14 bn investment in BoC-Shing venture
of the proposed real estate project in Wellawatte (to be undertaken as
a joint venture between Shing Kwan Investment of Singapore and Bank of
Ceylon) is expected to begin by mid next year. This venture is
estimated to totally cost around Rs.14 billion.
first phase would be completed within a year after construction
commences. At present, this project is in the conceptualisation stage
and details are shortly to be finalised.
project is the outcome of an agreement signed recently between Shing
Kwan Investment (Singapore) Ltd., and Bank of Ceylon to develop the
Wellawatta Mill site amounting to around 14 acres. For this purpose a
joint venture company is in the process of being set up. Bank of
Ceylon will hold a 51% stake in the company while the Singaporean firm
will acquire 49%.
is pertinent to mention that Shing Kwan Investment is the investment
holding company of the Shing Kwan Group, the major shareholders of
Overseas Realty (owner and developer of World Trade Centre, Colombo).
The Bank of Ceylon would contribute the land which it acquired from
the government as part settlement of a debt, while Shing Kwan will be
responsible for infusing funds, conceptualising and managing the
entire project using their expertise and experience in handling
similar projects internationally.
Deputy General Manager, Overseas Realty, Remaz Ghouse said they will
shortly appoint consultants to advise on various aspects of the
proposed project. According to him, preliminary plans envisage a
property development amounting to two million square feet.
major portion of the development will involve middle and high income
housing . Space will also be allocated for retail, commercial and
said the project will be on a phased basis, depending on market demand
and the general economic state of the country.
stated that they have faith this project will be successful, citing
the peace process and investor confidence as the reasons for his
the first phase of construction, it is intended to build 'show flats'
which would be similar to the end product, so that potential buyers
and investors can see for themselves and even place orders. Their
target clientele includes Sri Lankan expatriates perhaps looking out
for a second home, wealthy locals, and foreigners (particularly from
the Middle East and Europe) who may consider Sri Lanka as an
attractive investment option for housing. All apartments will have
similar features, but would differ in size.
expects a good response during their pre-selling campaign which will
be undertaken before the first phase is completed. He said they will
be working with banks to provide end-user finance.
also stated they will select design companies from Europe, America and
Asia to come up with their own
concepts based on a brief. They will then consider the presentations
by these companies before selecting what is deemed to be the most
appropriate design. Thereafter they will most likely chose an
internationally reputed contractor to undertake the construction work.
said the new venture reinforces the Shing Kwan Group's belief at the
inception of the World Trade Centre project in 1991 that "in time
Sri Lanka could become the regional headquarters serving as a gateway
to the South Asia subcontinent."
said that one of the group's aims is to be a premier developer of real
estate in Sri Lanka, and undertake other large projects in accordance
with this objective.
investments held and managed by Shing Kwan Group are mainly in
property and finance. Projects undertaken by their companies include
Wisma Metropolitan 1 & 11 and World Trade Centre 1 (Indonesia),
a massive hotel, apartment, office and shopping mall project, a
500-room luxury 5-star hotel, a multi-functional complex called
ShaghaiMart (China), a modern office building and an apartment complex
and retail arcade (Singapore).
approach by BoC to resolve outstandings
from state-owned enterprises
Bank of Ceylon took an innovative approach in dealing with the
issue of outstandings from state organisations when it
successfully persuaded the government to hand over the
Wellawatte Mills property to partly settle the debts due from
Ceylon Shipping Corporation.
block of land amounting to 14 acres in now the proposed site of
the major real estate joint venture between the state bank and
Shing Kwan Investment of Singapore.
Chairperson Sumi Moonesinghe said this approach converts
"dead assets into live capital." She noted that the
Wellawatte Mills property had been lying unutilised for the last
would be a good idea if other banks resort to similar strategies
to at least partly settle outstanding dues from state
institutions. Many such enterprises have accumulated huge debts
largely due to the mismanagement and corruption of the previous
government. This approach taken by the Bank of Ceylon could help
other banks resolve problems like the huge debt burden of the
Cooperative Wholesale Establishment (CWE).
pointed out that resorting to legal action in such cases
involves a costly and prolonged process. She intends following a
similar approach in the case of other institutions indebted to
the Bank of Ceylon. She stated that the government owns a lot of
to Moonesinghe, the benefits of their initiative and the
agreement with Shing Kwan are threefold - it will reduce the
government debt, create a market for lending once the project
gets underway, and help stimulate the economy by creating
employment during the construction phase.
