Pleas that share price has fallen below
Sampath asks CSE to defer rights issue
Sampath Bank PLC, the country's fourth
largest private commercial bank in terms of
assets has the dubious distinction of being
the first listed company in the Colombo
Stock Exchange (CSE) to request for a
deferment of its application for a rights
issue on the grounds that its shares were
commanding a price less than the proposed
This application was made last week.
The company (bank) planned to raise over Rs.
1.7 billion through this issue. Sampath has
68.9 million issued shares.
This deferment had also resulted in the
postponement of Sampath's plans to raise a
further US$ 20.5 million (Rs. 2.2 billion)
through two private placements which were to
take place after the rights issue, by
selling their shares at a premium price of
Rs. 117 a share to two virginal investors in
However, the proposed rights issue for which
Sampath is now seeking a deferment was
priced at only Rs. 100 a share, and was in
the proportion of one for every four shares
held, offered to the bank's existing
Sampath's shares were trading at Rs. 113.50
a share at the time it made its application.
Sampath's shares however closed the week at
Rs. 95 a share, 50 cents less over its
Thursday's closing price and Rs. 18 less
than the price that it was commanding when
Sampath made its original rights
The closest example to Sampath's rights
issue fiasco was the shareholders of Richard
Pieris & Company throwing overboard that
company's request for a similar rights issue
at the extraordinary general meeting held
for that purpose last year
The Sunday Leader learnt that the CSE was
going to respond to Sampath's request for
the deferment of its share issue on Friday,
the contents of which however are not known.
Sampath made its rights application in early
May on the grounds that it needed to raise
this money to meet its Tier 1 capital
In the interim period the CSE had wanted
certain clarifications from the bank, and
with the bear run that afterwards overtook
the bourse, this resulted in Sampath's
shares too taking a dip, hence the request
for this deferment.
Sampath also had plans to raise a further
US$ 20.5 million (Rs. 2.2 billion) by
selling a 14.5% equity to IFC, the World
Bank's private sector development arm at Rs.
117 a share (plus two board seats) at an
investment cost of some US$ 16 million,
while ShoreCap, a US based fund had also
been offered a US$ 4.5 million equity stake
in the bank, also at Rs. 117 a share.
All these investments are intrinsically
linked to the proposed rights issue. It's
learnt that these two investors had also
been informed of Sampath's request to defer
Multi million rupee green tea venture
Three companies in the tea trade have
embarked on a venture valued at between Rs.
50-100 million to manufacture green teas for
the export market.
The companies are Hapugastenne Plantations,
a Finlays UK subsidiary; Imperial Teas and
Those teas will be marketed at US$ 5 a kilo
and above, a source involved in the project
but who did not want to be named told The
He said that they have already got
inquiries for green tea imports.
The USA, the former Soviet Union and its
satellite countries are increasingly looking
at green tea as a health drink, even in Sri
Lanka there is an increased interest in
green tea consumption, he said.
However, this venture will be wholly for the
export market. Because of Sri Lanka's high
cost of production, the venture will be
looking at niche export markets around the
globe, he added.
Imperial Teas, Finlays Colombo (another
Finlays UK subsidiary) and Tea Tang are
traditional tea exporters. Finlays UK in
turn is a subsidiary of the Swire Group,
Hapugastenne will have the controlling
interest in this venture, where one of its
factories, fitted to manufacture black tea,
will be converted to make green tea. The new
venture is expected to be up and running by
the year end.
is a major black tea exporter, venturing out
into green tea manufacture only 15 years
ago. The traditional green tea drinkers are
the Chinese and the Japanese, the source
said. However, a number of them are now
turning to black tea, he said.
Transparency to protect shareholder wealth
Team play, good governance and transparency
were essential for the sustained success of
corporates, whilst at the same time ensuring
that shareholder interests were protected,
said CIMA Sri Lanka President Ms. Gowri
Shanker speaking at the inauguration of the
SAARC Apex Body meeting that was held on
Wednesday warned that debacles such as Enron
and World Com USA, and Vivendi France that
resulted in the loss of billions of dollars
in shareholder wealth took place because of
the non-observance of those principles.
SAARC apex bodies are accounting, law and
chambers of commerce.
She also cited the danger of allowing CEOs
to act in a dictatorial manner, and cited
the collapse of Vivendi and Australian
insurance company HIH as examples of the
danger of allowing company boards to allow
the management of their institutions to the
whim and fancy of its CEOs, without
questioning their judgments.
Shanker. further said that if those failed
companies adhered to International
Accounting Standards (IAS) or, in the case
of US law, Generally Accepted Accounting
Principles (GAAP), their collapses could
have had been avoided.
But at the same time she admitted that the
most demanding regulation can be
circumvented. "There will never be an
accounting standard that will combine
integrity and transparency," Shanker
She also cited the importance of countries
per se rising above corruption and creating
an investor friendly climate. In this
connection she gave Singapore as an example,
where in a recent global survey, it had been
ranked no. 1 in Asia for quality of its
governance and public sector, and for the
lack of corruption.
"Efficiency, flexibility and speed are a
priority, governments need to be small and
lean and good governance is essential for a
small country like Sri Lanka to survive in
this era of globalisation," said Gowrie.
Retailer hype drives market
The bourse, helped by foreign interest in
John Keells Holdings PLC and investor
acceptance of the mandatory offer made by
the Al-Futtaim Group, Dubai which acquired a
controlling stake in AMW on Monday, recorded
a Rs. 277.5 million turnover on Friday.
Crossings of 478,300 and 390,000 shares
respectively were recorded in JKH; with both
executed at Rs. 100 a share and over 220,000
shares of AMW acquired by Al-Futtaim at the
mandatory offer price of Rs. 174.50 a share
boosted turnover to Rs. 277.5 million.
The sellers of JKH were locals, market
sources said. JKH contributed the biggest
slice to Friday's turnover with Rs. 92
million, followed by AMW with Rs. 38
million, they said. The other major
contributions were all below Rs. 13 million,
the sources said.
In general, the big guns in the market, ie
foreigners, institutions and high networth
individuals are quiet, they said.
In a high interest rate and a high
inflationary scenario that is plaguing the
economy, it's difficult to believe that the
bourse would be an attractive proposition
for investment, the sources said.
However, the market is driven by a retailer
hype with expectations, though unfounded,
that there would be a breakthrough to the
LTTE question, they said.
The benchmark ASPI ended the week at
2,473.45 points; up 10.04 points over
Thursday's close, while the more sensitive
MPI closed the week at 2,953.53 points;
down1.9 points over Thursday's close.
