Kelsey Homes, the pioneering real estate developer in Sri Lanka, is ready to welcome prospective buyers of URBAN HEIGHTS Wattala for Open days on 15th and 16th August 2020. The complex is “Ready for you to move in!”, if you are a prospective buyer. URBAN HEIGHTS Wattala is an exclusive gated development of 16 units with a five-storey apartment complex comprising a line of upmarket, beautifully designed units available in 2 & 3 bedroomed configurations.  The units offer optimal value and a high return on investment and the residents will be able to access Colombo/Port City in 30 minutes by 2022, via the Port Access Elevated Highway while the Outer Circular Highway will also allow them to conveniently reach Colombo within a short time, despite living in the suburbs. URBAN HEIGHTS Wattala offers residents a lifestyle of comfort and convenience. The apartment complex features a wide range of modern facilities including a fully equipped gymnasium and eye-catching views from the roof terrace including a view of the sea. The complex is equipped with a lift, a garbage collection point and allocated covered parking areas and 24-hour security, for all residents; ensuring that they remain safe at all times. Each spacious unit covers an area of 1,200+ square feet and priced from Rs. 18.5 million. With the COC (Certificate of conformity) obtained, the apartments are “ready to move in” immediately for the new owners. As only 7 units are available buyers will have limited opportunity. So, take advantage of this risk-free investment close to the urban town of Wattala. Potential buyers can enjoy an amazing discount of Rupees one million if they make the reservation by the 31st of August 2020. “When selecting a home, affordability and accessibility are two key factors prospective buyers should consider, both of which are offered by URBAN HEIGHTS Wattala. Given the highly convenient location and the comfortable apartments within this gated housing development; professionals and reputed businessmen have found these apartments perfectly suited for their requirements. It is complete with all the conveniences of modern apartment living while each unit boasts of the finest equipment and facilities. Given the competitive price and the fact that the COC has already been obtained, buyers can move in immediately” stated. Eardley Perera, Chairman of Kelsey Developments PLC.

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• Galaxy Note20: Mystic Bronze, Mystic Green, Mystic Gray
• Galaxy Note20 Ultra: Mystic Bronze, Mystic Black

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Emirates Skywards, the award-winning loyalty programme of Emirates and flydubai, has introduced a thousand new ways to earn Miles while shopping online with popular UK and US brands. Members can now visit skywardsmilesmall.com, choose from more than 1,500 brands and splurge on shopping – all the while racking up Miles that can be used for discounted flight tickets and other rewards. Earn Miles all day, every day Shop online: To start earning Miles, visit skywardsmilesmall.com – which can be accessed on the Emirates app or emirates.com. Members can then browse through a list of fantastic offers across fashion, lifestyle and other retail stores. To shop from participating brands, log in using Emirates Skywards account details and continue to the partner brand’s website to complete the purchase. For every GBP 1 spent, members can earn up to 15 Miles; and for every USD 1 spent, members can earn up to 12 Miles. Emirates Skywards co-branded cardholders can earn even more Miles while shopping on skywardsmilesmall.com. Before completing the purchase, customers have the option to calculate eligible Miles on the portal based on transactions made. For a full list of participating brands, please click here. Members can choose from over 1,500 partner brands in the UK and US across several categories including beauty, fitness, health, electronics and much more.* Shop online and splurge on the trendiest fashion wear from popular retail brands including Harvey Nichols and Macy’s. Emirates Skywards’ 27 million members worldwide can earn and spend Miles for an extensive range of rewards, including flight tickets on partner airlines, flight upgrades, hotel stays, tickets, hospitality at sporting and cultural events, tours and money-can’t-buy experiences. For more information on Emirates Skywards, visit www.emirates.com/skywards.  

