Siyapatha Finance PLC debenture issue oversubscribed

Lankapuvath | Colombo | 10-06-2024 |


Siyapatha Finance PLC, a subsidiary of Sampath Bank PLC and a prominent leader in Sri Lanka's non-banking financial sector, announces the resounding success of its recent debenture issuance, which received an overwhelming response from investors, meeting and surpassing all expectations.

The highly anticipated initial public offering of Siyapatha Finance PLC's debenture issuance, officially opened for subscription on 28th May, 2024 and closed on the same day , due to the remarkably positive investor sentiment from the market. The initial tranche of Rs. 2 billion and subsequent tranches of Rs. 1 billion each were oversubscribed in record time, reflecting positive investor sentiment and confidence in Siyapatha Finance PLC's financial stability and growth prospects. The company received an exceptional number of applications over Rs. 4 billion, indicative of the strong demand for Siyapatha Finance PLC's offerings.

Commenting on the oversubscription of the issue, Mr. Ananda Seneviratne, Managing Director of Siyapatha Finance PLC, stated, “This overwhelming demand reaffirms our commitment to delivering value to our stakeholders and driving sustainable growth. We are immensely pleased by the enthusiastic response to our debenture issuance, which emphasizes the trust and confidence that investors place in Siyapatha Finance PLC.”

The proceeds from the issuance of listed, rated, senior, unsecured, redeemable debentures valued at Rs. 100 per unit with a five-year tenure, will be directed towards funding the Siyapatha Finance PLC’s budgeted lending portfolio. These debentures, carrying a fixed interest rate of 13.20% per annum (AER 13.20%), will be officially listed on the Colombo Stock Exchange after the allotment. The basis for allotment adhered to the specifications outlined in the prospectus, ensuring fairness and transparency in the distribution of debentures among investors.

First Capital Ltd spearheaded the management of the debenture issue, with esteemed partners including Hatton National Bank PLC as Trustee, Sampath Bank PLC as Banker, SSP Corporate Services Private Ltd as Registrar, Nithya Partners as Legal Counsel, Ernst & Young as Reporting Accountants, and KPMG as Company Auditors. Fitch Ratings Lanka Limited provided credit rating services, further validating Siyapatha Finance PLC's strong financial standing as a trusted name in Sri Lanka’s financial sector.

India’s Adani Energy Solutions plans to raise $1.5bn for expansion

Lankapuvath | Colombo | 05-06-2024 |


Adani Energy Solutions (AESL), part of Indian conglomerate the Adani Group, has announced its intention to raise $1.50bn for expanding its business.

The company aims to raise the money through qualified institutional placement or another permissible mode, in one or more tranches. The fundraising effort is contingent upon approvals including the consent of company members at the Annual General Meeting on 25 June 2024.

AESL, a key player in India's power transmission sector, has set ambitious targets to establish 30,000 circuit kilometres (ckm) of transmission lines by 2030. The company's distribution arm, Adani Electricity Mumbai Limited, is the largest private-sector power distribution utility in India, meeting a 2GW power demand in Mumbai, Maharashtra.

The company has also ventured into the smart metering business to enhance the operational and financial efficiency of distribution companies.

Leveraging its expertise in Mumbai and Mundra, AESL seeks to transition from a service provider to an integrated solution platform.

It has acquired a 100% stake in Essar Transco, valued at $227.5m, in an expansion of its transmission capabilities.

The deal includes a 400kV, 673ckm interstate transmission line linking Mahan in the state of Madhya Pradesh to the Sipat pooling substation in the state of Chhattisgarh.

In May 2024 AESL secured a 20-year power purchase agreement with Sri Lanka, following approval in February 2023 to invest $442m in the construction of wind projects with a combined capacity of 484MW.

HP Introduces Smart Tank Printers for Home Users and Micro Businesses

Lankapuvath | Colombo | 05-06-2024 |


HP recently unveiled a new range of Smart Tank printers tailored to meet the everyday printing needs of home users, micro, and small businesses. In today's hybrid world, there is a growing demand for printing solutions that are both affordable and user-friendly yet equipped with smart printing solutions.

To support emerging entrepreneurs and businesses, HP Smart Tank printers offer an enhanced user experience through intuitive and seamless setup procedures, smart features, and enhanced connectivity options. These include self-healing Wi-Fi® capabilities and enhanced mobility facilitated by the Smart App and Smart Advance features. HP’s new ink tank printers are engineered to deliver uninterrupted printing with a pre-filled ink supply, capable of producing up to 6,000 black pages or up to 6,000 color pages. The printers are powered by new sensor-based Ink Tank technology that alerts the user before the ink runs out. Select models within the range provide users with the added convenience of duplex printing, enabling them to print on both sides of the page.

Sunish Raghavan, Senior Director of Printing Systems at HP India, Sri Lanka, and
Bangladesh said, “Micro, small, and medium enterprises are actively seeking solutions that can give them a competitive advantage. One of the primary challenges faced by entrepreneurs is the dilemma of selecting the right printer – it needs to be easy to use, connect seamlessly, and occupy minimal space. Additionally, speed, reliability, and affordability are paramount for meeting their daily printing needs. HP's Smart Tank printer range is meticulously crafted to address all these concerns, offering a hassle-free, smarter, and more connected experience to small businesses, entrepreneurs, and individuals with high printing demands."