Bank acquires local operations of Mashreq Bank
Bank Limited (incorporated in Pakistan) has acquired the local
operations of Mashreq Bank in Sri Lanka. At a press conference held on
August 22, President and Group CEO, Union Bank Pakistan, Shaukat Tarin
said, "Union Bank has selected Sri Lanka as the first venue for
commencing its international business. We believe that the
historically warm relationship between both the two countries provide
Union Bank a congenial platform to start its offshore operations. In
addition to this, the bilateral trade agreement between Pakistan and
Sri Lanka has helped to boost trade and open up business and finance
opportunities on both ends."
Manager, Union Bank's Sri Lanka Operations, Goharulayn Afzal stated
that Sri Lanka since the advent of the peace process has reflected a
significant GDP growth. "The year 2003 has seen even more
impressive results with remarkable improvement in most sectors of the
economy. This affords an excellent opportunity to be part of this
growing economy and contribute positively to the development of Sri
Lanka. It will be our foremost endeavour to provide a very high level
of service to our customers together with providing innovative
Bank has established itself as one of the leading private sector banks
in Pakistan. Apart from local expansion, the management at Union bank
has followed a focused strategy of strategic alliances with various
business partners, both locally and globally.
Bank was established in 1991 and for nearly a decade concentrated on
corporate and small and medium enterprises. In late 1999, a major
Middle Eastern group acquired the majority shares of Union Bank,
transforming its status into a foreign bank. The new sponsors have
significant experience in international financial services business
and energy sector.
on the same strategic run, in the year 2000, Union Bank acquired Bank
of America's local operations in Pakistan. The merger of the two
organisations had synergistic effect. Union Bank's distribution
strength combined with Bank of America's strengths in systems,
procedures and technological resources created a much stronger entity.
mid 2001, Union Bank signed an independent operator agreement with
American Express for the cards business. As a result of this
agreement, Union Bank enjoys the rights to issue, operate and market
American Express Cards in Pakistan. The bank has a distinct advantage
of having issuance licenses for all three major card networks i.e.
VISA, MasterCard and American Express, and acquiring licenses for
VISA/MasterCard, American Express as well as JCB cards.
the year 2002, Union Bank acquired the local operations of Emirates
Bank International. This development led to the formation of one of
the largest private sector banks in Pakistan with a branch network of
42 branches spanning 19 cities.
Bank today operates in 19 major cities of Pakistan with a network of
42 branches where it extends its services to a large and diversified
customer base. The bank is managed by a select group of highly
accomplished professionals in the field of banking and finance. They
bring with them enormous managerial experience in corporate and
consumer banking, operations, treasury, risk management, credit and
marketing from leading local and foreign banks. At present Union Bank
has a balance sheet size of US$ 1.2 billion. Union Bank currently
employs 2400 employees.
a short span of three years, Union Bank has gone through a complete
transformation by re-organising its business functions, joining hands
with major international brands, setting up a state of the art
technology platform and launching new products and services. The
management feels that the time is ripe to enter the international
market. With great depth in management skills, and a vision that goes
beyond Pakistan, Union bank wants to make an indelible impact on the
international banking arena.
Technica goes digital
Fred Malwenna began Photo Technica with his wife on independence day
of February 4, 1958, he didn't expect that in approximately five
decades Photo Technica will be a household name in Sri Lanka's world
Malwenna's Photo Technica in the late 50s and early 60s was patronized
by the country's elite. Prime ministers and ministers bought and
serviced their cameras here at this original photo technical. It was a
photoshop of the cream of society
at that time.
Fred Malwenna, a professional photographer obtained a professional
knowledge of cameras and photography internationally. Having observed
cameras of all sorts and those in the making in Germany, Fred remained
the veteran photographer in the spotlight in Sri Lanka for decades.
in 1994, with the demise of this great man in photography, generations
of clients of Photo Technica were concerned about the future of the
business. But unknown to them Fred Malwenna's dynamic young
son Harsha Malwenna sprang into the focus. Educated at St.
