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Sunshine Holdings to support CCC’s efforts in resetting Sri Lankan economy for next normal

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Sunshine Holdings Group Managing Director Vish Govindasamy

Comes forward to support Sri Lanka Economic Summit 2021 as Gold Sponsor

For the seventh consecutive year, Sri Lanka’s diversified conglomerate Sunshine Holdings (CSE: SUN) will support the country’s premier economic forum, the Economic Summit 2021. Hosted annually by Ceylon Chamber of Commerce (CCC), the foremost economic event of the country will be held on December 6-7, as a hybrid summit catering to participants who would join online as well as participate in-person, at Shangri-la Colombo.

The theme for this year’s Summit—‘Springboard for revival: Opportunity to reset’—is based on creating an environment that will be a launchpad for recovery with leveraging on the opportunity to utilize this period to transform. SLES 2021 will bring together key policymakers, business leaders, top international thought leaders and experts in discussing this environment. The theme has been suitably chosen as Sri Lanka looks to recover from the pandemic related impacts while navigating external debt concerns as it rebuilds back better. The Summit recognizes the need to balance growth priorities, manage the debt dynamics while facilitating more export inflows.

As the Gold sponsor, Sunshine Holdings will play a key role by promoting deliberation and discussion on shaping a turnaround for the Sri Lankan economy whilst delving deep into key areas such as trade, investment and services that will help drive the cause.

Group Managing Director, Vish Govindasamy speaking of the sponsorship, said “Sunshine Holdings takes pride in supporting an event of the calibre of the Sri Lanka Economic Summit, a premier thought leadership forum in the country which generates much needed dialogue on issues which are critical to springboard the Sri Lankan economy amidst numerous macro challenges. As a responsible entrepreneur, who has shaped Sri Lanka’s economic drive over the last five decades, we extend our fullest support to the Sri Lanka Economic Summit and we look forward to this year’s event with great anticipation.”

In addition to supporting the summit through the Gold sponsorship, Sunshine Holdings will also contribute towards intellectual discourse at the event with its Group Managing Director, Vish Govindasamy participating as the Chairman of the CCC at the first session of the event titled ‘Setting the Macro Foundation for Growth’—a high-level panel discussion highlighting Sri Lanka’s key economic challenges such as managing the external debt repayments in the next five years, while focusing on growth..



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Business

Seven factors of concern at upcoming Monetary Policy Review

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by Sanath Nanayakkare

The Central Bank of Sri Lanka (CBSL) is scheduled to announce its latest monetary policy review on 20th January 2022, with all eyes on dwindling foreign reserves and foreign currency exchange in the country.

In this context, First Capital Research has named 7 factors of concern that could be taken into account at the upcoming monetary policy review. They are as follows.

* Foreign Reserves USD 3.1 billion – Dec 2021

* Inflation CCPI 12.1% – Dec 2021

* GDP Growth -1.5% – 3Q2021

* Private Credit LKR 60.5 billion – Nov 2021

* 03M T-Bill rate 8.38% as at 12.01.22

Liquidity and CBSL Holdings LKR -364.0 billion and LKR 1.42 trillion

Balance of Trade (BOT) and Balance of Payment (BOP) USD -6.5 billion and USD -3.3 billion for Jan-Oct 21

First Capital Research’s Policy Rate Forecast – Jan 2022-Apr 2022 notes that they believe the CBSL may highly consider tightening the monetary policy rates in this policy review but given the concerns over economic growth, there is a probability of 40% for CBSL to maintain its policy stance at current levels.

“With high frequent indicators improving in line with expectations, we have eliminated any probability of a rate cut. We expect a continued increase in probability for a rate hike in order to prevent overheating of the economy amidst the given fiscal and monetary stimulus,” they said.

As per First Capital’s view, CBSL either can choose to hike policy rates by 50bps or 100bps or hold policy rates steady, while a rate cut is off the table due to the high debt repayment and the high domestic borrowing requirement.

First Capital believes that there is a 60% probability for a rate hike due to the remedial actions required in achieving external stability.

However, there is also a 40% probability to maintain the policy rates at its current level in order to further improve the high frequency indicators.30%, they noted.

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Sri Lanka’s dash brand enters international markets

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Multichemi International Ltd, which manufactures and distributes a wide range of products under dash, one of Sri Lanka’s leading detergent and household care brands, has begun exporting its products to several international markets in Asia and Oceania, with plans also to enter Africa. The dash brand includes a wide range of products in car care, household care, home fragrances and laundry care sectors. Multichemi International Ltd, which has been awarded ISO 9001:2015 certification, is a Sri Lankan pioneer in environment-friendly cleaning products, having launched the country’s first biodegradable, safe cleaning products over 28 years ago.

Amila Wijesinghe, General Manager of the Company said,”Having conquered the domestic market, we are now ready to capture the international market. We are confident that our products which are of high quality will receive a good demand overseas as well. The feedback we have received so far from our overseas customers is extremely encouraging. We are dedicated to taking our products to the international market, to bring in foreign currency to the country and help uplift the economy”,

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Janaka Abeysinghe appointed SLT CEO

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Sri Lanka Telecom PLC has announced the appointment of Janaka Abeysinghe as its Chief Executive Officer (CEO) with effect from February 1, 2022.

The incumbent CEO Kiththi Perera will be overseas on leave for a period of two years to pursue higher studies, according to a stock market filing by the company.

Abeysinghe joined SLT in 1991. In his present role, he leads the enterprise and wholesale business of SLT that provides integrated voice and data solutions to enterprises, government institutions, domestic telco operators and global wholesale carriers.

In his career at SLT spanning 29 years, he has held a number of senior positions, including general manager Enterprise and International Sales and has extensive experience in the areas of Enterprise Digital Services, Enterprise Communications Solutions, Data Communications, Business Development, Domestic and International Switching Operations and Global Wholesale Voice & Data Business.

He holds a Master’s Degree in Electrical and Computer Engineering from the University of Kansas, USA and a BSc degree in Electronics and Telecommunications Engineering with a First Class Honours from the University of Moratuwa.

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