Rs. 14.50 dividend
Vidullanka PLC has declared a 50 cents final
dividend for the financial year (fy)
2007/08. Shareholders' meeting: September
10, 2008; excluding dividend (XD): September
11 and payment date: Sept., 17, 2008.
Ceylon Tea Services Ltd., has declared a
final dividend of Rs. 14.50 a share for the
financial year 2007/08. AGM: September 4,
2008; XD: Sept. 5, 2008 and payment:
Sept. 8, 2008.
J.L. Morison Son & Jones (Ceylon) Ltd., has
declared a first and final dividend of Rs.
10.40; for both voting and non voting
Commercial Bank has declared a Rs. 1.50
interim dividend for both voting and non
voting shares for the fy ended December 31,
Distilleries Company of Sri Lanka Ltd., has
declared a Rs. 1.75 final dividend per share
for the fy 2007/08.
Lanka Tiles PLC has announced a split in its
shares in the proportion of seven new shares
for every five shares held subject to
shareholder approval at a general meeting.
Consequent to the split, the number of
shares on issue will increase from
30,314,522 to 42,440,330; while its stated
capital will remain unchanged at Rs.
429,456,000; Lanka Tiles in a statement
Lanka Walltile PLC (LWP) has informed the
CSE of a consolidation and sub-division
(splitting) of its existing 32.5 million
ordinary shares without any change to the
stated capital of Rs. 576,823,000; subject
to obtaining shareholder approval at a
The company would, firstly, consolidate
every existing five shares to one, which
would result in the existing 32.5 million
shares being reduced to 6.5 million shares.
After which, it would subdivide every one
share so consolidated to seven, resulting in
the issuance of 45.5 million shares.
Shareholders would in effect receive seven
shares for every five shares held, LWP said.
The final dividend recommended by the
directors for the financial year ended March
31, 2008 would be in respect of the shares
in issue prior to the consolidation and
NGO sample disbursed Rs. 94.2 bn.
CBSL recently surveyed a sample of 32 NGOs &
INGOs in humanitarian response operations in
including tsunami related operations.
The survey covered details of establishment
and its purposes and mandates, constitution
and other guiding manuals in terms of
financial management, information on the
legal status and amount of funds pledged,
confirmed and disbursed for humanitarian
response operations in Sri Lanka, including
tsunami operations and proposed future
projects and its budgets. The list of NGOs
& INGOs that responded to the survey is as
follows; Alliance Development Trust; AMURT
International; CCF-Christian Children's Fund
Inc; Community Trust Fund; Consortium of
Humanitarian Agencies; Dairy Development
Lanka; Danish Demining Group (DDG); Danish
Refugee Council; Diakonia Sri Lanka.
Diakonie- Katastrophennilf; FCE-Foundation
for Co-existence; Fridsro Children's Home;
Sri Lanka Red Cross Society; Sri Lanka Red
Cross Society-Movement Coordination Office;
International Federation of Red Cross and
Red Crescent Societies; Hella beem Sri
Lanka; Humpty Dumpty Institute; Janasuwaya,
576, Rural Development Society; Medecins
Sans Frontieres (French Section); Muslim Aid
- (Sri Lanka Field Office); Medecins Sans
Frontieres-Spain section; Mercy Corps;
National Democratic Institute; Oxfam GB;
PAFFREL (Peoples action for free and fair
elections); Samaritan's Purse International;
Sarvodaya Suwasetha Sewa Society Ltd.; Save
the Children- In Sri Lanka; Sight Servers
International; UMCOR- NGO (United Methodist
Committee on Relief); World Vision National
Office and Zoa Refugee Care, Netherlands.
The sample survey findings in relation to
those NGOs & INGOs humanitarian response
operations in Sri Lanka, the major areas of
their activities and the details of source
of funds and use of funds are summarized
below. The returns submitted by the above
mentioned NGOs & INGOs have been the basis
for the compilation of information.
Gestetner makes Rs. 708 mn., PAT
Gestetner of Ceylon Ltd., made a Rs. 708
million net profit in the first quarter (1Q)
June 30, 2008
compared with a Rs. 673 million loss in the
corresponding Q the previous year.
SLT's PAT up 168%
Sri Lanka Telecom (SLT) in the 2Q ended June
30, 2008 saw net profits grow by 167.9% year
on year (YoY) to Rs. 1.5 billion. Cumulative
net profits in the first half (1H) ended
June 30, 2008 grew by 24.5% YoY to Rs. 3.2
NTB's PAT up 54%
Nation Trust Bank in the 2Q ended June 30,
2008 saw net profits grow by 54.4% YoY to Rs.
140.8 million. The Bank, in the 1H ended
June 30, 2008 saw net profits grow by 47.5%
YoY to Rs. 285 million.
JKL's PAT down 27%
John Keells Ltd. (JKL), in the 1Q ended June
30, 2008 saw net profits decline by 26.5%
YoY to Rs. 33.8 million.
Hemas PAT up 15%
Hemas Holdings Ltd., in the first quarter
ended June 30, 2008 saw net profits grow by
14.6% year on year to Rs. 271 million.
Trans Asia makes turnaround
Trans Asia Hotels Ltd., in the first quarter
ended June 30, 2008 made a Rs. 3.9 million
net profit compared with a Rs. seven million
loss in the corresponding quarter the
DPL's PAT up 13%
Dipped Products PLC (DPL) in the three
months ending June 30, 2008, saw revenue
increase by 15% YoY to Rs. 2.9 billion,
while post tax profit grew by 13% YoY to Rs.
Turnover from Hand Protection grew 11% to Rs
2,265 million, while Plantations grew 41% to
Rs 852 million in the quarter under review
before adjusting for "inter-segmental"
"DPL's overall performance was the result of
the strong performance of our plantations
company and an improved contribution to
turnover and profit from our Italian
marketing company ICOGUANTI SpA," Managing
Director J. A. G. Anandarajah said,
disclosing that DPL Thailand, the Group's
medical glove manufacturing business had
also increased production by 6% in the
quarter, improved income by 22% and reduced
its net loss of Rs 43 million in the
corresponding quarter to Rs 32 million.
The substantial contributions to Group
turnover and profit from Kelani Valley
Plantations PLC (KVPL) were predominantly
the result of turnover from tea and rubber
growing 58% and 19% respectively, he said.