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In many ways, digital marketing has proven itself indispensable for present day marketers as it has forced the marketing industry towards a completely new direction filled with innovative technologies, social media connectivity and limitless possibilities. The pioneer in marketing education in Sri Lanka, the Sri Lanka Institute of Marketing (SLIM), recently joined hands with the Digital Marketing Institute (DMI), Ireland. DMI is the leading global body in digital marketing education and continuously works with industry giants such as Google, Facebook, LinkedIn and IBM to validate programme content and identify global trends, to improve skill and competency frameworks. With a global student network of over 27,000 students across more than 100 countries, DMI offers a continuous learning experience for both its students and graduates through its online membership platforms. In recognition of its efforts in raising the bar of digital marketing education, DMI has become the most prestigious certification body in the field. During a time when a ‘fingertip society’ is emerging, and almost anything is just a click away, digital marketing has become part and parcel of marketing. Therefore, it is of paramount importance for marketers to explore the depths of the digital aspect of marketing to excel in dynamic industries. Starting with the Certificate in Digital Marketing (CDM) followed by an upgrade to the Diploma in Digital Marketing (DDM) will be the ideal path for aspiring marketers who wish to embark on a thriving career. Whether you are new to marketing or have a wealth of experience in the industry, this professional qualification adds immense value to win the digital sphere. With the new accreditation, students can obtain DMI qualification as a dual qualification. The goal of DMI is to develop the digital marketing profession, maintain professional standards and improve the skills of marketing practitioners by enabling them to deliver futuristic results for their organisations. SLIM being the apex body for marketing in Sri Lanka, is also the first and only accredited study centre in the country to conduct this programme. The institute is synonymous for its exceptional learning experience created through its focused and experienced panel of expert lectures. A student who has already completed the Certificate in Digital Marketing course, can obtain the ‘Certified Digital Marketing Associate’ status, which is globally recognised. Also, a student who has completed the Diploma in Digital Marketing programme will be qualified to obtain the ‘Certified Digital Marketing Professional’ status, which will enable them to stand out from the ordinary, open new doors as you work your way through your career in marketing, and demonstrate your ‘up to date’ attitude about the latest trends in digital marketing. All these global qualifications will be received only through following SLIM CDM or DDM programmes. Commenting on the partnership, Roshan Fernando, President of SLIM said, “SLIM is delighted to partner with DMI and give the local marketers the opportunity to obtain a world-renowned qualification in digital marketing. This partnership will definitely add value to the local marketing fraternity and enable the development of skills and competencies of Sri Lankan marketers who are digital savvy. Being the first Accredited Study Centre for the Global Giant, SLIM is proud to offer this opportunity to all our students and the marketing fraternity.” Nuwan Gamage, Vice President, SLIM stated, “This qualification allows students to understand more about the holistic aspect of digital marketing and its significance in organisational success. Thus, this globally recognised professional qualification with emphasis on practice-based learning will allow students to take a quantum leap in their marketing careers with their sharpened knowledge in digital marketing. As the national body for Marketing in Sri Lanka, we are proud to offer this global recognition for those who follow SLIM CDM & DDM programmes.” Sanath Senanayake, CEO/Executive Director of SLIM commented, “SLIM is very keen on partnering with global partners and we are happy to team up with DMI as its first Accredited Study Centre in Sri Lanka. This opportunity was obtained only after DMI evaluated the rich content of SLIM CDM & DDM programmes, which assures that SLIM education is always the pioneer in Marketing education. SLIM is the National body for Marketing in Sri Lanka and has been promoting marketing excellence and elevating the status of marketing since 1970. It is a member of the National Chamber of Commerce of Sri Lanka (NCCSL), Organisation of Professional Associations of Sri Lanka (OPA) and Federation of Chamber of Commerce and Industry of Sri Lanka (FCCISL). Internationally it is affiliated with the Asia Marketing Federation (AMF) as a member of the Board of Management. SLIM also has received ISO 9001:2015 certification in recognition of its superior quality management system and ISO 29990:2010 for Learning Service Provider (LSP), providing non-formal education and training services.          

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Sri Lanka’s gross official reserves grew by US$407.4 million to US$ 7,102.0 million in July 2020 from US$ 6,694.6 million in June 2020, latest Central Bank data showed. By the end of July, foreign currency reserves were 6,605.1 million dollars while the reserve position in the IMF was 67.6 million dollars. Reserves in Gold were 425.6 million and other reserve assets were one million US dollars.

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The Court of the people gave the verdict on those who covered up the bond scam, said former Central Bank Governor and now national list nominee for MP, Ajith Nivaard Cabraal, in a post-election statement. As investigations on the bond scam gather momentum on the basis of the Prevention of Money Laundering Act, under direction of the AG’s department, Ajith Nivard Cabraal recently published an extensive work that unravels the cover up of the Bond Scam. It’s available on amazon.com and is titled ‘The Great Bond Scam Cover-Up: The Mother of All Cover-Ups.’ Cabraal’s expose does a deep-dive into the former Premier Wickremasinghe’s decision to carry out the 2015 bond issue by auction, and not direct placement. The Prime Minister’s order created a steep spike in the interest rates paid by the Government for all Treasury Bills and Bonds by over an incredible 300 basis points, enhancing the interest rates across the entire economy, and causing a series of shocks, set-backs and losses, writes Cabraal. As a result of the Bond Scam, it is now evident that every borrower has had to suffer a premium on the interest payable, since the interest rate equilibrium that prevailed just before February 2015 was greatly disturbed, leading to higher costs and greater risk, both individually and as a society, the author points out with extensive references to the circumstances and facts that are related. He also writes about the subsequent presidential Commission of Inquiry into the bond issue, and states that it is clear from that Supreme Court decision in a fundamental rights case regarding the Greek bond issue carried out during his tenure as Governor Central Bank (CBSL), that the Supreme Court had unambiguously exonerated all Members of the Monetary Board and the Central Bank staff from any wrong-doing whatsoever, in making the investment in the Greece Bonds. “The Auditor General has stated though the Central Bank had incurred a loss from the investment in Greece Government Bonds, it has earned a total net profit of US$ 430.2 million on International Reserve Management during the year 2011’, Cabraal points out, citing authoritative sources. The author also demurs with the contention that CBSL procedures and structures deteriorated in his tenure. ‘The proof is that the terrible Bond Scam came to light because of the effective procedures that were in place in the CBSL, in spite of determined attempts to conceal the Scam by the powerful vested interests including Arjuna Mahendran, the absconding former Governor of the CBSL who is now a fugitive from justice,’ he writes. About the now much talked of forensic audit, so called, on the bond issue, Cabraal states that this procedure was ordered by the then Monetary Board that had a conflict of interests. It appears that it is the Monetary Board itself that has commissioned the forensic audit/investigation, which is totally in conflict with the fundamentals of such probes, the author contends. The Presidential Commission of Inquiry unbelievably failed to state that Governor Mahendran had acted specifically on the direct instructions of Prime Minister Ranil Wickremesinghe, as the latter had himself insisted, it’s also revealed.  Simple arithmetic shows that by accepting Bonds at a deliberately “bumped-up” yield rate of 12.5% (net of taxes) which was significantly higher than the yield prevailing in the secondary market of 9.3% (net of taxes), the Government cash flow had suffered a tremendous loss of Rs. 29/13 for each Rs. 100/- bond, the writer contends. About PTL, (Perpetual Treasuries Ltd.) the Company belonging to former Governor Mahendran’s son in law, the following exposes are made: It is abundantly clear that PTL was able to make these extraordinary profits (from the bond issue) and progress in an unbelievable manner because of the close patronage provided by Governor Arjuna Mahendran. Further even while all these matters were being aired in public, the political authorities, particularly Prime Minister Ranil Wickremesinghe continued to support Mahendran unconditionally. The maximum amount of the bid offered by PTL before the early 2015 bond issue is Rs. 250 million. And only Rs. 27 million from the bid offered to the value of Rs.150 million had been accepted during the period of 26.02.2014 to 30.12.2014. But in contrast, from 10th March 2015 onwards, they have offered bids ranging from Rs. 300 million to Rs.3000 million and received bids in a range of Rs. 50 million to Rs. 3000 million. Requesting former President Sirisena to place the CBSL under the Ministry of National Policies and Economic Affairs where he was the Minister, in an unprecedented allocation of institutions under Ministries, the writer further elucidates, regarding the ex premier’s role. Among his other transgressions and resultant repercussions, the book states, were:

• Arranging for a UNP MP serving in COPE to immediately resign, and appointing vociferous MP Sujeewa Senasinghe to the COPE Committee, when it was known that COPE was to inquire into the Scam and causing a massive direct loss of approximately Rs 2 billion to the Government, by arbitrarily and suddenly changing the process of issuing Treasury Bonds issued.
• A further loss of around Rs. 145 billion caused as a result of higher interest payments over the next 30 years.

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House of Fashions, a fashion retail landmark in Sri Lanka, has taken its offering online and has appointed the Commercial Bank of Ceylon as its Internet Payment Gateway (IPG) service provider to facilitate this development. The service will cover the authorisation of Credit and Debit cards, and processing of direct payments through Visa, Mastercard and UnionPay branded cards. The online payment processing of houseoffashions.lk will be facilitated by Commercial Bank through Mastercard Payment Gateway Services (MPGS) which is fully-compliant with Payment Card Industry Data Security Standard (PCI-DSS) requirements. It is a secure e-commerce solution as merchants are provided with ‘server-hosted pages’ whereby card details are processed on the Payment Server and not at the merchant’s end. Commercial Bank’s IPG solution provides access to a comprehensive set of fraud mitigation tools, supporting both ‘Mastercard Secure Code’ and ‘Verified by Visa’ 3D secure authentication solutions while having the fully automated process to handle ComBank Easy Payment Plans (EPP), enabling card-on-file transactions through tokenisation, keeping the purchasers’ sensitive card details away from the relevant systems. It provides integration options to systems on multiple languages such as PHP, Java and C Sharp and supports device-optimised payment screens which are designed to offer a seamless experience to users of various devices. Founded in 1992, House of Fashions is South Asia’s largest single-owner shopping mall that provides fashion, lifestyle, and household items under one roof. It is acclaimed as one of the leading fashion houses in Sri Lanka for its variety of choices that fulfill the customer needs. In the spirit of empowering local businesses to reap the benefits of e-commerce, the Commercial Bank of Ceylon recently launched ‘ComBank Simple Pay’ – a revolutionary platform that enables SME entrepreneurs to digitise their businesses. The platform provides local entrepreneurs the opportunity to create their own online store without spending large sums on web development and designing. They can also sell products, accept electronic payments and significantly enhance their business opportunities with ‘ComBank Simple Pay.’ The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 10 years consecutively, Commercial Bank is celebrating its 100^th anniversary this year. The Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 873 ATMs in Sri Lanka. Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.

