HNB Managing Director/CEO Rajendra Theagarajah
with The Asian Banker International Resource
Director Brett King (left) and The Excellence in
Retail Financial Services Programme Head Christian
National Bank (HNB) was named Sri Lanka's Best Retail
Bank in the seventh Asian Banker Excellence in Retail
Financial Services Awards Programme.
bank received the award at The Asian Banker Excellence
in Retail Financial Services Awards 2009 ceremony held
in conjunction with the region's foremost retail banking
event, the Excellence in Retail Financial Services
Convention at Grand Hyatt,
on March 19.
won the Best Retail Bank in Sri Lanka for 2008 for the
second time in a row, gaining higher scores than the
other banks surveyed in the programme, including Nations
Trust Bank, HSBC and Standard Chartered Bank in Sri
120 senior bankers from award winning banks in 22
countries across Asia Pacific, the Gulf and Central
Asian regions attended the formal gala dinner, the
industry's celebration of the region's best retail
bankers that recognizes their efforts in bringing
superior products and services to their customers.
awards programme, administered by The Asian Banker and
refereed by prominent global bankers, consultants and
academics, is the most prestigious of its kind. "This
year over 120 banks and financial institutions in 22
countries across the region were evaluated as part of
the Excellence in Retail Financial Services Programme.
It has become the single most prestigious, comprehensive
and anticipated awards programme that recognises the
pursuit of excellence amongst retail financial
institutions available almost anywhere in the world
today," said The Asian Banker Excellence in Retail
Financial Services Programme Chairman Philip Strause.
expanded its branch network to the rural and semi-rural
sectors and launched new retail products targeting new
customer segments, such as children, adolescents and the
elderly in 2008. The bank's main target is to expand its
strategy proved suitable amidst raging inflation and
regulatory restrictions in
The bank displayed healthy profit growth of 38% and 11%
growth in retail deposits YOY from September 2007 to
September 2008. The sales performance of HNB was
"astonishing" with triple digit growth in newly opened
bank aims to enhance its self-service sector, but still
has some way to go to match international standards.
Nonetheless the development is impressive," says The
Asian Banker Excellence in Retail Financial Services
Awards Programme head Chris Kapfer.
Realizing the importance of foreign remittances to Sri
Lanka, HNB took the initiative to invest in exchange
houses in the
Middle East. These exchange houses opened the way for
remittances and money exchange. New technologies also
enhanced the incoming flow of remittances which
accounted for $450 million up to September 2008, "which
is about 20% of
Lanka's total remittances."
has increased its presence in rural areas where
financial services still play a minor role for the
population. The rise in HNB's low-cost deposits is going
hand in hand with the strong profit growth, despite the
invested in new distribution channels and its ATM usage
increased by 20%, while the bank was able to expand the
network with additional machines exceeding 250 ATMs
altogether. Above all, HNB strived to upgrade processes,
reduce costs and enhance its risk management.
having only a third of its equity
Strategic investor may control Seylan
investor with a third of the equity stake in troubled
Seylan Bank plc whilst simultaneously calling the shots
in the Board will have a controlling stake in the Bank,
informed sources told The Sunday Leader.
is because the Board also has control over Seylan's
Employee Share Option Plan (ESOP) which at present has a
27% equity stake in the troubled bank, thereby
effectively taking control of the Bank's stated capital
to beyond 50%, they said.
general, a minority of directors, sometimes numbering
not more than two may call the shots at bank's board
meetings," they added.