KVPL's contribution to DPL Group profits was
almost double over that of the first quarter
KVPL's PAT increases 76%
Kelani Valley Plantations PLC (KVPL) in the
six months ended June 30, 2008, saw turnover
grow by 34% YoY to Rs. 1.7 billion and
profit after tax (PAT) by 76% YoY to Rs. 226
million. KVPL manages 27 estates with an
extent of more than 13,000 hectares, divided
almost equally in to tea and rubber. -
Sources: John Keells Stock Brokers & others
Private sector credit comes down to 13.1%
The Monetary Board has satisfactorily noted
that the tight monetary policy stance
adopted by the Central Bank in the recent
past has resulted in the effective
deceleration of the growth in domestic
credit aggregates and broad money. Credit to
the private sector, which was as high as 26%
in April-May 2007, has decelerated to 13.1%
by end May 2008. Overall credit to the
public sector which includes credit extended
to the government and public corporations,
also declined by end May compared with the
levels at end 2007 largely on account of the
decline in credit utilised by the public
corporations. Benefiting from these
developments, expansion in broad money
supply decelerated from 22% in August 2007
to 15% in April 2008 and to 13.1% by end May
2008. The favourable impact of the
deceleration in monetary expansion on
inflation will be observed with the tapering
off of the impact of one time increases in
The Sri Lankan economy is estimated to have
recorded a 6.2% growth during the 2008 first
quarter compared with 6.1% in the same
period last year.
Growth was led by the healthy performance of
the Services sector which expanded by 6.4%
during this period, closely followed by
Industry and Agriculture sectors which grew
by 6 and 5.9% respectively.
Inflation, which reached higher than
expected levels worldwide on account of
unprecedented high crude oil prices and
increased food prices, has remained above
desired levels throughout 2008 in Sri Lanka
As measured by the new Colombo Consumers'
Price Index (CCPIN), average inflation
reached 21% in June, increasing from 19.8%
recorded during May 2008. The increase in
June was expected as the full impact of the
fuel price adjustment that occurred at end
May and the entailing transport fare hikes
was felt during June.
The average core inflation measure, which is
compiled by excluding food and energy items
from the CCPIN also increased sharply to
8.4% in June 2008, from 7.9% in May 2008.
This increase was largely due to the full
impact of the one-off increase in transport
charges such as train and bus fares,
three-wheeler fares and school van fees,
consequent to the fuel price increase in
In view of the increase in the average core
inflation and the likelihood of its further
increase due to second round impacts of the
increases in prices of non core items and
the need for stemming demand pressures to
contain inflation, the Central Bank has
decided to further tighten its monetary
policy stance by restraining the expansion
in reserve money. Accordingly, the Bank has
revised downwards its reserve money targets
for the third quarter of the year over and
above the already tightened reserve money
targets announced in April 2008. With this
revision, the targeted rate of expansion in
the annual average of reserve money has been
lowered from 12.5% to 11.75%.
Trade deficit doubles to US$ 2.6 bn.
The cumulative trade deficit for January-May
2008 was US$ 2,579 million compared to a US$
1,439 million deficit for the corresponding
period last year.
Cumulative exports during the period January
- May 2008 recorded a 12.6% growth in
comparison to the corresponding period last
year, and amounted to US$ 3,234 million.
Cumulative expenditure on imports during the
period January - May 2008 grew by 34.8% when
compared with the corresponding period last
year and amounted to US$ 5,813 million.
Imports excluding petroleum grew by 25.1% to
US$ 4,360 million for the first five-months
In May 2008 exports increased by 17%
year-on-year (YoY) to US$ 746 million. May
2008 import expenditure increased by 24.2%
on a YoY basis and amounted to US$ 1,258
Industrial exports largely contributed to
Mayx export growth with export earnings from
food, beverages and tobacco; diamonds and
jewellery; garments and textiles; rubber
products; machinery and equipment; and
petroleum products expanding.
However, the major impetus for export growth
in recent months came from the agricultural
sector, reflecting the impact of the surge
in global food and energy prices.
Agricultural exports continued to expand in
May 2008 along with significant increases in
earnings from tea and minor agricultural
products. The continuous increase in minor
agricultural product exports backed by the
higher performance of-particularly cinnamon,
cloves, fruit and vegetables, and betel
leaves has been a noteworthy feature in
relation to the agricultural sector in
Mineral exports including gems which have a
share of only 1% in total exports, recorded
a decline. Petroleum imports continued to
dominate the behaviour of import
expenditure, accounting for 58.3% of the
increase in import expenditure in May 2008,
while food imports accounted for about 21%
of the YoY increase in expenditure on
imports, mainly as a result of increased
expenditure on wheat.
Investment goods imports also increased
further and accounted for 5.5% of the
increase in import expenditure in May 2008.
The deficit in the trade balance in May 2008
was US$ 512 million compared to a deficit of
US$ 376 million in May 2007. The overall
balance of payments recorded a surplus of
US$ 292 million by end-May 2008 and gross
official reserves amounted to US$ 3,355
million by end May 2008 which was sufficient
to finance around 3.2 months of imports.
SL uses 6.2 mn., PET bottles monthly
A PET Bottle recycling initiative to manage
the growing quantity of PET (polyethylene
terephthalate) bottle waste in Sri Lanka was
uses more than 6.175 million PET bottles
Given the volume and the non degradable
nature of PET under natural conditions,
there is a need for proper disposal and
recycling of PET bottles.
The first phase of the project will comprise
the Western Province, with the intention of
rolling out the project ilandwide
The collected PET bottles will be
baled/crushed by a company called Manisha
Polymer (Pvt) Ltd., and given to recyclers
in India for recycling.
Central Environment Authority (CEA) Chairman
Udaya Gammanpila said, "PET is one of the
widely used food packaging materials than
some of the other packaging materials in
However, since it is non-biodegradable, we
as consumers and 'responsible' citizens need
to ensure that used PET bottles are
collected and recycled. I believe that this
programme will help address the issue of PET
recycling and thus support waste disposal in
Coca-Cola Beverages Sri Lanka Ltd. (CCBSL),
Country Manager Basil Gadzios said, "PET is
a versatile and robust packaging medium
which is fast emerging as a preferred
packaging material across the world, given
changing consumer lifestyles.
PET though non-biodegradable is recyclable
and more environmentally friendly than some
of the other packaging materials. In Sri
Lanka however, there was no coordinated
effort to target the effective and safe
disposal of these bottles.
With our 'Give Back Life'initiative, we have
put together a working plan and have tied up
with various partners to kick-start the
project." Those partners include the CEA and
CareKleen (Pvt) Ltd.
Gammanpila further said that as part of the
initiative special collection bins will be
placed at key locations to collect empty PET
CCBSL, the initiator of this project has
also tied up with Sri Lanka Tourism, Jetwing,
Stafford International School, Royal College
Sports complex, and Crescat Boulevard (Asian
Hotels & Properties PLC), which will serve
as large collection points for the used PET
Emirates to buy 60 airbuses
Emirates Airline & Group Chairman & Chief
Executive Sheikh Ahmed bin Saeed Al-Maktoum
recently signed a letter of intent with
Airbus CEO Tom Enders for 30 Airbus
A330-300s and 30 Airbus A350 XWBs.