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SOS Children’s Villages Sri Lanka has signed an agreement with Rupees599, an online clothing retailer, to donate LKR 20/- from each apparel sale made by them towards the welfare of the children at the SOS Children’s Villages across Sri Lanka. SOS Children’s Villages Sri Lanka is a global non-governmental organization that is dedicated towards the welfare of children who have lost, or are at risk of losing parental care. Since its establishment in 1981 in Sri Lanka, they have partnered up with individuals and organisations ranging from private and public listed companies, to help children who have lost opportunities to grow up in loving homes. Commenting on the newest partnership, Divakar Ratnadurai, National Director of SOS Children’s Villages Sri Lanka said, “We are thankful for the interest shown by ‘Rupees599’ to make financial contributions for the welfare of children in SOS Children’s Villages. Such meritorious contributory moves will indeed benefit children in SOS Children’s Villages in numerous aspects. Thus, in terms of education and vocational careers, children will have vast opportunities for persuasion in academic endeavours, enter universities, and also to be qualified in diversified professional skills, and so on, as their wish, to be skilled and erudite.” SOS Children’s Villages Sri Lanka also strengthens poverty-stricken families in the communities around the Villages to establish the importance of family togetherness. Through the years they have successfully initiated multiple SOS Family Strengthening Programmes to protect family units. These programmes are uniquely designed to provide mental, physical and financial guidance and support to empower parents and children. Commenting on its contributions towards empowering children, Mr. Sunil Ramnani, CEO of Rupees599.com said, “We are privileged to be a part of SOS Children’s Villages legacy in uplifting the lives of children in need. Focusing our efforts towards a sustainable future, we believe in equal opportunities to every child in the nation, as they truly are the future. Therefore, we are humbled to be partnered with SOS Children’s Villages in paving the path for its children together, thereby enriching their lives to lead a better future.” With a presence in 136 countries and an expertise of 70 years, SOS Children’s Villages is the leading childcare organization in the world and in Sri Lanka. Through their unique care model, they provide a family environment to its children within the SOS Villages. In Sri Lanka, SOS Children’s Villages carries out its charitable work in six provinces which includes Piliyandala, Galle, Nuwara-Eliya, Anuradhapura, Jaffna and Monaragala. Image 2: Mr. Divakar Ratnadurai, National Director of SOS Children’s Villages Sri Lanka and, Mr. Sunil Ramnani, CEO of Rupees599.com officially exchanging the MoU agreement with the presence of Mr. Deshabandu Roshan Mahanama, Brand Ambassador of SOS Children’s Villages Sri Lanka.

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Sri Lanka’s largest microfinance bank Sanasa Development Bank PLC (SDB bank) has chosen Microsoft 365—an integrated cloud-enabled bundle of Office 365, Windows 10, and Enterprise Mobility + Security—to improve internal communication and collaboration in a bid to support a digital culture change and workplace transformation. By driving workplace culture along the same digital trajectory as the industry and its customers, SDB bank realized it could evolve its brand and deliver products and services that answered market demands for sustainable banking solutions. Microsoft 365 provides SDB bank with modern, cloud-based productivity and collaboration tools, such as Exchange Online, SharePoint, Yammer, Power BI, Microsoft Teams, and Azure Active Directory, an all-inclusive directory, and identity management service. Microsoft, through its secure collaboration and productivity tools, is helping the bank unlock value at every step of its digital journey. “We adopted Microsoft 365 to help unify people, conversations, and content under a single collaborative platform,” said Thilak Piyadigama, Chief Executive Officer at SDB bank.” The platform combines Excel and Outlook with robust cloud-based services like OneDrive, Microsoft Teams, and Yammer. This combination of software has helped us create seamless workplace experiences while maintaining enterprise-grade security.” “SDB bank is looking at Microsoft 365 as a means to drive change and open up new business opportunities,” said Hasitha Abeywardena, Country Manager for Microsoft Sri Lanka and the Maldives. “With Microsoft 365, SDB bank will be able to harness the intelligent cloud and benefit from Microsoft’s investments in security, trust, and regulatory compliance.” Microsoft is committed to fueling the digital transformation of the microfinance sector in Sri Lanka with best-in-class cloud services like Microsoft 365, which are not only efficient as a productivity solution but are also highly robust, secure and scalable.  

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Maliban, Sri Lanka’s pioneering biscuit manufacturer, recently partnered with the Sri Lanka Red Cross Society (SLRCS) to cultivate a risk-mitigating culture among selected schools to reduce the spread of the COVID-19 pandemic within the school environment. Maliban’s partnership with the SLRCS is yet another fragment of the organization’s many initiatives to help the community in its battle against the pandemic, prior to which Maliban also donated special cold storage facilities and highly essential medical equipment to the National Institute of Infectious Diseases Hospital (IDH) during the curfew period. Additionally, the organization donated its products to IDH, aided the Manusath Derana program and donated Rs.10 Million towards the government’s COVID-19 fund. With life resuming to a state of normalcy in the island following the COVID-19 global pandemic, the Government of Sri Lanka resumed school operations in line with public health guidelines and proper containment mechanisms. As an auxiliary to the government, Maliban and the SLRCS continue to support the Ministry of Education through their expertise, by technically addressing this issue. With a view to maintain safe conditions within schools, Maliban along with the Ministry of Education, the Ministry of Health and the SLRCS conducted a series of discussions to ensure adequate knowledge is disseminated to school administrations, in order to respond effectively to prevent the transmission of COVID-19. In line with this, Maliban and the SLRCS now assist the establishment of the SAFE SCHOOLS program, which facilitates the contribution of wash basins and supporting materials to prompt a safe, sanitized school environment. The objective of Maliban is to support and encourage schools to prevent the spread of the coronavirus within school children. Maliban focuses on facilitating the adequate transfer of knowledge in basic sanitization procedures and COVID-19 risk mitigation, and encouraging transmission risk reduction behaviors in the school environment. Managing Director of Maliban Biscuits, Mrs. Kumudika Fernando commented, “We at Maliban have an ambition to bring about the utmost best for the future of this country, which is our children. As they are finally allowed to go back to school after a gap of nearly 3 months, it is our priority to ensure the safety and security of our children and their health. The school environment must be regulated at all times to avoid any possible negative impact – and we are more than happy to contribute to this cause with the Sri Lanka Red Cross Society.” At present, Maliban together with the SLRCS has proposed the pilot program to commence at designated schools in selected districts across the island, due to the high prevalence of COVID-19 in those areas. As a responsible corporate citizen with the best interest at heart, Maliban stepped up to financially support these schools and the SLRCS. Image: Mrs. Kumudika Fernando, Managing Director – Maliban Biscuit Manufactories (Pvt) Ltd.

