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Trading in Expolanka amounts to 25% of total turnover at CSE

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By Hiran H. Senewiratne

Trading activities at the Colombo Stock Exchange (CSE) were negative yesterday and the market did not pick up even with the announcement of India’s largest IT company HCL Technologies, to take up 80 percent of the office space of Cinnamon Life, an office tower and mixed-use property project by JKH, stock market analysts said.

A major reason for the market to perform negatively was that Expolanka, one of the top listed  companies in the market recorded acute price depreciation. Meanwhile, Alumex PLC not recording its quarterly profit also had a  ripple effect on other companies causing slight price depreciation. In addition to that the escalation of Covid 19 positive patients and overwhelmed state hospitals added insult to the injury, stock market analysts said

HCL’s commitment as the anchor office tenant at Cinnamon Life adds immense value to the integrated mixed development project as a whole as the office spaces are poised to attract a dynamic local and expatriate workforce,” JKH said in a statement.

Therefore, JKH share price was appreciated by Rs 1.50 or one percent. Its share price appreciated from Rs 138 to Rs 139.50.

Expolanka which reported extraordinary profits in the recent past, witnessed some price depreciation of its shares by Rs 2 or 2.5 percent. Its share price started trading at Rs 79.60 and at the end of the day its share price declined to Rs 77.60. Meanwhile, according to JKSB, trading in Expolanka amounted to 25% of total turnover.

With these developments both indices moved downwards. All Share Price Index down by 12.24 points and S and P SL20 down by 1.18 points.Turnover stood at Rs 5.68 billion with two crossings. Those crossings were reported in JKH, which crossed 1.2 million shares to the tune of Rs 168 million and its share price traded at Rs 140 and Commercial Bank 375,000 shares crossed for Rs 27.5 million and its share price traded at Rs 84.50.

In the retail market top five companies that mainly contributed to the turnover Expolanka Rs 1.26 billion (15.9 million shares traded), Browns Investments Rs 839 million (121 million shares traded), JKH Rs 415.3 million (2.97 million shares traded), Royal Ceramic Rs 308 million (7.3 million shares traded) and Vallibe One Rs 209 million (3.3 million shares traded). During the day 245 million share volume changed hands in 33863 transactions.



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SLTMobitel-PEOTV and DP Education launch ‘Videsa DP Education’

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SLT-MOBITEL, the National ICT, Telecommunications and Mobile Services Provider has teamed up with DP Education, to launch ‘Videsa DP Education’, a dedicated educational channel on CH.215 of SLTMobitel–PEOTV, ensuring school children from Grade Five to Advanced Level have access to a high-quality learning experience with Rewind TV.

The revolutionary services of SLTMobitel-PEOTV includes ‘Videsa’ a series of educational channels hosted on the platform, that comprise of 06 TV channels dedicated to individual grades covering grades 06 to 11, that enhance the knowledge sharing with curriculum-centered lessons from a panel of reputed teachers. DP Education, a unique online learning platform, leverages digital solutions to deliver quality education to empower students. Together, Videsa and DP Education, enrich the educational arena further with the ‘Videsa DP Education’ channel, a dedicated television space for the students at home.

This path-breaking partnership is a commitment by SLTMobitel–PEOTV to support the education of children, whose options are limited due to the challenges convergence posed by the COVID-19 pandemic. The initiative will use the home TV screen and mobile devices as a ubiquitous medium to impart knowledge providing access to quality education for students across the country.

Commenting on the initiative, Rohan Fernando, Group Chairman, SLT said, “We understand that parents are now faced with the challenge of keeping their children safe during the pandemic as well as having to deal with the ongoing disturbances to their children’s education. As a solution to ensure that their learning remains uninterrupted, we have already introduced six different channels for Grade 6 to Grade 11 students through our Videsa digital platform. Our latest initiative and partnership with DP Education has now enabled us to launch a dedicated channel with unique learning experiences in key subjects such as Mathematics, Science and English for students from Grade 5 to Advanced Level with the Rewind TV facility. We are appreciative of the exceptional efforts extended by Mr. Dammika Perera and his team at DP Education and are grateful for the opportunity to connect the two learning platforms together in unison to create a revolutionary learning experience for our children”.

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Thornton and Dane’s combined projects portfolio tops Rs 5.9 billion

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Thornton Engineering, the Nextventures owned civil engineering company, has announced the acquisition of a 100% stake in Dane Engineering (Pvt) Ltd. for Rs 350 million, creating a construction business with a combined portfolio of Rs 5.9 billion.

The new entity, Thornton and Dane Engineering, expects to add new construction projects with a cumulative value of Rs 5 billion within the current financial year, nearly doubling its projects portfolio, the Company said in its announcement.

“We are excited at the post-acquisition prospects for the new company, because we strongly believe that it is a good example for the concept of the whole being greater than the sum of its parts,” said Thornton and Dane Director Dinesh Schaffter. “The combined strengths of Thornton and Dane create a formidable as well as extremely flexible engineering company that is capable of executing projects of varying scope and scale.”

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Capacity-building programs for SMEs

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Sri Lanka Chamber of Small and Medium Industries (SLCSMI), the apex body for SMEs in Sri Lanka has been at the forefront in supporting the SMEs during the pandemic. The chamber took several measures since the pandemic first hit the country in the first quarter of 2020. The Webinar series “Way Forward for SMEs” was a grand success among other initiatives, which was conducted with the participation of prominent scholars, leading business personalities as well as top rankers of state and private sector organizations.

The president of SLCSMI, Prof. Rohan De Silva said: “We are always there to represent and support the SMEs in the country and that’s our prime duty. During the first wave, we understood the need to share the knowledge and provide psychological support for the business owners to withstand the difficult times and that’s how the webinar series was born. Our initiative was well received by the businesses and our audience was not limited to Sri Lanka alone, as we witnessed participants from around 12 countries.”

Prof. Rohan further said that the chamber has looked at the possibilities of providing sustainable solutions to the SMEs beyond merely conducting knowledge sharing sessions and the Executive Committee has decided to introduce a range of Capacity Building programs to develop the SMEs. These programs include different solutions to address various gaps among the SMEs and the chamber intends to issue a valuable certificate for the participants of these programs.

The chamber has partnered with the Asia Pacific Institute of Money and Entrepreneurship Development (iMED) to design and deliver the programs and the details of the Programs will be unveiled at the launching event scheduled to be held on the 25th of September.

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