Thomas' College and having trained in Japan and Germany in technology
and electronics and with professional qualifications in photography
from Switzerland Harsha Malwenna, himself a professional photographer
took the reins of Photo
is important that a person obtains a basic training in photography and
then capture the moment and let himself go," says Malwenna to
would-be photographers. Photo Technica also conducts basic courses in
photography. With a
library of over 5000 slides, Harsha Malwenna is a photographer of
culture, wild life and ruins of Sri Lanka. His photography has
been featured in publications by the Sri Lanka Tourist Board.
it is this young Harsha Malwenna who steered his father's Photo
Technica to the future. Photo Technica which started as a photo shop
selling basic cameras and attending to sales and service, today has
is the reputed importer of world class cameras as Nikon, Yashica,
Pentax and Leica, the Rolls Royce in cameras. With eight branches
including one at the Duty Free, Photo Technica today not only services
cameras, but sells top quality cameras marked with credibility. Its
recently acquired digital machine enables one to restore and print
even the oldest photographs. Photo Technica also has an up to date
comprehensive stock of spare parts and modern workshop facilities.
and even amateur customers who have been looked after in the last
decade by Photo Technica have been amazed at the recent acquisition of
the modern digital mini lab at Photo Technica. Only three such
machines are available in Sri Lanka and Photo Technica's head office
at 288 Galle Road, Colombo 3 boasts of such modern technology.
"It will cater to the increasing demands in photography in the
modern world.. We do prints from any type of digital cameras. We
transfer digital data to compact and floppy discs. We do photo editing
and photo restoration and all
types of photo preservation," pointed out Malwenna.
business climate: a surge of confidence
pendulum that has mirrored the LMD-ACNielsen Business Confidence Index
(BCI) in recent times continues to swing," says LMD, in its
September edition, out tomorrow.
did so somewhat dramatically (and in the right direction) in August.
After edging down from 162 in June to an 11-month low of 152 in July,
the BCI surged by a healthy 21 basis points (to 173) last month - a
mere five points below the five-year high of 178 registered in
December last year," the business magazine elaborates.
medium-term outlook, it seems, is now being viewed with some degree of
optimism, with 61 of those surveyed in the unique poll expecting
"the economy, in general, to improve in the coming 12
months" - up from 53% a month ago.
BCI is based on a survey of 100 senior executives in the city of
Colombo, and is compiled from answers to a series of questions on
business conditions and expectations. The survey is conducted monthly
for LMD by ACNielsen Lanka.
fact that Nielsen Lanka's monthly survey of businesspeople coincided
with the euphoria surrounding the Prime Minister's visit to China
could well have instilled confidence in the hearts and minds of
businesspeople - as, perhaps, did the fact that the premier was
accompanied by a high-powered business delegation seeking to foster
enhanced trading links with their Chinese counterparts. The release of
more encouraging corporate results may also have played a part in
buoying business sentiment, LMD surmises.
"investment climate in the country," however, continues to
be viewed with scepticism, according to the poll. Only 64% of
respondents said that prospects are either "good" or
"fair" in August, whilst almost 70% said so in the preceding
month. Those who said the climate is "good" dropped from in
excess of a third to only a quarter in August, while only a meagre 5%
opined that the climate is "very good".
instability, however - and now a spate of violent shootings
(indicating a low ebb in law and order) - continues to be an
overarching negative issue.
the peace process appears to be back on track, following the resumed
talks in the French capital. This, coupled with encouraging
performances by the corporate sector and the stock market, may prop
business confidence in the short term.
Bank maintains healthy growth
Commercial Bank of Ceylon Ltd., its subsidiaries and associate
companies have reported a pre-tax profit of Rs. 936.9 million for the
first half of 2003, an increase of Rs. 101.6 million or 12.15% over
the corresponding period last year.
bank said this pre-tax profit was arrived at after making a loan loss
provision of Rs. 302.2 million, which included a provision of Rs.
155.0 million made as a prudential measure, covering 20% of facilities
granted to a state-owned enterprise, whose facilities have been
classified under non performing advances.
the bank is in the process of taking legal action against the borrower
with the view to recovering the dues," Commercial Bank's Deputy
General Manager (Finance & Planning), Ranjith Samaranayake said.
this provision, the group's post-tax profit before value added tax on
profit for the period under review was Rs. 811.457 million, an
increase of Rs. 159.670 million or 24.50%.
provision compelling banks to provide for special value added tax
(VAT) on the basis of 10% of the net profit before tax and staff
emoluments cost the bank nearly Rs. 113 million for the first half of
2003. The profit for the six months after providing for the corporate
tax and VAT amounted to Rs. 698.5 million, recording a growth of Rs.