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The total outstanding central government debt has decreased by Rs.128.8 billion to Rs. 13,895.9 billion in May 2020 from Rs.14, 024.7 billion, the latest weekly report by the Central Bank of Sri Lanka (CBSL) outlines. Meanwhile, the total domestic debt of the government has increased from Rs. 7,217.7 billion to Rs 7,381.4 billion. However, the total foreign debt has decreased by Rs. 292.6 billion to Rs. 6,514.5 billion in May 2020 from Rs. 6,807.1 billion. Nevertheless, The total outstanding central government debt has increased by Rs. 864.4 billion during the first five months of 2020.

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LOLC Group (LOLC), the premier blue chip conglomerate concluded another financial year on a high note as per the results for the year ended 31^st March 2020. LOLC posted an impressive Rs.19.8 billion Profit after Tax (PAT) for the year in comparison to Rs.19.6 billion PAT in the last year, becoming the most profitable listed entity in Sri Lanka for two consecutive years. In a short span of time, LOLC has truly emerged as a “Sri Lankan global player” having operations in over 10 countries. While the Group performance was affected by local externalities, such as the Easter Sunday attack, the subdued economic growth and the political instability in FY19/20 that resulted the company to record dips in the net interest income and hikes in impairment charges, LOLC has been able to enjoy its stellar performance largely based on the earnings stemming from its overseas financial operations and the gain on a bargain purchase of Rs. 5.4 billion from the acquisition of the largest sugar production plantation company in Africa. Moving forward, LOLC is well set to realise the financial synergies generated from the PRASAC divestment through realigning the capital position of the Group. Established 40 years ago, LOLC has spearheaded the Small & Medium Enterprise (SME) lending and microfinance revolution in Sri Lanka and the region. Excelling on a national level, LOLC has now established itself as a leading microfinance institution in the countries which it operates. With its financial strength and the perfected micro finance business model in the region, the Group is now well-positioned to expand its operations beyond Asia to the African continent where a substantial opportunity lies in serving a large Bottom of the Pyramid population. Overseas expansion has not only offered LOLC, diversified revenue streams with increased financial stability, but also has added resilience with a well-spread risk profile. LOLC already made its debut to Africa by acquiring a microfinance bank in Nigeria in October 2019 and by starting LOLC Finance Zambia as a green field project. In FY 2020/21, LOLC will focus on consolidating its existing businesses while pursuing promising investments in Africa and Asia for long-term value creation. The Group announced the board’s decision to sell its 70% stake in PRASAC to the South Korean KB Kookmin Bank for a consideration of $603 million in January 2020. LOLC received the relevant regulatory approval in March 2020 and concluded the transaction on 13^th April 2020. PRASAC claims $3.3 billion in assets, $2.7 billion in portfolio, $1.8 billion deposits and $133 million Profit before Tax (PBT) for the 12 months ending March 2020. Despite the sale of PRASAC, LOLC still has a foothold in the fastest growing Southeast Asian country via LOLC Cambodia, the fourth largest Microfinance Institution (MFI) in terms of portfolio size. The company has recorded an impressive performance with a 57% YoY growth of its earnings to conclude the year. The group owns 97% of LOLC Cambodia that has an asset base surpassing $1 billion, a gross loan portfolio of $857 million, a deposit base of $501 million and a recorded profit of $34.6 million. With its superior process efficiencies and the right product mix, the company now leads the industry in terms of profitability. Venturing into Myanmar in 2013 as a greenfield operation, LOLC Myanmar Microfinance Company Limited has now become the third largest among the 176 MFIs in the country with an asset base of $109 million, a portfolio of $77.8 million, and a growing deposit book of $13.8 million. LOLC Myanmar has seen an exceptional performance in FY2019/20 with over 94% YoY growth in loan book, total assets and deposits. LOLC envisages strong growth prospects from its Myanmar operations in the backdrop of a large unbanked population and the more liberalised economy in the country. In 2017, the Government of Pakistan and the Sultanate of Oman invited LOLC to take up the major shareholding of their joint venture – Pak Oman Microfinance Bank, in recognition of LOLC’s outstanding contribution to the microfinance community. With the backing of the Group’s expertise in the microfinance field, Pak Oman is now poised for a rapid growth in a country with a population over 200 million, offering attractive industry fundamentals. The Group ventured into Indonesia in 2018, acquiring the controlling interest in PT Sarana Sumut Ventura (SSV), expanding its global footprint. SSV is now well-placed to capture the industry potential in a country that has a massive Micro, Small & Medium Enterprises (MSME) market and over 100 million Bottom of the Pyramid population. Tapping into other neighbouring emerging markets, LOLC invested in the Philippines through LOLC ASKI Finance and LOLC Bank Philippines (a thrift bank) in 2019. These entities collectively account for $11.8 million loan portfolio. In the year under review, the Group made its first finance sector investment in the African region by acquiring a controlling stake of FinaTrust Microfinance Bank in Nigeria, the country with the largest population in Africa. FinaTrust will provide support to micro entrepreneurs, making strides for significant financial inclusion in the country with a highest entrepreneur concentration. Today, with the financial sector representation in 8 countries along with promising investments in Asia and Africa in the coming years, LOLC has successfully established itself as a strong global financial conglomerate. With this standing, the Group is poised to be a global financial catalyst with a multi-currency, multi-geographic microfinance and SME platform in the future. In spite of the challenging and unexpected external shocks, LOLC Finance PLC (LOFC) continued to hold its market leadership position amongst the Non-Banking Financial Institutions (NBFIs) in the country with an asset base of Rs.192 billion, a portfolio of Rs.134 billion and deposits of Rs.99 billion. The company posted Rs.3.9 billion PAT in the year under review.  