Key Benefits
The Smart Tank printers enhance the user experience with easy installation and everyday usability for printing, copying, scanning, or faxing, thanks to smart-guided buttons and the best-in-class HP print app. They simplify processes with features like the ID copy button, which automatically detects and prints IDs. Equipped with the latest technology, these printers include integrated ink tanks, low-on-ink sensors, paper sensors, and self-healing Wi-Fi® for reliable connections at home or in small offices. Additionally, HP Wolf Essential Security protects sensitive information, catering to the needs of families working and learning from home.

Affordability
It is engineered for high-volume printing needs, The Smart Tank range delivers cost-effective color and mono-printing. It has a capacity of up to 6,000 black or up to 6,000 color pages of ink bottles in the box with low cost per page. It can be purchased with a 1-year standard warranty and an additional 1-year extended warranty on select Smart Tank printer range.

Sustainably designed
The Smart Tank printers are sustainably made, incorporating 45% post-consumer recycled content and earning both EPEAT Silver and Energy Star certifications for their environmental efficiency. They feature energy-saving Auto On/Off technology, which operates without any additional effort from users. Designed to minimize waste, these printers come with no-waste tanks and spill-free, recyclable bottles. Additionally, their advanced ink management system, equipped with ink sensors, ensures easy monitoring and maintenance of ink levels.

The available SKUs for the Smart Tank series include the HP Smart Tank 210 Printer, the HP Smart Tank 520 All-in-One Printer, the HP Smart Tank 530 Wireless All-in-One Printer, the HP Smart Tank 580 Wireless All-in-One Printer, the HP Smart Tank 670 All-in-One Printer, and the HP Smart Tank 750 All-in-One Printer.

The New Smart Tank range starts at a price of 55000 LKR. For more information about HP Smart Tank Portfolio of printers and availability, please contact VS One Pvt. Ltd. (HP authorized distributor) and Accell Technologies (reseller).

About HP
HP Inc. (NYSE: HPQ) is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more. For more information, please visit: http://www.hp.com.

The National Environmental Caucus Stresses on the Importance of Renewable Energy

Lankapuvath | Colombo | 05-06-2024 |


The National Environmental Caucus, led by Ven. Pahiyangala Ananda Sagara Thero, recently handed over a report to the Chairman of the Sri Lanka Sustainable Energy Authority (SLSEA).

In this report, they emphasize that Sri Lanka, endowed with plentiful sunlight, biomass, wind, and hydro resources, possesses significant potential for generating renewable power. The country's geographic location provides a unique opportunity to harness these natural resources for energy. However, the renewable energy sector faces significant challenges, including a lack of new technologies, insufficient establishment of new projects, and unstable finances. These issues are compounded by the nation’s recent and ongoing electrical power outages, which have further strained the economy.

To address these challenges and foster investment in new renewable energy projects, relevant authorities must develop constructive strategies, sound plans, new laws and regulations, and unique incentives. These measures will encourage consumers to transition to renewable energy and stimulate growth in the sector.

In this report, they also point out that, despite the clear benefits, certain groups with vested interests have sought to obstruct and delay renewable energy projects, citing various justifications. The National Environmental Caucus stands firmly in support of promoting and advancing renewable energy initiatives. They are also committed to encouraging and supporting local investments, recognising the importance of foreign direct investments, especially in light of Sri Lanka’s current financial crisis.

A case in point is the proposed 500 MW wind project between Mannar and Pooneryn. This project has encountered opposition from several parties for a variety of reasons. The National Environmental Caucus organization believes that this project should move forward, provided that all necessary precautions are taken to mitigate its environmental impact.

STING® ROLLS OUT ITS 'TASTE THE CURRENT' CAMPAIGN IN SRI LANKA

Lankapuvath | Colombo | 05-06-2024 |
Launches digital film to accompany its new Taste The Current Campaign

PepsiCo's Sting® is all set to jolt consumers in Sri Lanka with its latest campaign, 'Taste the Current’. The campaign aims to invigorate the youth, featuring a lively new film that creatively and playfully embodies the brand's proposition.
The film creatively encourages consumers to electrify their moments with a sip of Sting®. The narrative unfolds with a scene featuring a girl stranded on a highway with a seemingly malfunctioning car. A helpful boy approaches her, suggesting another attempt at ignition. When the car still refuses to start, the boy surprises her by retrieving a chilled crate of Sting® from his vehicle. The film creatively illustrates how a sip of Sting® gives a jolt that prompts the protagonist to perform lively dance moves. Fueled with newfound zeal, he successfully jump-starts the car, impressing the girl and leaving her visibly invigorated. The commercial concludes by creatively reiterating the brand's ethos with the tagline ‘Taste the Current’.
Speaking about the launch of Sting’s new campaign, Anuj Goyal, Associate Director, Sri-Lanka region, PepsiCo, said, “We're thrilled to unveil our newest digital campaign in Sri Lanka. Sting distinguishes itself with its exceptional taste, making the consumers feel exhilarated. The new film is an interesting and fun take on electrifying the moment with the help of Sting and we are confident that this film will resonate strongly with our consumers who are always on-the-go.”
The new Sting® film will be amplified via a robust 360-degree campaign spanning digital, outdoor, and social media. The campaign will be extended across the country through various consumer touchpoints across the year. Sting® is available in a single-serve PET pack of 250 ml across all modern and traditional retail outlets in Sri-Lanka, as well as on leading e-commerce platforms at a price of LKR 120.
For more information, follow @stinglanka and facebook.com/Stinglanka
Click here to view the film – https://youtu.be/XnXNdopvCmQ

