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Tokyo Cement shares appreciate in the wake of plans to increase production

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By Hiran H.Senewiratne 

Tokyo Cement Company (Lanka) PLC said  it expected to sign a Supplementary Agreement with the Board of Investment (BOI) to increase production of ordinary Portland Cement and hydraulic cement by one million tons per year at its existing location at Cod Bay, China Bay, Trincomalee.  

Following the announcement  Tokyo Cement voting and non voting share prices appreciated. Its voting share price moved up by Rs. 1.90 or three percent. Voting shares started trading at Rs. 61 and at the end of the day they moved up to Rs. 62.90. Non voting shares increased by Rs. 2.20 or 4.2 percent. Its shares started trading at Rs. 52 and at the end of the day they moved up to Rs. 54.20. It said, based on preliminary estimates, the project would cost approximately $ 12 million and translated at the current exchange rate it works out to Rs. 2.28 billion. It will be financed mainly by internally-generated funds and bank borrowings. The project is expected to be completed in 24 months.

The company said it would not be entitled to any exemptions from income tax and Customs duties on importation of project-related items required for the expansion unit.

Amid those developments  both CSE indices moved up yesterday. The All Share Price Index was up by 24.11 points and S and P SL20 up by 7.19 points. The turnover stood at Rs. 1.5 billion and no crossings were reported.

In the retail market, top five companies that contributed to the turnover were JKH Rs. 161 million (1.5 million shares traded), Expolanka Rs. 154.5 million (5.9 million shares traded), Distilleries Rs. 89.3 million (4.3 million shares traded), Dipped Products Rs. 88,4 million (277,000 shares traded) and Softlogic Life Rs. 65.8 million (2.1 million shares traded). During the day 51.1 million share volumes changed hands in 14960 transactions.

During the day, index heavy Distilleries share prices appreciated, which contributed more than 12 points to the All Share Price Index. Shares witnessed a Rs. 1.10 or 5.6 percent appreciation yesterday. Shares started trading at Rs. 19.50 and at the end of the day they moved up to Rs. 20.60. The company has also announced a dividend payment for shareholders, which is 42 cents for every share.  

Sri Lanka rupee quoted slightly stronger at 184.90/40 to the US dollar in the spot market on Friday, while gilt yields remained unchanged in dull market trade, dealers said. The rupee closed at 185.10/30 to the US dollar on Thursday.

 

 



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Aitken Spence invests in yet another renewable energy project in hydropower

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Dr. Parakrama Dissanayake – Deputy Chairman and Managing Director Aitken Spence PLC accepting the share transfer form from Harsha Abeywickrama – chairman Sunshine Energy Ltd; in the presence of Ms. Stasshani Jayawardena – Executive Director Aitken Spence PLC, Dr. Rohan Fernando – Executive Director Aitken Spence PLC, Ms. Nilanthi Sivapragasam – Chief Financial Officer Aitken Spence PLC and Leel Wickremarachchi – Managing Director of the power segment from Aitken Spence PLC. Shyam Sathasivam – Managing Director, Sunshine Energy Ltd. and Harin Udeshi – Director, Waltrim Energy Ltd.

Aitken Spence PLC recently acquired Waltrim Energy Limited, a subsidiary of Sunshine Holdings PLC for Rs. 900 million. The company contributes 6.6MW to the national grid via three mini hydropower plants located in the Nuwara Eliya district, namely of Waltrim Hydropower (Private) Limited, Upper Waltrim Hydropower (Private) Limited and Elgin Hydropower (Private) Limited. Waltrim hydropower draws energy from Kothmala Oya, Upper Waltrim hydropower and Elgin hydropower from Dambagasthwala Oya.

Aitken Spence expands its portfolio in hydropower in the pursuit of meeting rising energy demands, sustainable development, access to clean energy and lowering our national carbon footprint. This is the second hydropower plant which is owned and operated by Aitken Spence. Branford Hydropower (Pvt) Ltd. is the other hydropower plant with a 2.5MW capacity located in Matale. The company also owns and operates a wind power plant with 3MW capacity located in Ambewela.