LOFC as the leading impact lender, holds the largest pool of Development Finance Institutions (DFIs), guiding their respective development goals for Sri Lanka. The capital and the wide array of technical assistance provided by these DFIs through LOFC have transformed the grass root levels of the economy. Continuing the Group’s legacy of expanding strategic international alliances, LOFC signed a loan agreement with Swedfund, the Swedish Government’s Development Finance Institution to promote financial inclusion and gender equality. Attesting the Group’s good business practices, LOLC Micro Credit Limited (now merged with LOFC) became the 1^st Sri Lankan MFI to be awarded the Client Protection Principles Certification from the SMART Campaign (a global initiative which exists to ensure strong client protection practices in the microfinance industry). Since LOLC’s acquisition of Commercial Leasing and Finance PLC (CLC) in 2008, CLC has been instrumental in driving the Group’s vision of financial inclusion in the country as a leading credit supplier. The company has also established strong relationships with a wide range of FDIs to promote their development missions in the country. In the year under review, CLC managed to protect its portfolio and the profit signature by recording a PAT growth of 29% YoY to Rs.1.5 billion despite challenging macro-economic situations. The company holds a Rs.69.4 billion asset base and Rs.24.9 billion deposits as at FY2019/20. LOLC Development Finance PLC, formerly known as BRAC Lanka PLC, made strong recovery in the year under review by recording Rs. 176 million PBT from a loss of Rs. 140 million in the last year following the alignment of its business strategies on restructuring the inherited SME portfolio. The company has been able to reduce its credit loss provisioning by 35% through the implementation of prudent strategies to improve collection and recoveries. The company holds a Rs.18.4 billion asset base and Rs.2.6 billion deposits as at FY2019/20. Seylan Bank, an associate of the LOLC Group, also contributed Rs.1.3 billion to the Group’s profits. The Group’s Insurance business, LOLC Life Assurance and LOLC General Insurance demonstrated an impressive performance during the year by recording Rs. 1.5 billion PBT in comparison to a loss of Rs. 175 million recorded in the last year. The highly underpenetrated Sri Lanka’s life insurance industry offers definite growth prospects and the well-equipped LOLC insurance businesses has positioned themselves amongst the top 10 insurers to aggressively reap market opportunity in both sectors. With the objective of tapping other key growth sectors of the country, the LOLC Group has successfully established a vertical of various non-financial sector businesses through Brown and Company PLC, a 143-year-old conglomerate with exposure in leisure, agriculture and plantation, power generation, marine, construction, manufacturing and trading, home and office solutions and pharmaceuticals. Through its subsidiary Browns Investments PLC (BIL), the Group envisions further expansions in the non-financial sector while having promising local and foreign investments in the pipeline. BIL already has exposure to a wide array of investments, including leisure properties in Sri Lanka and the Maldives, assets in Sierra Leone and plantation and construction sectors. LOLC is confident on its growth prospects in the medium term with the gradual recovery of the global travel and leisure industries amid the lacklustre outlook of the tourism sector due to the Covid-19 pandemic. The Group’s leisure portfolio in Sri Lanka is now made up by 5 operational resort hotels with the commissioning of 172 room Samudra Beach Resort in Kosgoda during 4Q of FY19/20. The Riverina Hotel development project in Beruwala is currently underway, which once completed will be one of the largest five star resorts in the country. The Maldives being the closest destination with proven track records in the tourism industry, the Group made a bold move to tap the market through securing some of the most sought-after properties in Male as well as other atolls in Maldives, assuring a diversified leisure portfolio to the Group. The Nasandhura Mixed Development project in Male is planned to be opened by March 2021 and once completed, it will be the largest mixed development project in the Maldives. The resort hotel with 100 keys in Bodufinolhu atoll is planned to be opened by early 2021. The Group holds its footprint in the local plantation sector through Maturata and Gal Oya plantations, where the business focus lies in the value addition of cinnamon products and sugarcane cultivation. LOLC could also reap the benefits of having market leaders like Agstar Fertilisers and Browns with agricultural supplies and equipment to complement the value chain. The Group made its maiden non-financial sector investment in the African region by acquiring Sunbird Bio-energy Sierra Leone Limited, an integrated farm that generates power, sugar and bio ethanol for a consideration of Rs. 5.3 billion. The company owns 23,500 hectares of agricultural estate, the plantation supplying sugarcane, as well as a 380,000 Litres/Day Bio-Ethanol Plant and a 32 MW Biomass Power Plant. During the year, strategies were implemented to extend the harvestable land extent for increased input for Bio – Ethanol generation, establishing a strong supply chain and increasing the generation of the output in the coming years. The Group exited from its healthcare assets due to the challenging regulatory environment of the sector by disposing Browns Hospital in Ragama for a consideration of Rs. 1.6 billion. In a statement about the annual performance of the Group, Group Managing Director/CEO Kapila Jayawardena said, “2019/20 has been a difficult year due to externalities affecting most industries, but we are pleased with our strong performance this year, with a Group PAT of Rs. 19.8 billion which is largely contributed by our strategic foreign ventures. With this standing, we are proud to be the most profitable listed entity for the second consecutive year. With a timely global expansion strategy, well diversified revenue streams and a dynamic workforce in place, we will ambitiously look forward to stride ahead with consistent performance during these turbulent times.” Photo – Mr. Ishara Nanayakkara – Deputy Chairman, LOLC Group & Mr. Kapila Jayawardena – Group Managing Director/CEO, LOLC Group