46.703 million or a percentage growth of 7.17.
profit as well as post-tax profit before VAT were well above the
prevailing rate of inflation estimated to be 8%, thereby indicating
healthy growth in real terms.
said the growth in profits was attributed to the healthy growth in
deposits, which amounted to Rs. 7.9 billion, a percentage growth of
addition, the fund base of the bank was further boosted by the
infusion of medium term funds through a debenture and the preference
share issue, which raised Rs. 3.2 billion, improving the bank's
funding mix, he explained.
excess liquidity from higher growth in deposits than that in advances
was gainfully utilised by the bank's treasury by investing in treasury
bills and bounds at very fine margins, Samaranayake said.
Commercial Bank Group was able to maintain a healthy growth in the
group's principal source of income, which is net interest income. The
group recorded a growth of Rs. 397.2 million in net interest income,
which was a 29% growth over the corresponding period last year.
Despite the falling interest rate scenario, the growth in net interest
income was facilitated by growth in business volumes, Samaranayake
group also continued to maintain a healthy growth in commission and
other income, which enabled the bank to record a growth of 25% in net
total income in comparison to the previous year.
was further facilitated by operating expenses increasing only by
19.47%, as against the growth of 25% in net total income,
demonstrating the cost efficiency of the bank. The cost income ratio
of the group amounted to 50.45%, which was a drop from 52.71% over the
corresponding period last year.
Commercial Bank of Ceylon Ltd., recently entered into a Memorandum of
Understanding with Credit Agricole Indosuez (CAI) to acquire CAI's
banking operations in Bangladesh, subject to the approvals of the
respective regulatory authorities.
performance for the first half of 2003 of the Commercial Bank of
Ceylon Ltd., has been reported in accordance with the recent changes
to the format of accounts recommended by the Colombo Stock Exchange in
line with the Sri Lanka Accounting Standard No. 35. Accordingly, the
performance of the second quarter of 2003 has been given in addition
to the half-year period under consideration in the income statement.
The bank's balance sheet provides the comparative figures as of
December 31, 2002, instead of the figures as of June 30, 2002.
Direct, the 11-year old database marketing company founded and managed
by Priyanga Hapagalle and The HotHouse, a 10-year old UK-based direct
marketing agency have joined forces to create the first truly
integrated direct marketing agency in the country.
at the launch held at the Trans-Asia Hotel, Chief Executive Officer of
the new agency, Direct Solutions, Priyanga Hapagalle said, "This
is a very proud moment for me as it is the next logical stage to move
worked with nearly 400 of the top companies supplying principally
direct mail solutions, we now have the total ability to service
clients from strategy to analysis and to move them also into true
Solutions offers the complete range of services required to initiate
and maintain a one-to-one relationship between a company and its
customers whether they be consumers or other businesses. These include
data sourcing, capturing, cleansing, manipulation and maintenance via
the creation and development of customer acquisition and development
programmes to creative approaches across all media including press,
radio, direct mail, telemarketing and TV to the end product of
response analysis and customer knowledge building.
safer society for business
second Key Persons Forum discussion was held last week with the topic
for discussion being 'Maintaining Law and Order for a Conducive
and Christian Affairs Minister John Amaratunga and Moderator Ranil
Wijesinghe were at the head table. Several senior members of the
police force and members of the business community were present at the
Amaratunga in his opening speech said that a new chapter in the
history of the police service has begun and the police force is now on
the right course to serve the public with respect and dignity in an
atmosphere of impartiality.
maintaining of law and order is essentially a commitment of the state
police, he said, adding that the present government was of the view
the Police Department should detach itself from the Defence Ministry.
Minister Ranil Wickremesinghe created the Interior Ministry to ensure
that the general public could turn to the civil police as their
guardians to resolve their problems," he said.
Amaratunga explained that the government went a step further and
created the National Police Commission as "honest, hardworking
and efficient police officers" were subject to unnecessary
transfers due to political interference. However, police officers are
now completely independent to carry out their tasks and serve the
public, he said.
police force members also said that with the forming of the National
Police Commission, they are safeguarded and able to carry out their
duties without interference.
programmes are being carried out to make the members of the police
force more worthy to society, said minister Amaratunga. However, the
police officers are very poorly paid and are "finding it
extremely difficult to survive," he said.
confidence in Sri Lanka increasing due to the ongoing peace process,
foreign investment has also increased and the country has just emerged
from an economic disaster of a minus growth, said the minister.
also said the crime rate has not increased, adding, "There is a
fluctuation in the crime rate" and emphasised that the death
penalty should be introduced to curb crime.