“This is yet another investment made by Aitken Spence that shows our commitment to expand the power generation portfolio with renewable energy projects. Hydro power plays a key role in renewable energy segment in Sri Lanka and this initiative strengthens the country’s efforts to move towards cleaner energy sources and effective and efficient management of sustainable and affordable generation of energy supplied to the national grid,” commented Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.

“Aitken Spence maintains highest environmental, safety and quality standards in the management of our power plants. These stringent management frameworks will be extended to the newly acquired power plants to meet compliance requirements as well as global benchmarks for cleaner production of energy,” added Leel Wickremarachchi, Managing Director of the power segment of Aitken Spence.

The Power segment of Aitken Spence is a leading player in the sector with a reputation for investing in pioneering technologies and has diversified into renewable energy by establishing hydro power and wind power plants to support Sri Lanka’s demand for energy. With their commitment to increase the country’s energy consumption from renewable energy sources, the company recently introduced Sri Lanka’s first waste to energy power plant that was officially launched in February 2021. Moreover, these initiatives are in line with the collective efforts of government and the private sector to produce clean energy sustainably.

 

 

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Best Woman Entrepreneur at Entrepreneur Awards 2020

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Christell Skin Clinic proved their mettle as industry leaders yet again, by clinching the three topmost awards at the recently held Western Province Entrepreneurship Awards Ceremony 2020. The highly-anticipated annual event -jointly organised by the National Enterprise Development Authority (NEDA) and the National Chamber of Commerce of Sri Lanka- took place this year at the BMICH.

The event brought together industry leaders and newcomers with the aim to recognise and honour micro, small, medium and large sector entrepreneurs that have contributed significantly to Sri Lanka’s service sector over the past year.

The country’s leading aesthetics and wellness centre took home The Best Enterprise service sector trophy, as well as the Best Entrepreneur of the Year award – the most sought-after prize of the night. More notably however, the Best Woman Entrepreneur title was awarded to the director of the Christell Skin Clinic, Dr. Shanika Arsecularatne, in recognition of her inspirational journey to becoming one of the most successful businesswomen in the country, and also of her outstanding contribution to the field of cosmetology and wellness in Sri Lanka.

“I’m truly honoured to receive this recognition, especially because I believe that no one receives an award like this out of sheer luck, but rather in acknowledgement and appreciation of the hard work, sleepless nights and sacrifices we have all made, to be where we are today,” said Dr. Arsecularatne on accepting her award.

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Plastic Modified Asphalt Concrete car park in Sri Lanka

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The car park of the Walgama Food City with its new “Paving with Plastic”

As a socially responsible corporate citizen, Cargills holds a strong commitment to serving the nation and preserving the planet for future generations. By partnering with AGC Innovate Pvt Ltd – one of the country’s leading innovative solutions providers – Cargills initiated the launch of “Paving with Plastic” as a means to address Sri Lanka’s plastic waste menace in an ecofriendly and pragmatic approach.

The benefits of plastic are irrefutable – this versatile material is ubiquitous in our everyday lives, due to it being cheap and convenient to produce as well as being highly durable and user friendly. However, once used and disposed, plastic lingers in the environment for too long and does not decompose.

As a result, the inherent problem of plastic pollution is a global crisis, with Sri Lanka generating approximately 7000 metric tons of mismanaged solid waste daily, with 6% accounting for plastic and polythene waste. Therefore, in the absence of a proper waste management system, non-recyclable plastic is dumped in large landfill sites. These sites are now exceeding their maximum capacity, and has led to pressing environmental and social concerns in the country.

As a first step to tackling this waste plastic problem, Cargills made a landmark decision to pave the Cargills Food City Carparks using Plastic Modified Asphalt Concrete, partnering with AGC Innovate.

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