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One of the country’s foremost entertainment brands, Evoke International (Pvt) Ltd celebrated its 12th anniversary recently. Evoke is the largest value-added service provider based in Sri Lanka offering a wide range of innovative, data driven and customer-centric products with their 360 degree in-house development team. Some of their services include mobile app & web development, content aggregation, content production, WAP Products, SMSC, IVR & Voice Services and Digital Media. Evoke was launched in 2008 capitalizing on the rapid shift toward the digital from mainstream entertainment channels such as radio and television. The company’s mission at the outset was to differentiate itself from the rest of the competition by not being a mere ‘agency’ but, rather, a digital services provider that creates unique and engaging solutions to deliver optimum satisfaction and value for money for its clientele. Evoke has developed and launched a number of products over the years, most notably, SLT Filmhall, Evoke Video Unlimited, Airtel Movie Box, Airtel Music Box, Vindana Application, Vindana TV, Reverse Bid and Evoke Music  which is the number one local music channel on YouTube. Currently Evoke provides entertainment services to the public through leading Telco brands, media outlets and other global partners such as Hungama, iTunes, Spotify & AWS. Evoke’s ever-expanding  portfolio of content featuring 1000+ movies, music of all genres and products in voice, data, WAP & app segments are widely sought after by its extensive clientele ranging from independent artists to telecommunication providers and everyone in between. Commenting on the success of the Company, Chairman of Evoke Rajitha Basnayake said: “We are pleased to complete yet another year of growth and transformation. Over the years, Evoke has made significant strides in how ‘entertainment’ is consumed and shared with the sharp increase of mobile penetration among the local population. With Smartphone ubiquity across Sri Lanka and the region fueling consumer engagement in communication, digital entertainment, information & commerce we observe consumers transforming from ‘connected’ which is the conventional to the contemporary which is ‘digital’.” “Our digital strategy is therefore aimed at bolstering our connection to youth delivering truly engaging content & exclusive opportunities for our business partners. In that regard we have forged meaningful partnerships with a number of local & global entertainment giants including Indian-based Hungama Digital Media Entertainment Pvt Ltd,” he added. Speaking at the simple ceremony to celebrate the 12th anniversary, Director & CEO Lahiru Wickramasinghe said: “Everything we have achieved over the years can be attributed to the team effort without which survival in such a dynamic industry, enjoying the first-mover advantage in most contexts, would not have been possible.” He added: “We plan to venture out of Sri Lanka this year to Bangladesh & the Middle East where we see great potential for what we offer – this will serve to create value for all our stakeholders as well as afford us an opportunity to showcase what Sri Lanka and Sri Lankans are capable of technologically.” Meanwhile Director Rajiv Gunawardena credited Director & CEO Lahiru Wickramasinghe’s visionary leadership for the success of Evoke while also applauding the talent within the company for their respective contributions toward making Evoke vision a reality. “We are well poised financially for expansion and we believe that to sustain the momentum we will have to be innovative because the industry we are in is subject to constant change & evolvement. We look forward embarking on new projects, new avenues and new markets in years to come,” he remarked.   Photo –  Left to Right – Rajiv Gunawardena (Director) , Rajitha Basnayake (Chairman) , Lahiru Wickramasinghe (CEO/Director) Evoke Team