Amaratunga said that a large number of police officers are deployed in
the north east resulting in a shortage of numbers in Colombo, where he
said the main problems arise while fewer problems occur in the
moderator Ranil Wijesinghe, while congratulating the police force on
what they do to prevent crime, raised questions about incidents of
robbery, rape and violence saying that "one person who was
abducted, killed or raped is extremely important."
also raised questions as to what the value addition of the National
Police Commission is, if it is as effective as it was intended to be,
if the police force is really independent and if the police force
"could bring about a negative crime rate as much as we have a
positive economic growth."
of the pillars of the UNF government is that you wanted to reduce the
rate of crime but there is a perception that crime has increased. The
perception is far more important in reality whether its business or
politics," he said to minister Amaratunga.
businessmen raised several questions regarding the efficiency and
impartiality of the police force, emphasising on recent brutal
murders, rapes, actions of ministers and their offspring, the
possession of unlicensed firearms by the public and the traffic
minister attributed the possession of unlicensed firearms due to the
large number of deserters from the armed forces and said that the lack
of information coming forward prevented the police force from
apprehending those who are in possession of these firearms.
government even declared an amnesty to give up firearms with no
questions asked but not even a fraction of the people who are in
possession of firearms came forward during this amnesty, said the
two hand grenades were recovered from the drawer of the Sabaragamuwa
Provincial Council Chairman. The fact is that even people of such
standing are holding on to arms and explosives," he added.
violent incidents at some major hotels in Colombo and the assaulting
of a police officer by minister Jayalath Jayawardene's son were two
issues that were also discussed at length, with emphasis on the action
taken by the police in these instances.
the underworld gangs that operate in the country, members of the
police force stated that most of the underworld gangsters have been
identified and 75% of the leaders of both gangs have been arrested. A
large number of crimes have been solved as well, they said.
stations not being properly managed, the lack of facilities such as
vehicles for patrolling at night, emergency numbers and the
possibility of introducing a short emergency number to get through to
the police were amongst issues that were discussed. Methods in which
the business community could help the police force financially were
by the Policy Support Unit (PSU) of the Federation of Chambers of
Commerce and Industry of Sri Lanka (FCCISL) with support from the Sri
Lankan-German private sector promotion project, the objective of the
Key Persons Forum is to organise a series of public lectures, seminars
and discussions conducted by local and foreign individuals on matters
of relevance and interest, especially to the private sector.
launches Pathum Piyapath
is 100 years since the wonders of aviation were introduced to the
world. While the first aircraft was introduced by the Wright Brothers,
today thousands of people have benefited from their experiment.
celebration of this great achievement in aviation, the national
carrier, SriLankan Airlines has introduced the Pathum Piyapath
programme. According to Head, Corporate Communications, Chandana De
Silva, the main idea behind this programme is to give 54 children from
rural areas in the country the opportunity of travelling in an
aircraft abroad. According to De Silva, at a village level, these
children don't have an idea of what an aircraft or flying is all
about. "This is one step taken by the national carrier to
introduce and educate the children on what goes on in the world,"
De Silva said.
children many of us have dreamt of been in an aircraft and flying
around the world. These children are no different, except that they
will probably never be in an aircraft since they cannot afford the
airfare," says De Silva.
the introduction of Pathum Piyapath, these children will not only have
the opportunity of flying to Male but also get an idea of what really
goes on inside an airport before they actually board the plane.
Public Relations, Deshini Abeyewardena said one of the ideas of this
programme is for the children to understand the meaning of a passport,
the rules and regulations of the Immigration and Emigration
Department, the Customs procedure, what is served aboard the plane and
safety measures one should follow, among other things.
54 children will be chosen from all provinces in the country.
students who give the correct answers to the five questions given by
SriLankan Airlines officials will qualify for the draw. Out of the
correct answers six children from each province will be chosen to go
on a one day trip to Male.
all those who answer the questions correctly we will be giving them a
certificate," says Abeyewardene.
said this opportunity was introduced to children (boys and girls)
between the ages of 16 and 18 as they possess a valid identity card.
the children reach Male, the SriLankan Airlines pilots will conduct a
presentation on aviation and its importance. The children will also be
taken to a Male school and other places of interest depending on what
the SriLankan officials can organise.
are hoping to have a renowned personality like a cricketer, film star
or athlete on board," said Abeyewardene.
present SriLankan officials are in the process of sending letters to
school principals in the island. "Discussions and plans are still
under way to make this event a great success," she said.
children are expected to leave on October 11 to Male. On their return
they will be given a group photograph together with a SriLankan pilot
and a steward to take them back home. One SriLankan Airlines official
will accompany six to seven children in the group. This programme is
expected to be the start of a successful promotional avaiation
from the Pathum Piyapath programme, SriLankan Airlines is involved in
the Hope Cancer Project and the CMC project among others.
national carrier has also offered tickets on a discounted rate to
patients requiring surgery abroad and in some cases even free tickets.