Al-Maktoum said: "We are forging ahead with
our expansion plans and the A330-300s and
A350 XWBs will enable Emirates to continue
its growth using modern, fuel-efficient
aircraft. We remain ambitious and determined
to achieve our long-term goals."
The announcement was made during a
high-profile ceremony at an Airbus facility
in Hamburg to mark Emirates' receipt of its
first A380 superjumbo, equipped with an
onboard shower spa.
Dialog GSM from this month is offering 25%
and 50% discounts on outgoing calls provided
they last a minimum of two and three minutes
respectively. This facility is available on
a once and for all payment of Rs. 477.
Ceylon Cold Stores (CCS), makers of Elephant
House ice creams, recently announced that
all its ice creams are Halal certified. CCS
thus becomes Sri Lanka's only ice cream
manufacturer to market Halal certified ice
The Halal accreditation was received from
the All Ceylon Jamithul Ulama (ACJU), the
official accreditor for Halal foods in Sri
NDB among Top 10
NDB Bank (NDB) was presented an award for
being among the top 10 Sri Lankan Companies
selected by business magazine "Business
President Mahinda Rajapaksa presented the
award to the bank's CEO Eran Wickramaratne
at a function held at the Temple Trees in
Airtel to invest IRs. 8 bn.,
Bharti Airtel Ltd. An Indian mobile telecoms
operator will invest about Rs 800 crore
(1crore=Indian Rs. 10 million) in Sri Lanka
over the next five years to build a
nationwide mobile network in the country, a
company statement said.
Last year Bharti Airtel bagged the license
to become Sri Lanka's fifth GSM-based
service provider. With 30% mobile
penetration and witnessing a steady growth
of two million mobile users per annum,
Airtel sees Sri Lanka as a strategic market
in its overseas expansion journey.*
Airtel's consolidated total revenues for the
quarter ended June 30, 2008 of Rs.8,483
crore as well as EBITDA of Rs. 3,522 crore
grew by 44% on a year on year (YoY) basis.
Net income for the quarter ended June 30,
2008 was Rs. 2,025 crore, a 34% growth over
Bharti had 7.17 crore subscribers, as of
June 30, 2008, a 61% increase in the total
subscriber base over the corresponding
period last year and maintained its
leadership position through an improved
market share of all India wireless
subscribers at 24.2% as of June 30, 2008, up
from 23.1% corresponding to the same period
of last year.
Airtel Managing Director Sunil Bharti Mittal
said, "It has been another quarter of
leadership consolidation for the company. On
the mobile side it has been a particularly
strong quarter with monthly customer adds
crossing the 2.5 million mark. This
demonstrates that the Indian telecoms growth
story is intact and rural markets are
witnessing strong uptake. With our network,
distribution and brand strength we are
confident of continuing to lead this growth
*Those statistics were what was released
sometime ago, and needs to be updated
Public servants buy 1,120 Mitsubishi
United Motors Lanka PLC (UML) completed yet
another successful year, sustaining its
consistent profitability record and growth
and the Group as a whole, earned its highest
ever profit in the financial year 2007/08
reporting a Rs. 519.7 million PAT, a 21.2 %
year on year (YoY) increase.
The parent company UML reported a Rs.
5,664.6 million turnover which reflects a
37.5% YoY growth whilst group turnover of Rs.
8,395.1 million recorded a 24.5%.increase.
A notable feature in 2007/08 was the
incremental profit earned as a result of
supplying 1,120 Mitsubishi vehicles by UML
to senior government officials who were
eligible to import vehicles on concessionary
As part of its expansion strategy, the
company is considering venturing into the
assembly of Chinese vehicles in Sri Lanka.
United Motors has throughout the years
retained its focus on the core business of
selling brand new Mitsubishi vehicles as the
sole distributor for Mitsubishi Motors
Corporation, Japan and providing after sales
services to Mitsubishi vehicle users.
However being responsive to the changing
environment and as warranted by business
strategy the company has, over the years,
diversified its business portfolio and as a
result now has five subsidiaries; and a
diversified, jointly controlled entity in
UML has maintained a healthy balance sheet
with a strong reserve base of over Rs. two
billion. In addition to the strong
financial performance, the company
rationalised some of its business operations
during the year, trimming costs and
improving efficiencies, all of which
contributed to increase in profitability in
The high finance cost was one of the biggest
challenges the company faced, escalating by
over 200% and sharply increasing stock
holding costs. The rupee depreciation
against the Japanese Yen by 11%,
particularly in the latter part of the year
increased vehicle import costs.
High inflation and high borrowing costs
impacted on customers' purchasing power
which in turn affected sales in the
passenger vehicle segment.
The market for trucks continued to grow last
year and Mitsubishi Fuso Canter held a 56%
market share in the brand new Japanese truck
segment. This segment of the business
recorded a 70% sales growth last year. This
is a cost effective vehicle, suitable for
utilisation in many of the growing
industries in Sri Lanka.
UML was able to improve efficiencies at the
workshop by downsizing certain operations
and reducing costs to improve productivity
and a significant drop in the number of
repeat jobs at the workshop was observed.
The company recruited younger and more
qualified staff this year to fill a number
of job vacancies in the workshop and
introduced inhouse training for employees.
Workshop turnover and profitability grew as
a result, by 19% and 47% respectively.
Turnover in the spare parts division grew by
14% from Rs. 559 million in 2006/07 to Rs.
640 million in 2007/08. Both dealer sales
and inhouse sales increased during the year,
predominantly due to improved dealer
management and better market penetration
facilitated by the opening of a branch in
Although double digit inflation was a
formidable challenge to the company's cost
containment efforts, UML and its
subsidiaries succeeded in keeping operating
costs within the national inflation rate.
UML's distribution expenses increased by
14.6% and administration expenses by 8.5%.
Other operating expenses which includes
provisions made (in accordance with the
company's provisioning policy) for slow
moving inventories and long outstanding
debts recorded a Rs.4.4 million increase
over the previous year.
Over the years UML has invested in
developing its staff and providing numerous
training opportunities both in Sri Lanka and
overseas. The company maintains an open
culture, encouraging dialogue, where
information on policies, challenges and
issues are cascaded down to all levels so
that staff are engaged and have a sense of
collective responsibility towards achieving
common corporate goals.