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The 23^rd Annual General Meeting of the Sri Lanka – Singapore Business Council (SLSBC) of The Ceylon Chamber of Commerce was held on 23^rd July 2020 via Zoom. The SLSBC was inaugurated in 1997 under the aegis of the Ceylon Chamber of Commerce with the objective of promoting trade, investments, tourism and services between Sri Lanka and Singapore. Mr. Prajeeth Balasubramaniam, Managing Partner, BOVCapital Ltd was elected as the President of the Council for the year 2020-2021.  Mr Janaka Gunasekara – Deputy Managing Director, Agri Inputs, A Baur & Company Limited,  Mr. Tan Beng Chuan – Group General Manager, Prima Ceylon (Pvt) Ltd and Mr. Shiluka Gunawardena, Partner KPMG were elected as Vice Presidents of the Council. In his address he mentioned that in the last 2 years, under the able Leadership of Mr. Rohitha Mendis, the council moved with a greater vigor.  He further mentioned that the bench mark keeps improving each year and the council hopes to continue this trend. Despite the many obstacles the council will continue to have events via webinars focusing on sectors in line with the country’s needs. The partnerships we already have with the Singapore Manufacturer’s Association, The Singapore Indian Chamber of Commerce & Industry, Singapore Business Federation, Singapore Chinese Chamber of Commerce & Industry and  the Singapore Indian Chamber of Commerce & Industry will help boost the bilateral trade and meet the objectives he added.  In addition, SLSBC works very closely with Enterprise Singapore which is the Government body promoting Singapore companies to venture out. Under the new leadership of the Council, the first webinar was held on 27^th July 2020 to celebrate the 50 years diplomatic partnership with Singapore and Sri Lanka under the topic of Food and Digitalization – Accelerated Key Trends Driving the Growth in Sri Lanka. Topics covered during the webinar included digitalization of businesses, food supply resilience in Singapore and food security. At the webinar the Sri Lankan High Commissioner to Singapore Sashikala Premawardhane said that food security was among the areas in which the two countries could deepen cooperation. According to the Sri Lanka High Commission the total bilateral trade last year was valued at US$883 million (S$1.21 billion) with Sri Lankan exports valued at US$115 million. In line with it, the council along with the help of EDB has identified a few industries that they could help boost, and will form subcommittees for each sector. General members of the council with expertise in each area will be invited to join the subcommittee. The identified sectors  are Agriculture, Healthcare, Startups, Logistics, Finance, Education, Plastic and Rubber and Gems and Jewelry. Aitken Spence Cargo (Pvt) Ltd, Kalhari Enterprises, MAC Holdings (Pvt) Ltd, Overseas Realty (Ceylon) PLC, Spear International (Pvt) Ltd, Sudath Perera Associates, Tengri Aero Industries (Pvt) Ltd were elected from the membership to serve on the Executive Committee of the Council. Further details regarding membership of the Council could be obtained from the Secretariat of the Sri Lanka – Singapore Business Council of the Ceylon Chamber of Commerce, No. 50, Navam Mawatha, Colombo 2. E-mail: dinithi@chamber.lk or Tel.: 011-5588861, 5588800. Seated (L to R): Mr. Tan Beng Chuan – Vice President, Mr. Rohitha Mendis – Immediate Past President, Mr. Prajeeth Balasubramaniam – President, Mr. Janaka Gunasekera – Vice President, and Mr. Shiluka Gunawardena – Vice President. Standing (L to R): Mr. Jerome Brohier, Vice President, Aitken Spence Cargo (Pvt) Ltd., Mr. Indhra Kaushal Rajapaksa, Chairman/Group Managing Director, Kalhari Enterprises.,  Ms. Kumi Miranda, Head of Leasing, Overseas Realty (Ceylon) PLC., Mr. Tilak Gunawardana, Chief Financial Officer, MAC Holdings (Pvt) Ltd,. Mr. Shamil Mendis, Chairman/Managing Director, Spear International (Pvt) Ltd., Mr. Dushyantha Perera, Partner, Sudath Perera Associates., Mr. Eric Wikramanayake, Chairman, Tengri Aero Industries (pvt) Ltd and Ms. Dinithi Dias, Manager, Business Councils, Ceylon Chamber of Commerce.

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HUTCH, Sri Lanka’s preferred choice for mobile broadband services, has unveiled Unlimited Social Media plans including Facebook, Messenger and WhatsApp in yet another customer-oriented service offering. The customers can avail Facebook, Messenger and WhatsApp in all-inclusive packs, which are offered at affordable prices on monthly and weekly basis. The Unlimited Social Media plans enable users to enjoy unlimited access to Facebook when browsing videos and content while offering access to the Messenger app, which is widely used by many Sri Lankans for chatting and sharing content rich messages. Furthermore, the plans also provide unlimited access to WhatsApp, Sri Lanka’s most widely used chat app, offering users the benefit of chatting, using voice and video calls without any extra data usage. “Sri Lankans can now enjoy affordable access to their popular mobile applications through the latest offering from HUTCH. The unlimited Facebook, Messenger and WhatsApp plans which we have introduced for users is yet another testament to our philosophy of bringing affordable digital services to every Sri Lankan” stated Yarthav Mathiaparanam, AGM – Data, VAS and Digital of HUTCH. 30 day Unlimited Social Media Plan is available for an affordable price of Rs. 124/- while the 7 day plan is available for Rs. 54/-. These plans can be activated by simply dialing *131# or by reloading the value of the pack at a retail shop or online via the HUTCH self-care app. What is unique about these plans is that they are available for smartphone users who access mobile broadband services on either Hutch 3G network or the newly launched Bigger and Better 4G network. A practice which HUTCH believes is of paramount importance when it comes to digital inclusion of services when rolling out any new product or service.          

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