Jetwing Hotel will provide free accommodation for the students and
their parents for the day. The parents will remain at the hotel till
the children return in the evening. "We have also organised a
special programme for the parents during the day," Abeyewardene
wished to thank the media, the Immigration and Emigration Department
and ANCL, MTV and Rupavahini for their sponsorship of this event.
City now in Kurunegala
Real Estate Developers Ltd. (CRDL), a member of Ceylinco Consolidated,
commenced work on the Millennium City Wayamba District project with a
ground-breaking ceremony at which Chairman, Wayamba Economic
Development Commission, Deshmanya Dr. Lalith Kotelawela was the chief
guest. Also present were Constitutional Affairs Minister, G.L. Peiris,
Kurunegala Mayor, Chandrasiri De Silva and other members of parliament
as well as local government officials.
a Rs. 700 million investment and located on 50 acres of prime real
estate, the Wayamba District can be assured of a quality housing
township. 300 houses are scheduled to be built on the selfsame lines
as those of the Athurugiriya Millennium City. Scheduled to be
completed in three years, construction is due to commence in three
months. The houses will range from standard two bedroom to luxury four
Paradis houses which constitute the luxury category and have both
upstair as well as downstair units and consist of four bedrooms and
three bathrooms with all the facilities of modern luxury living such
as 24 hour security, swimming pool, club house, gymnasium, basketball
and tennis courts, etc. The Olympus category of houses comprise three
bedrooms with most of the facilities available to the Paradis category
being common to the Olympus residents as well. The Tulip category of
houses are single storeyed, three bedroomed and have 24 hour security
with telephone facilities. The Heartland range of houses are economy
class, with two to three bedrooms with optional facilities.
at the ceremony Deshmanya Dr. Kotelawela said that as this was a
Wayamba EDC approved and sponsored project, all benefits such as duty
free concessions, discounts on building, etc., were being passed on to
G.L. Peiris said that a project of this nature commencing in the
Wayamba District would greatly benefit the rural populace as they
could now avail themselves of quality, low cost housing, which has
been professionally built and supervised.
Kurunegala Mayor speaking on the occasion said that to date there had
been no planned real estate development in the region. "This is a
morale booster for the people of Wayamba with far reaching effects
which will help the Kurunegala District to further develop their
Chairman, CDL, Bandula Ranaweera said that they used only ICTAD
registered contractors, while a team of experienced local and foreign
professionals would be monitoring the progress of the project. He also
said that all Millennium City townships ensured that the highest
environmental standards were maintained.
Millennium City customers are given a comprehensive guarantee for
their houses, while easy payment facilities could also be arranged.
services by Seylan Bank
Bank recorded its best half year performance in the first of 2003 with
a group profit amounting to Rs. 772 million. The bank is moving ahead
with new initiatives in order to maintain its momentum.
most prominent among them for the second half of the year is the
establishment of custodial services as against its traditional banking
services. Initially, the expertise of Nythya Partners helped the bank
to establish a fully geared custodial services unit in order to
provide the market with a competitive and cost effective service.
a result of the rebound in the capital market, Seylan Bank expects
more vibrancy in the economy, in the form of debenture issues,
securitisation and even the setting up of new unit trusts. Seylan Bank
is the only Sri Lankan private bank to offer such custodial services
which include Escrow agency for computer source codes.
range of services include trustees and custodians for securitisation/collateralisation
issues, trustees for debenture issues, custodians of the purchase
consideration where seller requires regulatory approval for
remittances and custodians of the purchase consideration where the
consideration is to be satisfied on a deferred basis subject to the
fulfillment of certain conditions.
Freight International wins bronze award
Freight International was the proud winner of the NCE medium category
bronze award in the service-providing sector for 2002.
company has been the franchise partner of Hellmann Worldwide Logistics
in Sri Lanka since 1992.