During the year several evaluation systems
were introduced to more effectively measure
the performance and competency gaps of
employees in relation to corporate
objectives. The company has also initiated
several welfare schemes for employees'
children to encourage them in their academic
UML is committed to improving the work
environment and welfare of its employees as
well as continuing its support for the
community, especially in the fields of youth
empowerment and education.
UML continued to support Vijayabahu Maha
Vidyalaya, an underprivileged school in
Colombo by renovating several of their
buildings and hopes to continuously support
the school in the years ahead. Further UML
also provided young people from technical
colleges an opportunity to intern at its
workshop and develop marketable job skills
and also donated critical training material
to their institutions.
Whilst focusing on developing the core
business of selling Mitsubishi vehicles and
the businesses of its subsidiaries, UML will
continue to exploit new opportunities and
venture into new brand and product segments
to diversify its portfolio.
UML will focus on improving efficiencies and
better utilization of resources in order to
reduce its cost base and improve the
management of working capital. UML will also
look at cheaper and more innovative ways of
raising funds for the company's operations.
UML will identify the potential to exploit
synergies within the group. It has already
opened up a branch in Anuradhapura that will
sell all its group products under one roof.
Another similar branch is to be opened in
Asus wins 2,500 awards
With its continuous effort to provide the
most advanced technology with the simplest
usage experience, ASUS unveils the latest
feature, Express Gate on a range of models.
Sankha Jayaratne, Group Product Manager Epsi
Computers, .authorized dealers for ASUS in
Sri Lanka said that notebooks have become
indispensable both at work and at home as
Internet related activities take an
increasingly important role in our daily
This additional built-in operating system
which would be based on specific system
configurations enables ultra fast boot up
for access to a host of most commonly used
features on a range of notebooks based on
Intel's latest platform. With this
convenient, instant access to the internet,
users can now send a " last-minute" email
before rushing off to work, browse the Web
in between appointments and reach friends
and family via instant messenger, all in the
"blink of an eye." In addition, Express Gate
has also created two computers in one that
it is now easier to share the computer. When
under the Express Gate environment,
internet, music and photos can be shared
without disturbing the files and setup in
the Windows operating system reserved for
personal use.Jayaratne added that ASUS saw
last year (2007) filled with accolades from
across the globe with 2,568 awards.
It was also ranked in Business Week's
"InfoTech 100" for the 10th straight year
and named "Number One in Quality and
Services" by Wall Street Journal Asia. He
said that "Asus is committed to bring
customers innovative solutions that helps to
simplify usage experience while enjoying
the' best' performance," and with With
Express Gate, users will enjoy instant
Internet access with new levels of fast
speed and ease of use like never before.
" Asus is a leading company in the new
digital era. With a global staff of more
than 8,000 and a world-class R&D design
team, the company's last year's turnover was
US$ 6.9 billion. Asus ranks among the top
10 IT companies in Business Week's "InfoTech
100" and has been on the listing for 11
consecutive years. Asus was also selected by
Wall Street Journal Asia as No.1 in quality
and service in Taiwan.
New CIMA President
Chartered Institute of Management
Accountants (CIMA) elected a new President,
Deputy President, and Vice President at its
Annual General Meeting (AGM), held at the
Glynn Lowth (FCMA) was elected President at
the 89th CIMA AGM. He has been a member of
the Institute's Council for over 18 years
and has chaired and served on several of the
Institute's committees, including Education
and Training, International, and
Disciplinary. His previous roles within
CIMA include Chairman of the Disciplinary
Committee and President of the
Nottingham and Derby Branch.
Lowth is currently IT manager for the IT
services company of BASF, the world's
largest chemical company. As IT manager, he
is responsible for managing and implementing
IT projects throughout the UK and
Scandinavia. Prior to this, he was Head of
Accounting Development at Knoll
Pharmaceuticals Ltd. Lowth qualified as a
CIMA Associate at the Boots Group Nottingham
in 1977 where he held a number of commercial
and financial management positions.
Lowth said: "CIMA is an innovative
institute with an increasing international
remit. It's an honour to be elected as
CIMA's president and I look forward to
leading the only Chartered Management
Accountancy body with a sole focus on
business into new markets and territories.
I'm keen to build upon CIMA's activities
across the world and to maintain our
He lives in Watnall with his wife and has
two adult daughters.
The other honorary officers elected at
CIMA's AGM were Aubrey Joachim (FCMA) who
was elected Deputy President and George
Glass (FCMA) who was elected Vice President.
Joachim is a management coach, mentor, and
management training provider based in
Australasia. Glass is Finance Director for the Balfour Timber Group.
Controlling kids' mobile phones
Dialog GSM recently launched a mobile
package designed for kids.
Named 'Dialog Kidz Connection' it offers a
host of special features, designed to offer
parents control over their child's mobile
phone while having the facility to contact
them when needed.
Kidz Connection includes many child safety
features, such as restricted calls/SMS, SMS
copy and Word Filtering on SMS.
With the restricted call/sms feature, all
outgoing and incoming calls and SMS are
restricted to five numbers that would be
chosen by the parent at the point of signing
up for the connection. As an added safety
feature, MMS and GPRS access is disabled.
The SMS copy facility is a unique feature in
this product which is introduced for the
first time in Sri Lanka. This facilitates
the parent to receive a copy of each SMS
received/sent by the child.
"Dialog has constantly strived to make
mobile communications accessible and
relevant to all segments of the society.
Today's launch of the Kidz Connection is yet
another important initiative in this
regard," said Dialog Mobile Chief Operating
Officer Supun Weerasinghe.
"Our main goal in launching this package was
to promote responsible mobile use, whilst
keeping the benefits of mobile
communication. We incorporated several
special features to the Kidz Connection with
the goal of making the package more secure
and safe to be used by children.
The Kidz Connection on prepaid is issued
under the parent's name and is available at
all Dialog outlets. Once bought, parents
could top-up the Kidz Connection by
transferring credit from parents mobile
using the eZ D2D feature in addition to
standard prepaid recharge via eZ
Sri Lanka Fruit & Vegetable Producers,
Processors and Exporters' Association
office-bearers for 2008/09:- President:
Ismeth Mohamed (Amalgamated International (Pvt)
Ltd.), Vice Presidents: Mrs. Dawn Austin (
Nidro Supply Ltd) and Annas Junaid (Cecil
Foods (Pvt) Ltd).
Hony. General Secretary: . Zuraish Hashim
(Development Interplan (Ceylon) Ltd), Hony.
Treasurer: S. Gnanaskandan (Eastern & Allied
Agencies Ltd) and Executive Committee: Dr.