Central Bank's (CB's) code of Corporate Governance for
banks, a bank may have any thing between 7-13 directors.
second biggest shareholder after ESOP in Seylan
currently is its disgraced chairman Lalith Kotelawala,
who, together with connected companies has a 23% equity
stake in the Bank.
the bank regulator, on Friday called for expressions of
interest (EOI) for investment in a third of the capital
Seylan valued at US$ 50 million, with the assurance of a
third of its Board seats as well being made available to
the successful investor.
strategic investor has also been called upon to invest
in the Bank's debentures.
the dissolution of its former Board by the CB in
December 2008 due to alleged mismanagement, and the
appointment of a new Board, Seylan at present has seven
directors which includes its new chairman Eastman
event CB is successful in getting a strategic investor
for Seylan, it's learnt that the new number in the
director board may be anything between seven and 13.
of the existing directors may have to go, while others
may be retained, after a strategic investor is found,
new appointees, working in consonance with the existing
Board will have a majority control over the Board, and
therewith over the Bank's ESOP, enough to muster the 50%
plus voting shares to push through any critical
resolutions, they said.
should have no difficulty in working in harmony with the
rest of the directors," the sources contended.
the expansion of Seylan's stated capital after the entry
of a strategic investor, ESOP's current 27% holding in
the Bank may be diluted, but not diluted enough to
prevent the new investor together with the concurrence
of the new Board and therewith having control over the
Bank's ESOP, to have an over 50% equity stake in the
Bank, they said.
their advertisement said that the new investor will have
to reduce his stake in the Bank to 15%, 15 years after
the date of investment.
close on April 15, with selected investors expected to
submit bids by May 27, and the successful bidder being
selected by May 20, 2009.
Treasury (T) Bill and Bond yields in secondary market
trading fell, in consonant with yield falls at
Wednesday's T Bill primary auction before the week-end,
market sources said.
Bill yields fell by 30 basis points (bps) at Friday's
trading, over the weighted average yields (WAYs) fetched
at that auction, the sources said.
of T Bills of 91, 182 and 364 days maturities fell by 32
bps, 31 bps and 27 bps week on week to 14.62%, 16.16%
and 16.63% respectively at Wednesday's T Bill primary
auction for the re-issue of Rs. 5,000 million worth of
maturing T Bills. Central Bank (CB) accepted Rs. 10,000
million worth of offers from the market at this auction.
Coinciding with the drop in T Bill yields, T Bond rates
in secondary market trading also fell due to increased
demand for all maturities, to the 16«-17% levels, from
the previous 17-17¬% levels, they said.
Bonds of 2013 maturity fell to the 16.80% levels on
Thursday, compared to the 17% levels demanded prior to
Wednesday's auction, with the status quo continuing at
Friday's trading as well.
Meanwhile CB in addition to allowing for rupee purchases
through its overnight reverse repo window, is also
allowing for term rupee purchases, generally for a
period of one month, with some Rs. 20 billion worth of
purchases made by the market upto Friday.
Reverse repo rates charged by the CB for these purchases
have been in the region of 13%, they said. Overnight
call money market rates were in the region of 11%.
Sources also expected lending rates to fall in line with
falling inflation and T Bill rates.
Additional 100,000 tourists, solution
increase of 100,000 tourists in the event the war is won
would give a boost to the industry in the short-term, a
Tourist arrivals to Sri Lanka were in the 400,000 levels
prior to the July '83 riots. It has since increased by
100,000 to 500,000 at the present.
However, Stefan Furkhan, Managing Director Confifi
Group, told reporters on Tuesday, that the real numbers
of tourists arriving to Sri Lanka were considerably
lower, at around 250-300,000.
defined a tourist as a person who visits the island on a
"Others traditionally defined as tourists inclusive of
Sri Lankans holding foreign passports, where a number of
them stays in the houses of relatives, while still
others are business travellers who stay in city hotels,"
Jayemanne, the Group's Director Operations, told The
Sunday Leader that despite the recession, a 100,000
increase in tourist arrivals to the country in the event
of peace being achieved was possible, because tourist
arrivals to the island, relative to its peers, was
other countries get as much as 20 million tourists," he
said. "The Summer is looking bad, but we are keeping our
fingers crossed for the coming Winter season which
begins in November," added Jayemanne.