Worldwide Logistics was founded in 1871 by Carl Heinrich Hellmann in
Osnabruek, northern Germany. It began as a one-man business delivering
parcels with a horse-drawn cart.
Ceylinco functions as Hellmann's franchise agent in Sri Lanka under
the trade name Ceylinco Hellmann Worldwide Logistics handling many
major International accounts.
international boundaries shift and global transportation becomes even
more sophisticated, anticipating the future needs of the market is
what characterises Hellmann as a true leader. The ability to quickly
and efficiently transport goods between regions is one of the few
remaining competitive advantages.
341 offices in 134 countries, Hellmann offers global solutions to
global challenges. As a
leading international provider of integrated logistics and forwarding
services, Hellmann is a vital link between industries and trades
throughout the world. With systematic organisation and innovative
solutions Hellmann offers optimum delivery times for shipments of all
sizes, from a courier envelope to a full load of air or ocean cargo.
to diversify into power sector
Consolidated held discussions on a number of subjects with potential
Chinese partners in Beijing earlier this month, being part of the
delegation led by Prime Minister Ranil Wickremesinghe.
of the main topics was Ceylinco's interest in establishing an
alternate power source in the country.
a press conference last week, Director Sicille Kotelawela said that
Ceylinco is having discussions with Sinopec,
No.68 in the world Top 500 companies according to its sales
revenue, to enter the petroleum sector in Sri Lanka.
Here the company will then be the third player in the retail
is also having discussions with a highly specialised company in China
dealing with offshore oil exploration.
The Chinese company is said to be showing keen interest in
offshore oil exploration in Sri Lanka and Ceylinco hopes to start this
Ceylinco Group is also focusing on renewable energy.
Ceylinco officials stated that given the existing hydro
capacity and past experience in Sri Lanka, it will make good sense to
build more hydro plants on a mini as well as micro scale.
A British expert, David Friztherbert is currently working with
Ceylinco to make this a reality.
Other plans of Ceylinco are in regard to alternative energy
such as using biomass. This
sector has great potential based upon waste products from agriculture,
the forestry sector, and energy crops.
that Sri Lanka needs to double its power generation capacity over the
coming decade, Ceylinco is also pushing for more use of wind power.
The wind energy sector is at an early stage in Sri Lanka with
the Hambantota 3MW wind farm as the first demonstration project.
There are more potential sites identified for wind power
Consolidated along with their Chinese partners China National
Machinery & Equipment Import
& Export Corporation (CMEC), a leading state owned group
handling international projects, held discussions with Prime Minister
Ranil Wickremesinghe on several projects they hope to start in Sri
the discussions CMEC suggested that the government of Sri Lanka look
into the possibility of setting up 50 MW coal power plants which could
be expanded in stages. CMEC
has much experience in this regard in Malaysia and is currently
installing up to 200MW in stages.
sources also stated that a team of CMEC officials visited Sri Lanka
last year and carried out a survey of power plant sub stations,
transmission lines and other related facilities.
With a requirement of approximately 1000 MW of power being
generated within the next decade, installation of new and upgrading of
present transmission line systems and sub stations will have to be
carried out urgently.
Sicille Kotelawela also announced that Ceylinco is hoping to take
their restaurant, Raga Bojun to several other countries such as China,
Dubai and even the West. She
added that at their Akase Kade at Ceylinco House, she hopes to open a
South Indian restaurant by next month.
Ceylinco Chairman, Deshamanya Lalith Kotelawala, Director, Sicille
Kotelawala and Chairman,
Nawaloka Group, Deshmanya H.K Dharmadasa have embarked on a project to
reconstruct and rehabilitate tanks in the Wayamba and Central regions.
Ceylinco is hoping that the public and organisations will come
forward and offer assistance in rehabilitating these tanks for the
benefit of the people in these areas.
four tanks have been completed and work is underway in the fifth.
According to Sicille Kotelawala the people in these areas are
so grateful when they get water "they truly bless us." She
said they welcome any assistance in rehabilitating more tanks in the
Wayamba region where there are over 600 tanks that are unusable.
water is the greatest blessing and the people here are in such dire
circumstances it is a blessing to help them.
