Tokyo Cement Company ramps up supply to address cement shortage
In a statement, Dr. Harsha Cabral PC, Chairman of Tokyo Cement Company (Lanka) PLC announces that the Company has taken several immediate measures to address the cement shortage in the market. He states that Tokyo Cement is operating its cement manufacturing plant in Trincomalee at the maximum installed capacity of around 170,000 MT per month and will continue to supply cement island wide at the highest output levels. In addition to local production at maximum capacity, the Company has been importing 30,000 MT of bulk cement per month through the Tokyo Cement Colombo Terminal. Dr. Cabral further states that on a request made by the Government, Tokyo Cement has made special arrangements to import additional 12,000 MT of cement per month as an immediate contingency measure to alleviate the cement shortage currently prevailing in the market.
In his statement Dr. Cabral reiterates that Tokyo Cement Company as the country’s largest cement manufacturer will continue to fulfil its national duty at all times by ensuring an uninterrupted supply to meet the requirements of customers across the island. However, there is a shortage in cement availability in the market due to multiple reasons that are beyond the control of the company. First is due to the unavailability of bulk cargo carriers to ship raw materials as well as cement as a finished good. Secondly, considerable delays are encountered in opening LCs with the banks, wherein a process that would typically happen in the same day would now take weeks. These factors contribute in varying degrees to the current cement shortage in the market.
The company is currently expanding its manufacturing plant in Trincomalee to increase local production capacity by a further 1 million MT by deploying state-of-the-art technology. This expansion will firmly establish Tokyo Cement’s readiness to cater to future growth in demand in the local construction industry and reaffirm the Company’s position as the leading manufacturer and supplier of cement in Sri Lanka.
CSE expected to maintain growth momentum in the wake of brighter IMF bailout hopes
By Hiran H.Senewiratne
The CSE will be able to maintain its growth momentum with IMF bailout prospects brightening this week. Consequently, foreign inflows to the CSE will improve in the future, Head-Market Development, CSE, Niroshan Wijesundara said.
“To date the CSE has been able to register a 14 per cent growth and with the IMF bailout approval we could expect more foreign inflows into the market, Wijesundera told the Island Financial Review.
Amidst these developments the market ended on a positive note at the end of yesterday. Initially there were mild profit- takings but this did not negatively impact the overall performance of the market.
Accordingly, shares edged up in mid-day trade yesterday while investors adopted a wait- and -see approach as the country looked forward to IMF approval on the Extended Fund Facility towards the end of this week.
“Investors are on a wait- and- see approach as the IMF is likely to approve the US$ 2.9 billion dollar loan, market analysts said.
“Selling pressures have eased and now buying sentiments are improving, analysts said.
The ASPI went up by 29.54 points, while the most liquid S&P SL20 index rose by 15.7 points. Turnover stood at Rs 1.8 billion with three crossings. Those crossings were reported in Hemas Holdings, which crossed three million shares to the tune of Rs 199 million, its shares were quoted at Rs 65, Hayleys 738,000 shares crossed for Rs 59.8 million, its shares traded at Rs 31 and JKH 290,000 shares crossed for Rs 42 million, and its shares fetched Rs 141.
In the retail market top seven companies that mainly contributed to the turnover were; Browns Investments Rs 209 million (30.8 million shares traded), JKH Rs 84.6 million (584,000 shares traded), Access Engineering Rs 79.5 million (4.9 million shares traded), LOLC Finance Rs 75.4 million (10.9 million shares traded), Union Bank Rs 62.9 million (6.7 million shares traded), Expolanka Holdings Rs 60 million (420,000 shares traded) and SLT Rs 57.5 million (687,000 shares traded). During the day 98.7 million share volumes changed hands in 20000 transactions.
Top gainers during mid- hours were Commercial Bank, Browns Investment and Access Engineering. Access Engineering is an unusual top contributor and this is because interest had been generated in it after assurances had been given on the IMF deal and there is an assumption that multilateral projects are likely to begin with the IMF restructuring process coming to a close, market analysts said.
Sri Lanka’s growth will be contained at a negative 3 per cent in 2023 after a 12.4 per cent shrinkage in the fourth quarter of 2022 and is expected to turn positive from next year, State Minister of Finance Ranjith Siyambalapitiya said. Siyambalapitiya told reporters on March 18 that Sri Lanka can expect a “positive economy” in 2024.
Yesterday the rupee opened stronger and was quoted at around Rs 330/338 to the US dollar, stronger from Friday’s close of Rs 337/345 to the US dollar, dealers said.
“Surfing Through the Crisis”
EY Sri Lanka, is scheduled to host a discussion ‘Debt Restructuring Implications to the Financial Services Sector’, on March 22, from 08:45 am to 12:30 pm at The Kingsbury Colombo. The session branching under the theme, ‘Surfing through the Crisis’, is designed specifically for CEOs, CFOs, and CRO of the financial sector, as well as the chairpersons of the Audit Committee and the Board Integrated Risk Management Committee. The event hopes to create value for Sri Lanka’s financial sector amidst the prevailing economic challenges. As the largest service providers to the financial sector in terms of audits, tax, consultancy, and strategy & transaction, EY Sri Lanka feels compelled to assist the financial sector as they navigate the challenges of the economic crisis.
Despite the expected positive outcomes of debt restructuring, the process itself can be painful for the country, financial institutions, debtors and creditors. To the financial services sector specifically it could bring several challenges to capital management, financial reporting, Credit Risk and Liquidity Risk management strategies.
This session will explore these implications, under two technical segments, from Risk Management and Accounting lenses, and the mechanisms required for an effective transition. From a Risk Management perspective there will be several simulations on how it affects the financial institution’s capital and profitability whilst the accounting perspective will include discussions relating to how the debt restructuring process shall be accounted for in line with SLFRS 9 Financial Instruments.
The event will be conducted by Manil Jayesinghe, Country Managing Partner of EY Sri Lanka and Maldives, and Rajith Perera, Partner Financial Accounting Advisory Services EY Sri Lanka. To register for the session, or for further inquiries please contact Nurani Rajapaksha (Nurani.Rajapaksha@lk.ey.com)
Participants of Raid Amazones 2023 arrive from Paris on SriLankan Airlines
The participants of the adventure trail ‘Raid Amazones 2023’ arrived at Bandaranaike International Airport on SriLankan Airlines’ flight UL 564 from Paris. SriLankan Airlines is the Presenting Partner of Raid Amazones and extended a warm welcome with a traditional flare to the arriving group.
The group boarded the Udarata Menike train from the Gampaha Railway Station shortly thereafter for a scenic journey to Kandy, where the trail will unfold from 22 – 28 March.
Raid Amazones is the world’s only itinerant women’s adventure race. Nearly 250 female athletes will be participating in the 21st edition of the trail in Kandy.
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