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SEC to showcase Sri Lanka as an attractive destination for foreign portfolio investment

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The Colombo Stock Exchange (CSE) has performed exceptionally well in the past 12 months with the All Share Price Index (ASPI) appreciating more than 55% and the S&P SL 20 Index appreciating more than 44%. In 2021, the Average Daily Turnover of the CSE stands at Rs 4.8 Bn as against Rs. 1.8 Bn in 2020.

Even though the market has performed exceptionally well, foreign investor contribution to the total market turnover is not substantial due to the prevailing Covid 19 pandemic throughout the world. The Securities and Exchange Commission of Sri Lanka (SEC) is of the view that every effort must be made to impress upon foreign investors/ fund managers and diaspora of the compelling value proposition of the Sri Lankan Capital Market. In this sense, the SEC believes capital flows will also act as a catalyst to economic growth and contribute towards increased wealth creation.

As an initial step, the SEC along with the Foreign Ministry and the CSE has commenced a series of virtual meetings to educate staff of Sri Lankan Missions overseas on the growth potential and investment opportunities available in the Capital Market of Sri Lanka. This initiative will enable the respective staff of Missions overseas to promote portfolio investments to Sri Lanka among the investor community in the respective countries and assist the SEC and the CSE in organizing future overseas forums.

P. M. Amza, Additional Secretary Foreign Ministry; the Chairman SEC Mr Viraj Dayaratne PC; Chinthaka Mendis, Director General SEC; Rajeeva Bandaranaike, CEO CSE; Tushara Jayaratne Director External Relations and Capital Market Education SEC; Prabash Wanigatunge Director Surveillance and Capital Market Development SEC; Niroshan Wijesundere Head of Marketing CSE; Nishantha Hewavithana Head of Research and Strategy CSE and senior officials of both the SEC and CSE participated in these initial virtual forums.

“Portfolio investment will act as a catalyst for economic growth and is a top priority for the Government, particularly in the context of post-Covid economic recovery. These forums will offer the Sri Lankan diaspora the opportunity to understand the investment prospects available in the capital market of Sri Lanka as well” remarked Viraj Dayaratne PC, Chairman SEC.

The first in the series was conducted with the participation of Dr. Lakmini Mendis Minister (Commercial) and other senior officials of the High Commission of Sri Lanka in United Kingdom of Great Britain and Northern Ireland. . Ms. Sashikala Premawardhane, High Commissioner of Sri Lanka in Singapore, Dharshana M. Perera, Ambassador of Sri Lanka in Sweden and . Malraj De Silva, Ambassador of Sri Lanka in Abu Dhabi, United Arab Emirates, Nalinda Wijerathna . Consul General of Sri Lanka Dubai & Northern Emirates, M.I.M. Rizvi, Head of Chancery Embassy of Sri Lanka Abu Dhabi and other senior officials from the Foreign Ministry also participated in the virtual forums conducted with the respective Foreign Missions.



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U.S. confident SL would ensure required facilitation for U.S. investors

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Sri Lankan government has pledged to address the pending policy issues and I am confident that once the pandemic subsides, concrete efforts will begin to improve ease of doing business and ensure the required facilitation for US investors, Martin Kelly, Charge d’ Affairs of the Embassy of the United States of America in Sri Lanka said recently speaking at the Sri Lanka Invest Forum 2021 held virtually through June 7-9, 2021

“Sri Lanka was among the first countries in the region to open its economy and offers the highest standards of living among other advanced indicators in South Asia. Over the last seventeen years, the country continued to transition from an agriculture commodity based economy to become world leader in textile and apparel, a major exporter of IT and communication related services and of course a world class destination for international tourists,” he said.

“Promoting trade and investment opportunities is one of the embassy’s top priorities, and a vital component of our efforts to encourage private sector led development and toward stronger ties between the two countries,” he said.

Kelly said that the government of Sri Lanka has promoted pro-business policies including tax benefits, to attract the U.S. and other foreign direct investments.

 

 

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ComBank donates ICU beds to Kegalle Teaching Hospital

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Commercial Bank Chairman Justice K. Sripavan and Managing Director S. Renganathan with representatives of the Bank and the Kegalle Hospital

The Commercial Bank of Ceylon has donated three Intensive Care Unit (ICU) beds to the Teaching Hospital Kegalle, which receives over 80,000 admissions and 350,000 clinic visits, annually. The donation was made following a request from the hospital and will help it to provide seamless healthcare services to prevent non-pandemic related morbidities and mortalities while also treating patients who are COVID-19 positive.

The CSR Trust of the Bank has already gifted medical equipment and gear including Personal Protection Equipment (PPE) kits, face masks, surgical masks, hand sanitisers, Slit lamps, pulse oximeters, multipara monitors and oxygen concentrators to over 16 government hospitals. Commercial Bank also made a monetary donation to the National COVID-19 Healthcare and Social Security Fund set up by the government last year.

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Trading activity gets slower among retail investors

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Lankem Ceylon Rights Issue undersubscribed.

By Hiran H.Senewiratne 

Stock trading at the Colombo Stock Exchange (CSE) was marginally positive yesterday and the number of retail investor participation was lower compared to previous trading days. Index heavy LOLC group which accounted for more than 30 percent of the turnover, contributed 20 points to the All Share Price Index, stock market analysts said.

Both indices moved upwards. All Share Price Index was up by 35.75 points and S&P SL20 up by 2.01 points. Turnover stood at Rs 1.74 billion sans a single crossing. In the retail market top six companies that mainly contributed to the turnover were LOLC Rs 510 million (1.28 million shares traded), Expolanka Holdings Rs 197 million (4.1 million shares traded), Melstacorp Rs 137 million (2.6 million shares traded), Browns Investments Rs 71.5 million (11.3 million shares traded), Windforce Rs 68.2 million (3.5 million shares traded) and Hayleys Holdings Rs 54.8 million (730,000 shares traded).

Index heavy LOLC, which contributed 20 points to the All Share Price Index, appreciated its share price by Rs 18.75 or 4.85 percent. Its share price started trading at Rs 386.25 and at the end of the day it moved up to Rs 405.

A pioneer in renewable energy, Vidullanka PLC has successfully completed raising additional capital of Rs. 253 million to fuel its expansion drive in the solar power sphere.

Lankem Ceylon Plc, Rs. 677 million worth Rights Issue has been undersubscribed. When the issue closed the Company managed to draw only subscriptions for 17.6 million shares worth Rs. 352.3 million. The original plan was to issue 33.85 million shares at Rs. 20 each aiming at raising Rs. 677 million. The basis was one new ordinary share for every one share held. Funds were to be raised to augment working capital requirements.

During the day 67.9 million share volumes changed hands in 17564 share transactions.

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