This project was started in March this year and the tanks that
have been rehabilitated so far are Aluthwewa in Anuradhapura, Mahawewa
in Galgamuwa, the bund Periakaduwa Wewa in Hiriyala and Paradel
Horowwa Wewa in Narammala.
significant events at Four A's AGM
Annual General Meeting of the Accredited Advertising Agencies
Association, the ad industry body better known as the Four A's, held
at the Galle Face Hotel recently, was an eventful one. In addition to
electing a new board of directors for the coming year, the meeting saw
three other significant steps being taken.
the meeting, chief guest, former ad-man and Governor, Southern
Province, Kingsley Wickremaratne presided over the honouring of three
of Sri Lanka's 'advertising giants of the past' - Anandatissa de Alwis,
Cyril Masilamani and Ranjit Jayasuriya. Family members were there to
collect the posthumous awards presented, following some touching
eulogies read by Roshni de Saram. Governor Wickremaratne reminisced
about the early days and remembered his erstwhile colleagues from the
ad industry. The Four A's have proposed to further this initiative by
launching an Advertising Hall of Fame this year to honour other
seniors of the industry.
other significant step was the signing of a Code of Ethics by heads of
agencies present at the meeting. The Four A's noted that advertising
with its high profile and influential impact on society, needed to be
practiced with sensitivity and restraint, as there was an increasing
number of complaints about insensitive, distasteful and misleading
setting the lead for exemplary practice through the adoption of this
creative code, the Four A's noted that the existence of the
uncontrolled sector of many small-time ad agencies and others who were
not a part of the Four A's meant that not all advertising appearing in
the mass media could be controlled through the association's
self-regulation initiative. However, it was felt that the
association's plans for public forums and the setting up of a website
to field public criticism and promote wider discussion in this area,
would in time lead to better practice across the industry.
new board elected at the AGM are: Kenneth Honter, re-elected as
president, Rohan Rajaratnam and Keith Martenstyn - vice presidents,
Chrishantha Jayasinghe - secretary, Keith Wijesuriya - treasurer, and
Rezani Aziz, Laila Gunasekera, Pradeep Amirthanayagam, Roshini
de Saram and Kumar Rajendra - directors.
association also invited several seniors from the industry to form an
advisory council to secure support and advice of this important group
for the activities of the Four A's. Those appointed to the council are
Kingsley Wickremaratne, Deshabandu Reggie Candappa, Shiranee Rubera,
Lilamani Dias Benson, Felicia Dean, Melville Assauw, Soma Ahangama,
Ryan Jayatunga and Nimal Gunewardena.
focusing on building products
Sons Limited with their longstanding reputation is aggressively
marketing their exclusive building products range, which are known as
the best in the market.
of the products include the Franke range, which consists of kitchen
sinks and taps from Switzerland, Harvi Foil from New Zealand, and
Viero decorative wall coatings from Italy.
hopes to be the leading building products distributor in the country
with their unique and exclusive product range. Marketing and Product
Executive - Imports Division, Sujith Gunerathne said Franke's know-how
in the development and manufacturing of products in stainless steel
remains unequalled: e.g. "high-end range with a double edge sink
profile, polyurethane water proof sealant for life, perfect
integration in the kitchen worktop being key features."
50 million customers throughout the world are the result and also the
reflection of Franke's reputation for quality. Franke's branded
products combine design and functionality like the unique Franke
Papillon sink range.
offers a very wide range of products such as kitchen sinks and taps,
water purification and eco-systems, all matching by design.
upgraded the sink to a food preparation centre, with many innovative
and functional accessories for easier and better cooking.
is a proven fact that all pantry cupboard manufacturers prefer to use
Franke kitchen sinks and taps, and it is recommended by architects
said that Viero decorative wall coatings are based on natural Italian
marble chips for all types of interior and exterior surfaces. He said
that they cater to the customer's requirements and match the colour
to Harvi Foil, he stressed that its heat reflectivity is more than 95%
and is the market leader in this sector. Harvi Foil is a well-known
name in the local market as well as globally.
went on to say that Shermans new Showroom at Sri Sangharaja Mawatha,
Colombo 10, which would be opened soon, will supply the needs and
wants of home builders and potential home builders, and will focus
mainly on its building products range as well as its reputed
electrical home appliances range.
emphasised that Shermans undertakes the insulation of Harvi Foil and
application of Viero wall coatings if the client requests, further
enabling the customer to take advantage of a better and professional
than the products mentioned, Shermans are also the agents for Thai
gypsum board, Lockwood door locks and security products, NSF Diazo
plan printing papers, Dorma door locks and are the agents for the
reputed Candy brand.