Furkhan said that in the long term Sri Lanka needs to
have its infrastructure right to develop tourism.
traveller on a seven hour flight to Colombo having to
spend several more hours on the road to get to Beruwela
is unsatisfactory," he said.
Group operates three resort hotels in Beruwela.
Furkhan defined short term as a period of between 2-3
Maldives being submerged a myth
contribution to global warming is 65%, while the balance
35% is due to natural causes, an astro-physicist said.
Kavan Ratnatunga, President of the Astronomical
Association of Sri Lanka, delivering a lecture at the
Institute of Engineers on Monday said that if the
present status quo continued, i.e. global warming as it
is, by the end of the century, the sea water levels
would have had risen by a foot, affecting the Western
Pacific area, places like Japan and the Pacific islands.
Sun eclipse in 2010
Northern parts of Sri Lanka will witness an annular
eclipse of the Sun on January 15, 2010, second only
in beauty to the total eclipse of the Sun witnessed
by Sri Lanka some 54 years ago in 1955, said Dr.
"It will be visible for a period of 10 minutes in
Jaffna, six minutes in Puttalam and four minutes in
Anuradhapura," he said.
However in the "South," in places like Colombo, its
effects will be like that of a partial eclipse, an
occurrence which is common, he said.
"Colombo witnessed a partial eclipse as late as
January 2009," said Ratnatunga. He said that the
centre of the Sun is covered by the Moon in an
Inflation & Poverty
Thursday Deputy Director of the Institute of Policy
Studies Dr. Ms. Dushni Weerakoon on behalf of ESCAP,
unveiled that UN Organisation's 2009 Economic and Social
Survey of Asia and the Pacific 2009 report.
Answering questions from reporters, she said that though
poverty levels have fallen according to the latest
survey-carried some 2-3 years ago by the Census and
Statistics Department, raging inflation that has
overtaken the economy since, may have had pushed up
poverty levels once more.
survey which is carried out once in five years, saw
poverty levels at 15.6%, according to latest data
compiled in 2006/07, down from the 22.7% poverty levels,
according to the previous survey conducted in 2002/03.
Friends and foes alike, if they are sincere enough in
their opinions, should give credit to that brief two
year period of the UNF regime, from December 2001 to
April 2004, which helped to bring down inflation to the
single digit level, which no doubt contributed to
lowering the island's poverty levels.
after the advent of the UPFA regime in April 2004,
fiscal and monetary profligacy was the name of the game.
This resulted in inflation peaking at the near 30%
levels in the middle of last year.
then however the government has been adopting a tight
monetary stance, with point to point inflation coming
down to single digit levels by last month.
However, the moving annual average inflation is still
above the 20% levels.
such a concerted effort by the government, of
maintaining a tight monetary policy over a longer period
of time will have to be conducted, to bring down the
moving annual average inflation to single digit levels,
thereby giving a boost to the economy and to poverty
complaints made by the financial and the banking sector
in regard to their inability to bring down lending rates
are high inflation and heavy government borrowings that
apparently crowds out the private sector from the
government is trying to address these two bottlenecks,
and in particular the latter, by infusing liquidity to
the system through its open market operations. As one
daily recently reported, let the two State owned
commercial banks start the ball rolling by reducing
their lending rates, perhaps then, others may follow.
However, in infusing such liquidity to the market,
Central Bank (CB) needs to be careful that such
infusions will not cause inflation to rise once more.
inflation is squared by either adopting tighter monetary
policy or by jacking up rates, or a mix of both, which
may negate CB's plans to bring down rates in order to
stimulate the economy.
credit is a stimulant to the economy as it boosts
consumption and helps expand investments, which in turn
are a conduit to job creation.
is what the world is now doing, at least as far as the
major economies are concerned, by offering credit at
single digit interest, or more precisely closer to a
zero rate of interest, in order to boost their
economies, hit by the global recession.
cause of the global recession, as everybody knows, was
because no proper assessment was made of certain
borrowers and their ability to pay, as well as not
making a proper valuation of the mortgage, having its
origins, like the Great Depression of 1929, in the
U.S.A., and spilling over to the rest of the advanced
and major economies alike, with cascading effects on
smaller economies such as Sri Lanka's, all caused by the
U.S. borrowers' inability to pay.