Upali Ranasinghe (CR Exports Ltd), Dilshan
Fernando (Tess Agro Ltd), Jagath Fernando (Jagro
(Pvt) Ltd), Ahmed Kabir (Dilarshad
Enterprises) and Harsha Karunaratne (Macbertan
Asian Alliance rewards performers
Asian Alliance Insurance (AAI) recognizes
true passion for excellence & true
professionalism, year on year, celebrating
excellence and quality of their team's
performance with a view to shaping and
motivating higher standards of achievement
and spawning a new breed of professionals
for the future.
The company celebrated their 7th Annual
Sales Convention-"Quality Awards 2008"at
recently. The awards ceremony, held on a
grand scale, was on the theme of "Beyond
Promoting Kandyan trade
Sinhaputhra Finance Ltd., recently sponsored
an evening of Russian Music, a video
presentation on vistas from the Russian
Federation and food and drink.
Among those present were Western Province
Governor, the Mayor and former Mayors of
Kandy and many other dignitaries.
The event which was held at the Sinhaputhra
Auditorium was followed by a candle lit four
course sit-down dinner at their roof-top
pavilion. This event was the start of
similar events to be held in Kandy to bring
foreign missions and their food and culture
to the citizens of Kandy. The objective is
also to foster possible trade ties with
these nations for the mutual benefit of the
citizens of Kandy and the respective
Hutch issues subscriber IDs
In the interest of the safety of mobile
users & in keeping with the directive by the
Telecommunications Regulatory Commission of
Sri Lanka, Hutchison Telecommunications
Lanka (Pvt) Ltd. (HTLL) has made
arrangements to issue subscriber
identification cards with immediate effect.
This action is keeping in line with the
recent national security requirements put
forward by the government and to be
implemented by all operators.
HTLL will provide an opportunity for all its
subscribers to register and update their
relevant personal information in order to
issue certificates of ownership.
This document will serve as identification
until the company mails out a permanent
plastic card to all its subscribers.
The company will use its retail distributor
network in reaching its subscribers. Any
outlet that sells "top up" and "reload" for
Hutch will carry registration forms where
current Hutch users could update their
personal information and obtain a temporary
"proof of ownership" document until they
receive the plastic card from the Company.
Users are also required to submit a copy of
their national identity card together with a
recent passport size photograph, if the
photograph on their NIC is unrecognizable.
A company spokesperson said that Hutch would
be informing its subscribers registration
and re-registration details through the mass
media in due course.
Eagle's outreach to disabled kids
Eagle successfully conducted its Samana
regional workshops in Matara and Kandy
recently. Over 1,600 teachers participated
in the full-day programmes, exceeding the
expectations of the Company.
The core objective of Eagle Samana is to
enhance the knowledge of teachers who work
with disabled children through a series of
regular region-wide workshops and training
modules featuring recognized resource
persons in the field of special education.
This workshop also included mainstream
pre-school teachers as well to enable the
early identification of disabilities in
pre-school children so that medical and
special attention can be given to help
lessen the identified disabilities.
This series of regional workshops to educate
pre-school teachers and teachers of children
with special-needs was focused and
interactive. The workshops were held at the
Matara Samupakara Mandira Auditorium in
Matara and at St. Anthony's Boys' College,
Main Hall - Katugastota.
The following topics were discussed with
some practical sessions demonstrated
onstage: Inculcating Positive Thinking in
Children by Colombo University Senior
lecturer Daya Rohana Athukorala, Classroom
Management Strategies by Speech and Language
therapist & Kelaniya University visiting
lecturer Ms. Himali de Silva, Sensory and
Movement Education by Theatre Institute for
Disability Oriented Research and Advocacy
Chairman Rohana Deva and Case Study Analysis
by Mrs. Selomi Dias Abeysinghe, a teacher
who has taught autistic children in
mainstream classrooms in the UK.
Workbooks and specially developed reading
materials including a comprehensive book on
"How to develop a bright child" authored by
Athukorala were given to all participants.
Approximately 800 teachers attended each
SLI salutes top performers
The annual sales awards to honour top
performers of Sri Lanka Insurance (SLI) was
held recently at Colombo Hilton with the
participation of Chairman D.H.S. Jayawardena,
Board of Directors and SLI's top management.
Over 500 sales personnel and many other
invitees attended this year's ceremony. The
day belonged to the sales personnel who have
outperformed and outshone the rest, to the
men and women who have proved their mettle
through dedication, hard work and pursuit of
Star awards night saw 188 insurance advisers
and team leaders being awarded for their
excellent sales performance last year
(2007). They were recognised on the basis of
achieving set sales targets and standards.
Second and third place achievers were also
invited to this evening.
Best team leaders and advisers were
recognised under their respective business
category- Life and Non Life Insurance
business, with "Star Awards Certificates"
and cash rewards. The best of the best in
this category were presented with the Star
awards trophy, foreign travel packages ,cash
awards and certificates.
Chie Executive Officer Life Suresh
Paranavithana said: "SLI has endeavoured to
serve Sri Lankans in their 'best' interest,
constantly striving for innovation,
convenience and expertise in every aspect of
customer service, thereby creating a loyal
and strong customer base."
Jayawardena in his speech stressed on giving
importance to deliver superior customer
value at every service point, a key element
in building long term relationships with
today's customer. He added: "At SLI every
employee should give priority to deliver
better value to our customers. Customer
satisfaction and delight should be the
central focus on all aspects of business
development at SLI."
Suntel adds more to CDMA network
Suntel Ltd., recently announced that it
would provide local consultants of world
renowned Swedish cosmetics brand Oriflame
with special Post and Pre-paid CDMA
The packages have been designed for Oriflame
consultants taking into consideration the
need that exist within this group to make
Oriflame Sri Lanka Managing Director Per
Gunnarssons said, "We selected Suntel since
they demonstrated that they could provide us
with packages that suited our consultants'
needs. At Oriflame we want to remain true to
our original business concept of 'natural
Swedish cosmetics from friend to friend,'
while ensuring that our customers receive
the best and most efficient service. Our
network of consultants is important to us
and we are committed to making sure that
they receive the best possible service. We
are sure that this partnership with Suntel
will prove successful for all concerned."
Suntel Managing Director Jeremy Huxtable
said, "We are happy to provide customised
telecoms solutions to Oriflame. These
solutions will give them the required
resources to communicate effectively,
thereby maintaining their reputation for
reliability and convenience. Since Suntel's
CDMA coverage is of the highest standard and
can be accessed islandwide, we are sure that
these special packages will prove beneficial
to Oriflame's network of consultants
enabling them to develop their businesses
and give their customers a new level of
service and efficiency".