BOI Sri Lanka Recognizes Virtusa as Outstanding Exporter

Lankapuvath | Colombo | 09-05-2024 |
Virtusa Corporation, a global provider of digital business strategy, digital engineering, and IT services and solutions, was recognized as one of the Most Outstanding Exporters in the Services category by the Board of Investment of Sri Lanka (BOI), at the Awards Ceremony held at the Presidential Secretariat recently. Virtusa was among 30 organizations that were felicitated by the BOI for their significant contributions in export performance and foreign direct investment (FDI). The award ceremony - graced by President Ranil Wickremesinghe, Minister of Investment Promotion Dilum Amunugama, and BOI Chairman Dinesh Weerakkody – was held in celebration of the 45th anniversary of the BOI.

President Wickremesinghe commended the pivotal role played by companies under the purview of the Board of Investment in driving Sri Lanka’s economic growth, commenting that the country’s next endeavor is to evolve into a highly competitive, export-oriented economy. The ceremony also provided the ideal platform for the President to confirm the Government’s commitment to advancing the digital economy, announcing plans to establish a new digital exchange agency in Sri Lanka, and allocate funding for Artificial Intelligence (AI) initiatives.

“We are honored to receive this accolade from the Board of Investment of Sri Lanka in recognition of not only Virtusa’s contribution to the export performance of the country, but also our dedication towards driving growth across the technology services industry of Sri Lanka over the last five years,” Shehan Warusavithana, Senior Vice President – Technology at Virtusa commented. “It is also testament to the relentless pursuit of excellence by every member of our team in Sri Lanka, without whom this milestone achievement would not have been possible.”

Shehan Warusavithana, Senior Vice President – Technology accepted the award from President Wickremesinghe on behalf of Virtusa during the event, with Denver De Zylva, Senior Vice President and Global Head of Sustainability and Facilities also present at the event.

About Virtusa
Virtusa Corporation is a global provider of digital engineering and technology services and solutions for Forbes Global 2000 companies in the financial services, healthcare, communications, media, entertainment, travel, manufacturing, and technology industries worldwide. At Virtusa, digital engineering is at the heart of everything we do. We are 30,000 builders, makers, and doers that partner with customers to reimagine enterprises and creatively build solutions to the most pressing business challenges that move them to the forefront of their industries.
Virtusa's unique Engineering First approach means never presenting an idea we can't execute. With deep industry expertise and empowered agile teams made up of world-class talent, we think about execution early in the process, because the earlier you think about execution the earlier an idea can have an impact. Solving from the inside out enables businesses to respond swiftly to changing needs with improved quality, lower costs, and lasting results.
Virtusa is a registered trademark of Virtusa Corporation. All other company and brand names may be trademarks or service marks of their respective holders.


PHOTOS

1: (L-R) Denver De Zylva; Senior Vice President and Global Head of Sustainability and Facilities at Virtusa, President Ranil Wickremesinghe, and Shehan Warusavithana; Senior Vice President – Technology at Virtusa

2: Virtusa being recognized as the Outstanding Exporter among many esteemed corporations

3: Shehan Warusavithana, Senior Vice President – Technology accepting the award from President Ranil Wickremesinghe on behalf of Virtusa

LOLC Finance relocates Wellawatta branch

Lankapuvath | Colombo | 09-05-2024 |

Conrad Dias and Krishan Thilakaratne jointly cutting the ribbon to open the branch

LOLC Finance relocated its Wellawatta branch to its very own property at No 501, Galle Road recently.
The opening ceremony was held on May 2nd, with the presence of Conrad Dias, Chairman of LOLC Finance PLC and Krishan Thilakaratne, Director/CEO of LOLC Finance PLC, together with the LOLC management team, key officials, staff members, customers and well-wishers.
The state-of-the-art design and technology of the new branch reflect LOLC Finance’s core values, aligning with its role as an economic catalyst that supports local businesses and strengthens trading and export sectors. With an industry asset portfolio valued at Rs. 373 Billion as of December 2023, LOLC Finance is poised for significant growth. Renowned for pioneering initiatives like Foreign Currency Savings accounts, SWIFT transactions, and iPay the lifestyle payment app, the company continues to set industry benchmarks.