Weerakoon in her address said that in the light of the
global recession, the IMF has advocated loose monetary
policy, advising economies to infuse liquidity to the
value of 2% of their respective GDPs in order to
stimulate their economies in the current context.
Lanka's case this will amount to a sum of Rs. 66
billion, four times more than the Rs. 16 billion
stimulous package unveiled by the government in January
an action may cause demand side inflationary pressure on
event the local economy needs a stimulous equivalent to
2% of GDP and not «% of GDP as envisaged in the
government's already spelt out stimulous package, then a
fine balance will have to be drawn between stimulous and
inflation, provided that the latter will not only help
to retain jobs, but will also assist in creating new and
productive jobs to cater to the youth of this country
entering the job market annually.
Another factor highlighted by Weerakoon was the flight
of foreign capital from government debt as a result of
the global recession, where she said that from a peak of
US$ 600 million, it had witnessed a flight of US$ 400
million, obviously causing pressure on the exchange
this connection, the CB, used to weekly, send this
newspaper a report titled Government Securities Market
Weekly report. This report which is usually received by
us on Thursdays, covers the movement of government
securities for the week ended on Wednesdays.
in that report also included foreign holdings in
Treasury Bond outstanding.
statistics used to be reproduced in this paper weekly.
highlighted a depreciating trend in foreign holding of T
Bond outstanding in recent times.
since March 19, CB has stopped sending those statistics
to us despite several e. mails, asking for this data,
sent by this newspaper. CB has remained silent to our
last time we published this data was in our issue of
March 15, 2009, courtesy the CB, that showed foreign
holdings on T Bond outstanding dipping by 26.2% week on
week to Rs. 6,777 million (US$ 59.4 million).
Whether palatable or unpalatable, it's the duty of the
government and the CB to reveal these statistics to the
public and to investors alike, so that they may form
their independent opinions and investment decisions.
CB, and government officers alike, are paid by
taxpayers' money, and the right to know is a key
Transparency is a hallmark of a progressive economy. And
CB Governor Ajith Nivard Cabraal, when unveiling the
Bank's Monetary Policy Roadmap for the year in early
January, promised to be more transparent in their
actions and be more inter-active with the media.
isn't "hiding" such statistics contrary to that promise?
After all such information doesn't jeopardize national
said weekly report for the week ended March 25, 2009 was
sent to us by the CB on March 27, 2009.
Ahead of competition
Machine-painted ceiling sheets have been introduced to
Sri Lanka for the first time by
Roofing Products Ltd. These elegant, durable and high
quality sheets marketed under the brand name Colorup are
designed to add glamour to the home of the discerning
sheets which come in five standard colours that soothes
the eye will add a touch of class to the interior. Rhino
can also offer additional colours to blend with the home
in accordance with specific customer requirements for a
nominal fee. This will enable you to make creative
choices in design.
Colorup ceiling sheets are recommended by architects and
builders due to their many advantages. Installing these
is a hassle-free, economical and speedy process and
involves minimal labour.
colour does not fade.
Furthermore, Colorup ceiling sheets are durable and
resistant to fungal activity. They are also safe and
environmentally-friendly. All their products are made
from SLS standard raw materials.
pairs of gloves and a paint tin for touchups is also
given free with every buy.