Access for all
HSBC Sri Lanka recently announced that the
HSBC pavilion at the SSC has been improved
to enable access for those with reduced
mobility. These improvements have been made
under the Bank's 'Access for All' project,
launched in 2007.
This has led to the implementation of ramp
access through a special entrance, clear
signage, and modified washroom facilities to
ensure all spectators visiting the HSBC
pavilion at SSC will have equal opportunity
to enjoy the game.
HSBC's ongoing 'Access for All' project was
initiated to provide ease of access to
persons with impaired vision and other
debilitating medical conditions, users of
mobility accessories such as wheel chairs,
canes and braces, expectant mothers and
individuals with baby carriers.
The first modifications were made at the
HSBC Premier Centre and the Colpetty Branch
on the advice of 'Idiriya' Secretary General
Dr. Ajith C S Perera. Idiriya is a
not-for-profit humanitarian services
organisation that aims to serve disabled
HSBC branches in Nugegoda, Kohuwala,
Pelawatte, Moratuwa and Negombo have already
seen the implementation of 'Access for All,'
while HSBC Wellawatte will be the latest to
receive these modifications. HSBC will
continue to extend the project to all its
AV Productions, from good to great
leading audio-visual integrated solution
pioneers celebrated its 16th year of
successive operations recently.
AV Productions Managing Director Seniya
Samarasekera told The Sunday Leader said
that the company's vision to become the 'The
Event Management Company' with innovative
ideas and providing state of the art AV
solutions has become a reality.
, "We are thankful to all our clients who
had confidence in us and entrusted us with
various events/projects. During the past 16
years certain clients helped us grow while
some others grew with us. We are what we are
today because of all of them," he said
As an event management company, AV
Productions has proved their competency in
handling complete services for conferences,
conventions, launches, exhibitions, road
shows and much more, for any special event,
from organizing to executing.
AV Productions has under its belt a
portfolio of giant clientele including HSBC,
Singer, SLIC, Odel, Lanka Bell and Laugfs,
to name a few. "We also work with some large
advertising companies in Sri Lanka."
The company has successfully completed many
multilingual and multicultural events
islandwide thanks to their expertise during
the past years of operation. In fact, AV
Productions is one of the few companies in
the country capable of executing events with
"4D" effects and various special mechanisms
for unveiling of products.
It all started out with Samarasekera's
mother, whose inspiration led to the
founding of the company back in 1992.
Speaking of the team at AV Prodcutions,
Samarasekera said, "Our team comprises
young, energetic, professionals who have had
on the job training that has helped them
gain much experience. We are proud to note
that our team is capable of handling and
executing any type of events & campaigns."
He added, "Some of the staff have been with
me since the incorporation of the company.
They have a sense of ownership towards the
company. To further strengthen it we have
decided to go in for a share issue where the
senior staff will be offered shares of the
Samarasekera said that over the years the
company has diversified in to other areas
such as digital printing, design &
fabrication of signages, pylons, displays,
special structures and promotional items.
Arc Solutions (Pvt.) Ltd. is the subsidiary
company handling those operations, equipped
with a large workshop with state of the art
machinery and handled by well experienced
"The company is set to shift location to a
state of the art office in Boralasgamuwa.
This building is going to be a landmark in
the history of AV Productions and its
subsidiaries as all our operations are going
to be brought under one roof making it
easier for management purposes as well as
for customer reach,"
Talking about the move, Samarasekera said,
"This will be a workshop and studio that
offer clients a one stop shop for all their
One of the unique aspects about the company
according to Samarasekera is that it handles
every aspect of an event, and doesn't rely
on any other party for assistance. He said,
"It's hard initially, but fully worth all
the effort and long nights. I think what's
helped us along the way is the team effort
which has proved to be essential. We're also
strong in understanding and satisfying our
customers' needs efficiently, effectively
We believe that being first, speed of
action, hard work and an aggressive
determination to get things done are
characteristics of a winning team. In our
business they are a condition for survival."
When asked about
events market he said, "currently the Sri
Lankan events market has a lot of potential
in spite of the economic setback.
The corporate sector uses events for various
functions such as to promote
products/services, to introduce new/improved
products, to boost sales or even to motivate
or reward their staff and customers."
According to him when companies spend on an
event there's always a direct or indirect
return expected by way of sales, awareness
or image building.
"We as event management companies should
first understand the customers ultimate
expectations and work towards realising it
when executing an event.
That should be the role of a professional
event management company rather than blindly
carrying out the event plan."
Talking about future plans, he said, "We
have earmarked the Middle East (ME) market
for property development in Sri Lanka.
The ME based 'Siyama Property Development'
is the company handling this operation. We
see potential in this market and feel we
have a lot to gain by tapping it."
"HNB Super Weekend Draw"
HNB has introduced "HNB Super Weekend" for
the benefit of the large number of Pathum
Vimana Customers. HNB Pathum Vimana
positioned as the largest deposit draw in
offers all existing Pathum Vimana account
holders to be further rewarded through the
HNB Super Weekend draw.
Through this draw the bank will be awarding
100 winners with gift vouchers worth Rs.
10,000 to shop at supermarkets. "Through
this draw, every weekend, four winners will
be selected every hour and a total number of
100 winners during the weekend." HNB
customers can win these gift /shopping
vouchers to shop at Arpico, Keells and
To be eligible for the Super Weekend draw
account holders must maintain Rs10,000 in a
regular savings, Singithi or current account
Through Pathum Vimana 2008 customers also
can win a luxury apartment in the heart of
Colombo from the year end premium draw. The
year end grand draw will offer a luxury
Mitsubishi Montero jeep and in addition to
this a Toyota Avanza car can be won from the
September Toyota Avanza car draw.
By saving with HNB Pathum Vimana, a large
number of customers get the opportunity to
participate in the HNB Pathum Vimana TV game
show and win prizes ranging from Rs
5,000-100,000 weekly. The TV game show is
telecast on Rupavahini every Friday at
To qualify for the Pathum Vimana 2008 Year
End Grand Draw, Toyota Avanza Car Draws and
the TV game show, all you have to do is to
maintain a minimum balance of Rs.10,000 in
a savings account, Singithi Savings Account
or current account for a period of one
calendar month prior to the draw. And to
qualify for the premium draw a minimum
balance of Rs 100,000 has to be maintained
in a savings or a Singithi savings account
or a minimum balance of Rs 50,000 in a
current account for one calendar month
immediately prior to the draw.
Cranfield offers schols.
