services Provider of the year”.

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DIMO forum focuses on youth skills for employment and entrepreneurship

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DIMO celebrated ‘World Youth Skills Day’ by shining the spotlight on the importance of equipping the youth with skills for employment, decent work and entrepreneurship, through a webinar titled ‘Job Demand and Vocational Education – Fuelling Dreams and Aspirations of the Youth’, held recently.

The keynote speaker at the webinar was a renowned expert in the industry, Mangala P.B. Yapa the Director General / CEO of Employers’ Federation of Ceylon, while the panel consisted of leading Human Resources professionals Dilrukshi Kurukulasuriya the Chief Human Resources Officer of DIMO, Chinthaka Premaratne the Group Director Human Resources of Fairway Holdings and Ishan Dantanarayana the Group Chief People Officer of Brandix. The event was moderated by Yohan Thilakaratne the Head of Corporate Communications of DIMO. Vocational Training is a key attribute in DIMO’s sustainability agenda and the forum ‘Job Demand and Vocational Education – Fuelling Dreams and Aspirations of the Youth’ was the latest initiative of DIMO to empower the dynamic youth with the correct skills.

During his keynote address, Mangala P.B. Yapa stated, “Knowledge, skills and employment are 3 elements that are inter-connected in a complex manner. Today, knowledge has surpassed skills and therefore, receives prominence. However, I believe that knowledge which does not develop skills, does not do justice to society. Through vocational education, what we attempt to do is to develop both knowledge and skills.”

 

 

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CA Sri Lanka Annual Report Awards makes a comeback this year

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In its continuing determination to crown the most brilliant financial reports produced in the country, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will present the prestigious Annual Reports Awards competition this year, incorporating new concessions on account of COVID-19, whilst also automating the marking system for the first time in the competition’s history.

Applications for the 56th Annual Report Awards competition 2021 will be accepted from 15th August 2021 onwards. Organisations ranging from multinationals to blue-chip companies, conglomerates, small and medium businesses, state corporations, statutory bodies and even NGOs and NPOs which produce annual reports can vie for this year’s top honours.

Known to promote transparency, corporate governance, sustainability and social responsibility, the competition’s grand comeback this year was announced at a press conference on Tuesday.

The Annual Report Awards commands a history of over half a century, but following COVID, the Institute decided not to proceed with the competition last year on grounds that the competition would not yield the required benefits for the participating companies due to the challenges stemming from the pandemic and the related crisis.

Addressing the press conference, Jayesinghe said that as the sole authority to promulgate accounting and auditing standards in Sri Lanka, the Institute has taken every effort necessary to implement a world class accounting framework, which will result in long-term benefits to the country including bringing in vital investments such as FDIs.

He said that an annual report is recognised as the single most important document for readers and potential investors to understand the financial state of a company as well as its positive contribution not only towards the company’s bottom line but also to the country and society.

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