Colorup also offers free technical advice. They also
provide professional after-sales service. Colorup
services and products are innovative, customer driven
and is way ahead of competition.
superior products are manufactured in the only
fully-automated factory in South-East Asia and
distributed islandwide through over 300 registered
dealers. Customers can also purchase directly from the
Rhino showrooms at Srima Bandaranaike Mawatha, Colombo
and Kurunegala. Transportation can be arranged for a
nominal fee. Rhino traces its roots to a company
established in 1962 and assumed its present name in 1978
under Deshamanya A.Y.S. Gnanam who founded the
pioneering conglomerate St. Anthony's Group. It's a
successful and diversified company. It has laid emphasis
on quality and customer satisfaction over the years and
obtained ISO 9001, ISO 14001, OHSAS 18001 and SLSI
Islamic banking has shown that it is a viable
alternative model by offering products and services that
more equitably distribute risk and reward between banks
and businessmen in the context of the current global
financial crisis, said a press release.
Lanka, the Amana Group has established itself as the
pioneer in providing Islamic financial services, from
merchant banking to insurance, to Muslims and
non-Muslims alike.Since its inception, Amana has been
working towards obtaining a commercial banking licence
from the Central Bank of Sri Lanka (CBSL) which would
allow it to expand its business activities and the
breadth of its revenue sources by offering its numerous
customers a wider range of Sharia-compliant services and
products. In 2005, amendments were introduced to the
Banking Act to include the provision of financial
products based on the profit and loss sharing principle
as permitted business for licensed banks, thereby paving
the way for Islamic banking in Sri Lanka.
Amana Group reached another milestone, with the granting
of a Letter of Provisional Approval to establish a
licensed commercial bank named Amana Bank Ltd., by
CBSL's Monetary Board.
Bank Ltd. which was incorporated on February 5, 2009.
has not yet been granted a licence to carry on banking
business under the Banking Act. Upon achieving certain
conditions listed in the Letter of Provisional Approval
such as the raising of a minimum capital requirement of
Rs. 2.5 billion, Amana Bank expects to receive a banking
licence from CBSL that will enable it to begin
commercial banking operations.
Bank hopes to utilize the technical expertise and
specialized Islamic banking know-how of Bank Islam
Malaysia Berhad (BIMB), which currently holds a 10%
stake in Amana.
Looking ahead, Amana Bank plans to actively participate
in the Government's 'Re-awakening of the East' programme
by expanding its branch network in the Eastern province
beyond the currently existing five and offering
appropriate Islamic banking solutions to facilitate the
resurgence of the East's infrastructure and economy.
No political will to solve Colombo's garbage problem
has to be a political will to resolve Colombo's garbage
problem, an environmentalist said.
Professor Mohan Munasinghe who shared the Nobel Peace
Prize with former US Vice President Al Gore on their
work on climate change in 2007, told reporters on Monday
that there are several solutions available to tackle
Colombo's garbage problem, but that which was lacking
was the political resolve.
solutions included separating the garbage from that
which was bio degradable, from that which was not. It
also included disposing of garbage through landfills.
further said that there was a commercial value in
garbage and pointed out to a project launched by
Cinnamon Grand, a five star hotel in Colombo, to recycle
polythene banners used by it for its promotional work,
to be converted into bags, rather than discarding them
Earnings made from these bags, priced at between Rs.
100-400 (a statement said Rs. 250-500) will go to pay
for the salaries of the tailors involved in this
exercise, whilst the balance will be channelled to the
Maharagama Cancer Hospital's Children's Ward, for its
Munasinghe who was speaking at a function to fete this
event said that this initiative is well worth to vie for
a global award.
said that this recycling project fulfils all the three
attributes he highlighted at the Rio Earth Summit 15
years ago for sustainable development. Those being
economic-it provides employment to tailors,
social-provides funding for cancer afflicted children
and environment-it stops environmental degradation by
preventing plastics which are non biodegradable from
polluting the bio sphere.
Munasinghe said that there were also indirect economic
and health benefits from such activities as plastics
also played a role in clogging drains which in turn
spawned the danger of a rise in vector borne diseases
such as dengue.