World renowned Cranfield School of
Management in the UK will present a
scholarship to any member of the three
leading IFAC accountancy bodies in Sri
Lanka, the Association of Chartered
Certified Accountants (ACCA), the Institute
of Chartered Accountants Sri Lanka (ICASL)
or the Chartered Institute of Management
Accountants Sri Lanka Branch (CIMA).
Cranfield has produced a distinguished
honour roll of MBA alumni from Sri Lanka
over the last two decades including Hatton
National Bank Managing Director Rajendra
Theagarajah, WNS Senior Vice President Arul
Sivagananathan and Stretchline Group
Financial Controller Hasantha de Silva.
ICASL, ACCA and CIMA members must apply
directly to Cranfield School of Management,
for which instructions are available on the
Cranfield website, marking the application
'Sri Lanka Scholarship.'
Full Time MBA Programme Director Sean
Rickard who informed Sri Lanka of the
scholarship said, "We hope the scholarship
attracts candidates who will benefit from
this initiative and that, with the help of
the accounting bodies in Sri Lanka, it will
raise Cranfield's profile. We are extremely
grateful for the support of the institutes
in this. We will be reviewing the success
of the programme after two years."
ACCA Sri Lanka's Immediate Past President
Dilshan Rodrigo, himself a Cranfield School
of Management alumni says, "I hope that this
initiative will signal the birth of a new
generation of professional skilled managers
who will add value to the corporate
boardrooms of Sri Lanka."
Saying that this is a world class MBA ranked
consistently as one of the top MBAs in
Europe, he adds, "This one year full time
programme is suited for members in middle
and senior management positions with career
Rodrigo, who has continued to maintain ties
with Cranfield, further reinforced the
relationship once he became ACCA Sri Lanka
President, sourcing resource speakers for
the ACCA National Conferences in the last
"Two people who played significant roles in
mooting this scholarship from the Cranfield
end are the former MBA Programme Director
Professor Leo Murray who was the keynote
speaker at our conference in 2006 and and
Sri Sriskanthan, a Sri Lankan faculty member
on the MBA programme."
Dubai conglomerate acquires AMW
Al Futtaim Engineering LLC Dubai, a
diversified group of companies bought Rs.
6.9 billion worth of shares of AMW
representing 71.15% of its equity or 39.6
million shares at Monday's trading.
The sellers were Associated Electrical
Corporation PLC controlled by Ajita de Zoysa
and family which sale comprised the disposal
of 51.15% of AMW's equity and John Keells
Holdings PLC (JKH) divesting its 20% stake
(11,138,808 shares), also in AMW, with the
latter sale valued at Rs. 1.94 billion,
effecting a Rs. 1.03 billion capital gain to
This purchase which triggered the Securities
& Exchange Commission's Mergers &
Acquisitions Code, resulted in Al Futtaim
making a mandatory offer to the rest of
AMW's shareholders to buy their shares at Rs.
174.50 a share, the price at which it paid
to acquire a controlling stake and beyond,
The Al-Futtaim group is divided into
operational divisions Automotive,
Electronics, Engineering, and Technology,
Retail, Financial Services, and Real Estate.
Al-Futtaim represents many of the world's
leading brands, including Toyota, Lexus,
Honda, Volvo, Chrysler, Jeep and Dodge,
Panasonic, Toshiba, Sanyo, Aftron, Alcatel,
IKEA, Ace, Marks & Spencer, Ladybird,
Hasbro, Toys R Us, Seiko, Raymond Weil,
Westar, Kolber and Minato Pearls.
The latest development undertaken by Al-Futtaim
is Dubai Festival City, a waterfront
development offering a mix of entertainment,
dining, shopping, marina, hotels,
residential and office components. A
groundbreaking ceremony recently took place
for Cairo Festival City and others are
planned throughout the region with
investment from the recently closed Al-Futtaim
Real Estate Investment Fund, the largest
such fund in the region.
Established in the 1930s, Al-Futtaim
initially operated as a trading enterprise.
Rapid development throughout the 1940s and
'50s saw it become established regionally as
an integrated commercial, industrial and
services organisation and one of the leading
business houses in the Gulf region.
Today, it operates collectively more than 70
companies bearing the Al-Futtaim name,
dominates many market segments in the UAE
and has expanded its sphere of operation to
include Bahrain, Kuwait, Qatar, Oman and
The group includes a diverse range of
strategically positioned operating
subsidiaries and associate companies. Its
continuing investment in first class systems
technology offers evidence of its commitment
to maintaining leading edge performance and
The success of Al-Futtaim can be attributed
to a business approach that combines the
ability to change with the traditional
values of integrity, service and social
responsibility that define its core business
This, linked with the group's belief in
decentralisation, gives the heads of the
operating companies a high degree of
functional autonomy and authority, providing
the group with essential flexibility, and
individual employees a clearly defined work
culture and sense of responsibility.
LG stylish & award winning
LG once again solidified its existing
commitment to innovative and creative design
at the prestigious and internationally
recognized Reddot Design Awards by winning
an award for its High-output Chocolate Micro
LG's latest stylish micro system recieved
this honour for possessing all the style,
contemporary design and innovation that the
brand has become renowned for.
The 160W stylish micro system has special
features such as a high-gloss piano black
bodyline (similar to LG's chocolate phone),
a touch pad and red lighting that add a
stylish sense of luxury and sophistication
to its value.
The micro system employs XTS (excellent true
sound) which is the most advanced audio
technology developed by LG. It controls and
stabilizes the entire frequency range to
produce the best clarity in sound and
enables its users to have all their speakers
working in harmony with the amplifier for a
more even and balanced sound reproduction
through all frequency levels. XDSS plus
creates magnificient and vivid sound by
boosting up frequency level.
The system also supports a USB host port
that lets users enjoy their favourite music
with high quality by directly connecting it
to mobile devices such as MP3 players. Abans
is the agent in Sri Lanka for LG home
appliances and have taken their innovative
products to every corner of Sri Lanka
through a network of showrooms and dealers.
LG products which are reasonably priced are
made even more affordable to urban as well
as rural masses with interest free easy
payment schemes and special trade-in offers
and promotions. LG products sold by Abans
are backed by a guarantee of quality and
LG Electronics Inc., is the global leader
and technology innovator in consumer
electronics and mobile communications
employing more than 72,000 in over 120
operations and 80 subsidiaries around the
LG Electronics comprises four business
units: Mobile Communications, Digital
Appliances, Digital Display and Digital
Media and is the world's leading provider of
CDMA handsets, residential air conditioners,
plasma panels, optical storage products and
LG Electronics Digital Media Company
provides digitally integrated products such
as audio video systems, car infotainment
systems, optical storage products, notebook
PCs and PDA, whilst simultaneously focusing
on next generation businesses.