Hotel's General Manager Rohan Karr said that five
container loads of plastics are monthly imported to the
country for the making of banners. His hotel had
collected some 2-3 years stock of used banners from
which 350 bags of different shapes and sizes and for a
variety of uses have been made.
project has been extended to Cinnamon Grand's parent
company John Keells Holdings PLC which has 70 companies
under its umbrella. Their used banners will also be used
in this recyclable project.
inaugural sale was held in the hotel premises on Friday
with the hotel planning to hold such sales on a monthly
are reluctant to lend to finance companies after the
crash of an illegal finance company together with
deposits worth Rs. 26 billion, banking sources said.
Lending to finance companies comprised a large chunk of
banks' lending portfolio, they said.
Central Bank has assured of a Rs. two billion cover for
existing facilities for such financial institutions that
has been frozen by banks due to the instability of
registered finance companies and specialized leasing
companies after a series of frauds involving such
illegitimate finance companies late last year that was
having an impact on the regulated sector.
banks say that cover is not enough, asking for
guarantees of their moneys in the event such companies
poverty levels are likely to have had risen due to
raging inflation that has beset the country in recent
times, an economist said.
(Ms.) Dushni Weerakoon, Deputy Director Institute of
Policy Studies told reporters on Thursday that
according to a survey conducted by Sri Lanka's Census &
Statistics Department, poverty levels in the country, in
the five year period from 2002 to 2007 had fallen by
seven percentage points, from 22.7% to 15.6%.
However, taking into consideration the raging inflation
that beset the country since, poverty levels are likely
to have had risen, she said.
survey is conducted once in five years. "There is no
interim data available," Weerakoon said.
Weerakoon who unveiled ESCAP's Asia-Pacific 2009 report
on the occasion said that the financial crisis, rise in
energy and food prices and global warming were the three
terrors at present facing the globe.
the world economy expected to recover next year, energy
and food prices were due to take-off once more. She said
the report emphasised the importance of finding
alternate sources of energy.
Foreign T Bond holdings: Rs. 3.2 bn.
Foreign holdings on Treasury Bond (T Bond) outstanding
which slipped by 80.8% week on week (WoW) to Rs. 1,300
million in the week ended March 18, 2009; slightly
recovered with a 145.5% increase WoW in the week ended
March 25, 2009 to Rs. 3,191 million; still down by
52.9% over the March 11 figure of Rs. 6,777 million.
(See also business editorial on page 22)
$ at Rs. 115
dollar continued its ascent vis-…-vis the rupee in the
absence of State intervention, gaining by 50 Sri Lanka
cents to Rs. 115 per unit in spot trading on Friday,
intervention has been missing since Thursday afternoon,
with the government owned Bank of Ceylon (BoC) last seen
defending the rupee by offering dollars at the Rs.
114.25 levels per unit on Thursday morning, they
said.BoC has been absent from the market since Thursday
afternoon, the sources said.
gains since Thursday were mainly due to the repatriation
of foreign exchange (forex) in regard to a "foreign"
investor, believed to be Raj Rajaratnam who sold his
shares in John Keells Holdings (to high networth
individuals Don Harold Stassen Jayawardena and Sohli
Captain) a few days ago, taking back his money, the
sources said. The government has been staying away from
the forex market these days, though actively borrowing
from the rupee market, they said.
a Macbertan (Pvt.) Ltd. product, is the number one
product in the country for thermal insulation. Macbertan
is the first plastic processing company in Sri Lanka,
which is ISO 9001:2000, ISO 14001:2004 and ISO
18001:2007 certified by Sri Lanka Standards Institution.
is a reflective heat insulation material, which reflects
more than 90% of radiant heat and thereby contributes
towards keeping the environment cool by cutting off the
heat from the building's roof. McFoil is manufactured
locally by laminating thermally expanded low density
polyethylene which comes in sheet form with aluminum or
meterlized polyester film. McFoil is water resistant and
non hazardous and come in a range of colours, with
single or double sided lamination and flame retardant.
In addition to this McFoil is also the only energy
saving product in
which is certified by NERD. McFoil insulation reduces
the energy that is used to cool household as well as
business environments, This is done by reducing the
amount of fans or air-conditioning systems that have to
be installed for this purpose. All products manufactured
by Macbertan is 100% recyclable and environmentally
company also has an over 3,000 islandwide dealer
Five year extension for Chevron
Chevron, in a stock exchange filing on Wednesday said
that the Cabinet has extended their lease by five years,
in relation to their factory premises in Kolonnawa,
which is housed in State land.
current lease expires on July 13, 2009. "New commercial
terms have not been notified to us as yet," the company
Credit Cardholders enjoy exclusive offers and privileges
throughout the year. Staring this year; winners of
January and February Credit Card draws walked away with
prizes such as computers and Seylan Visa Gift Cards.
Cardholders who used their credit cards over 12 times,
with each transaction being Rs.2,500 or more from
December1, 2008 - January 15, 2009, had 25% of their
finance Charge for February 2009 waived off.
from these offers there will be a New Year Draw to
select three winners who will have upto Rs.50,000 of
their Avurudu expenses paid. Loads of prizes await
Seylan credit cardholders this year. Also, Seylan
Credit cardholders receive a Free Travel and Medical
Insurance Cover of upto 50,000 dollars when they travel.
With the No Stamp Duty saving, cardholders can indulge
in buying goods without having to worry about additional
Continent, other than Germany, has softened their travel
a hotelier said.
Jayemanne, Director Operations, Confifi Group told The
Sunday Leader that other countries in the Continent,
such as France and Netherlands have however softened the
"tone" of their travel advisories.
and the Southern coastal belt have been declared unsafe
for travel by Germany, the industry alleged.
advisories emanating from the UK are generally less
harsh than those coming out from the Continent,
fourth highest foreign exchange earner and
was at one time Sri Lanka's biggest market, now
relegated to 3rd place, behind
and the UK.
Tourist arrivals last month fell by 23% year on year (YoY),
following a 37% YoY dip in January.
gets between 400-500,000 tourists annually. The Confifi
Group which operates three resort hotels in the South
with a combined room strength of 500, has an average
40-45% occupancy currently, lower than the 70-80%
occupancy levels enjoyed during the same period last
Confifi Group which operates three resort hotels in
Beruwela has launched a promotional campaign to lure
local tourists this Avurudhu season.
industry is currently in a downward trend due to the
recession and the island's own problems. The Group
currently has a room occupancy rate of between 40-45%.
promotion includes free corkage and free soft drinks and
ice creams to children.
Computer motherboard sales down 20,000 units
Inflation has hit the sale of computer components, with
the sale of motherboards declining by 20,000 units (17%)
to 100,000 units year on year (YoY) last year.
Liu, Sales Director Gigabyte Taiwan, a motherboard
manufacturer, told reporters on Tuesday, that the price
of a motherboard ranges from US$ 35 and upwards.
comprises around 10-15% of the total cost of a desktop
computer," he said.
company's Country Manager for Sri Lanka, Alan Szu told
The Sunday Leader that the biggest supplier of
motherboards to the island was Fastcom, also a Taiwanese
company with a 28% market share.
followed by Asus
(22-23%), while Megabyte and NSI were each having a 16%
said Gigabyte sold 20,000 motherboards to the local
market last year, down from the 24-25,000 the previous
year. This was despite a US$ 5 dip in the street
(retail) price of a motherboard, from US$ 65 to US$ 60 a
unit last year, Szu who is based in
first two months of this year saw Gigabyte shipping in
2,500 motherboards to the island, he added.
"foreign to foreign" transfer involving two parcels of
JKH shares numbering 960,000 and 400,000 respectively
involving two accounts maintained by the same company
and executed at Rs. 64 a share, boosted turnover to Rs.
186.3 million at Friday's trading.